AZ HCR2047

Proposes a constitutional amendment to Article X, Section 7 of the Arizona Constitution regarding management and distribution of permanent funds derived from state lands.

Modifies the distribution formula for permanent school funds starting fiscal year 2025-2026, reverting to 2.5% of average monthly market values (from the current 6.9% rate scheduled through 2024-2025).

Adds a conditional provision: if voters approve a separate statutory measure establishing a statewide teacher salary increase program, the school fund distribution would remain at 6.9% for fiscal years 2025-2026 through 2034-2035, then revert to 2.5% in fiscal year 2035-2036.

Maintains existing investment restrictions including a 60% equity cap per fund and a 5% limit on equity concentration in any single institution.

Directs the Secretary of State to submit the proposition to voters at the next general election.