This amendment seeks to add to the list of public improvements for which the state is authorized to issue special purpose revenue bonds.
Currently, the state may issue bonds for improvements to public utilities, health care facilities, government housing, among other things. The amendment asks for voter approval to add “dams and reservoirs” to that list.
A special purpose revenue bond is kind of debt that state is authorized to hold. In this case, the state would issue bonds to build and/or repair dams, and then use the revenue from fees or taxes associated with those dams to pay bond holders in the future.