Submitting to the qualified voters of Missouri, an amendment repealing section 26(b) of article VI of the constitution of Missouri relating to local government indebtedness, and adopting one new section in lieu thereof relating to the same subject.

BE IT RESOLVED BY THE SENATE, THE HOUSE OF REPRESENTATIVES CONCURRING THEREIN:

That at the next general election to be held in the state of Missouri, on Tuesday next following the first Monday in November, 1998, or at a special election to be called by the governor for that purpose, there is hereby submitted to the qualified voters of this state, for adoption or rejection, the following amendment to article VI of the constitution of the State of Missouri:

Section A. Section 26(b), article VI, constitution of Missouri, is repealed and one new section adopted in lieu thereof, to be known as section 26(b), to read as follows:

Section 26(b). Any county, city, incorporated town or village or other political corporation or subdivision of the state, by vote of the qualified electors thereof voting thereon, may become indebted in an amount not to exceed five percent of the value of taxable tangible property therein as shown by the last completed assessment for state or county purposes, except that a school district by a vote of the qualified electors voting thereon may become indebted in an amount not to exceed [ten] fifteen percent of the value of such taxable tangible property. For elections referred to in this section the vote required shall be four-sevenths at the general municipal election day, primary or general elections and two-thirds at all other elections.