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AZ SCR1027
Concurrent Resolution
Status
Introduced
2/1/2024
Primary Sponsor
Javan Mesnard
Click for details
AI Summary
- Proposes constitutional amendment to Article X, Section 7 of Arizona Constitution regarding state and school land permanent funds
- Establishes new distribution rate for permanent funds beginning fiscal year 2025-2026: reverts to 2.5% of average monthly market values from prior five calendar years (reduced from current 6.9% rate)
- Contingent on voter approval of a separate statutory measure establishing a statewide teacher base salary increase program; if approved, extends the 6.9% distribution rate through fiscal year 2034-2035 for school land funds, with increases dedicated to teacher salaries
- Maintains existing investment restrictions including 60% equity limit at cost and 5% limit on single institution investments
- Requires submission to Arizona voters at the next general election
Legislative Description
State land trust; permanent funds
Constitutional Amendments (arizona)
Last Action
Senate minority caucus: Do pass
2/13/2024
Committee Referrals
Rules2/1/2024
Education Accountability and Reform2/1/2024
Full Bill Text
No bill text available