permanent funds; land trust; distributions.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This resolution proposes an amendment to the Arizona Constitution to establish permanent funds for state and school lands. It outlines rules for how these funds are segregated, invested, and distributed, with specific provisions for investment strategies and annual distribution rates. The amendment establishes a tiered distribution schedule, starting at 2.5% of average market values and increasing to 6.9% over time, with adjustments for specific funds and potential reductions if fund values decline. Any increases in earnings from distributions above 2.5% are directed to basic state aid.
Key provisions
- Establishes separate permanent funds for state grants and lands.
- Prohibits the transfer of funds between permanent funds.
- Sets investment guidelines for the funds, limiting equities to specific exchanges and preventing over-concentration in a single investment.
- Specifies a tiered distribution schedule for the funds, adjusting based on fund performance.
- Directs increased earnings from distributions to basic state aid.
- Allows for reductions in distributions if fund values decline, with safeguards to protect the fund's capital.
- Requires notification to the Governor and legislature if fund values decline significantly.
- States that these amendments supplement existing funding and aim to increase the revenue control limit.
Who is affected
- State government
- School districts
- Investors
Bill text
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Sponsors
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21 on record
Primary sponsor
Cosponsors
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