AZ HCR2056

Proposes an amendment to Arizona Constitution Article X, Section 7 relating to permanent funds established from state land grants.

Changes the annual distribution formula for permanent funds for fiscal years 2012-2013 through 2020-2021 to a fixed rate of 2.5% of the average monthly market values for the preceding five calendar years.

Replaces the previous distribution formula that had applied through fiscal year 2002-2003, which used a more complex calculation based on actual historical distributions.

Requires voter approval through a general election ballot proposition and Secretary of State submission under Arizona Constitution Article XXI procedures.

Maintains existing investment restrictions including a 60% maximum equity investment limit and 5% concentration limit per institution.