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AZ SCR1015
Concurrent Resolution
Status
1/30/2025
Primary Sponsor
Javan Mesnard
Click for details
AI Summary
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Proposes amendment to Arizona Constitution Article X, Section 7 to modify distribution rates from state permanent funds established from land grants.
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Changes annual distribution from permanent funds to 2.5% of average monthly market values (beginning fiscal year 2025-2026), down from 6.9% for fiscal years 2015-2026.
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Allows higher 6.9% distribution rate for fiscal years 2025-2026 through 2034-2035 if voters approve a concurrent statutory measure establishing a statewide teacher base salary increase program.
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Requires Board of Investment oversight with investment restrictions including maximum 60% equities allocation at cost and maximum 5% concentration in single institution securities.
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Directs Secretary of State to submit proposition to voters at special election in 2025.
Legislative Description
State land trust; permanent funds.
Constitutional Amendments (arizona)
Last Action
Senate minority caucus: Do pass
5/1/2025