Nevada State Debt Limit School Exemption, Question 7 (2002)
The Nevada State Debt Limit School Exemption Question, also known as Question 7, was a legislatively-referred constitutional amendment on the November 7, 2002 election ballot in Nevada, where it was defeated.
|Question 7 (State Debt Limit School Exemption)|
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 allow an exemption from the state debt limit for state contracts necessary for the improvement, acquisition or construction of public elementary and secondary schools?
The language that appeared in the voter's guide:
- The Nevada Constitution limits the ability of the state to borrow money. The current limit on the amount of this public debt is equal to 2 percent of the assessed value of all taxable property in the state. The traditional form that the state uses to borrow money is through the sale of bonds. As a result, this limit on the state's indebtedness is commonly referred to as a limit on the state's bonding capacity or as a cap on the state's bonded indebtedness. There are currently two exceptions to this state debt limit. One exception is for money borrowed by the state to meet its state militia or public defense needs. The second exception is for money borrowed by the state for the protection and preservation of natural resources of the state. Money borrowed for these two purposes is not counted against the cap on the state's ability to borrow money.
- The proposed amendment to the Constitution would add a third exception to the state debt limit. This new exception would be for money borrowed by the state for the improvement, acquisition or construction of public elementary and secondary schools.
State of Nevada
Carson City (capital)
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