AZ HCR2046

Proposes a constitutional amendment to Article X, Section 3 governing Arizona state trust lands, requiring voter approval at the next general election.

Removes the prohibition on mortgaging or encumbering state trust lands, allowing mortgages, pledges, or other encumbrances if consistent with fiduciary obligations to trust beneficiaries.

Eliminates the mandatory public auction requirement for selling or leasing state lands, permitting sales through "public auction or any other method authorized by law" without requiring acceptance of the highest monetary bid.

Requires the State Land Commissioner to act solely in the "financial best interest" of trust beneficiaries using prudent investor standards when selling, leasing, or encumbering trust lands.

Authorizes the commissioner to improve, develop, or enhance state lands through water resources, transportation, utilities, or other infrastructure before disposition to increase long-term financial returns for beneficiaries.