AZ HCR2047

Proposes constitutional amendment to Article X, Section 7 establishing permanent funds for state and school lands with earnings credited to respective funds.

Sets annual distribution rates from permanent funds at 2.5% of average monthly market values beginning fiscal year 2025-2026, down from the current 6.9% rate (fiscal years 2015-2016 through 2024-2025).

Allows increased distribution rate of 6.9% for fiscal years 2025-2026 through 2034-2035 if voters approve a separate statutory measure establishing a statewide teacher base salary increase program.

Establishes board of investment to manage permanent fund assets with restrictions including maximum 60% equities allocation and maximum 5% investment concentration in any single institution.

Requires special election vote on the proposition in 2025 as provided by Article XXI of the Arizona Constitution.