The Nevada Installment and Lease Purchase Agreements Question, also known as Question 5, was a legislatively-referred constitutional amendment in Nevada which was defeated on the ballot on November 8, 1994.
This amendment sought to modify the Nevada Constitution to allow the state to enter into installment or lease purchase agreements.
| Nevada Question 5 (1994)|
|Yes|| 55,024|| 15.46%|
Official results via: Nevada Legislative Counsel Bureau - Research Division
Text of measure
The language that appeared on the ballot:
|| Shall the Nevada Constitution be amended to authorize the State to enter into installment or lease purchase agreements notwithstanding the limitations on State indebtedness?
Reports and analysis
The language that appeared in the voter's guide:
- The Nevada Constitution now allows the State to contract public debts, but prohibits the sum of such debts from exceeding 2 percent of the assessed valuation of the State. Currently, the Constitution authorizes the State, with the specific authority of the Legislature, to enter into contracts that exceed the debt limitations for the protection and preservation of any of the State's property or natural resources. The proposed amendment would make an additional exception to the limitation on state indebtedness to allow the State, with the authority of the Legislature, to enter into installment or lease purchase agreements. Such an agreement must include a clause, known as a nonappropriation clause, which removes the State from its contractual obligation if the, Legislature does not appropriate the necessary funds. A "Yes" vote is a vote to amend the Nevada Constitution to allow this exception. A "No" vote is a vote to reject the constitutional amendment.
- Financial Impact-No. The proposal to amend the Nevada Constitution would exclude installment or lease purchase agreements from the State's limitation on bonded indebtedness. The fiscal effect would be determined by the agreements into which the State would ultimately enter.