AZ SCR1036

Proposes constitutional amendment to article X, section 7 changing permanent fund distribution rates from fiscal years 2025-2026 through 2034-2035 to 6.9% of average monthly market values for the preceding five calendar years, down from the current rate after 2024-2025.

Returns distribution rate to 2.5% of average monthly market values beginning in fiscal year 2035-2036.

Requires any increased expendable earnings resulting from distributions exceeding 2.5% during the 2025-2026 through 2034-2035 period to be appropriated for basic state aid and inflation adjustments.

Maintains existing provisions allowing the legislature to reduce distributions between 2.5% and 6.9% if fund values decline compared to the preceding five-year period, with director notifications required by February 1 annually.

Directs the Secretary of State to submit the proposition to voters at a special election on August 5, 2025.