MN SF3593

Proposes a constitutional amendment to be placed on the 2026 general election ballot, modifying Article XI, Section 8 of the Minnesota Constitution regarding the permanent school fund

Changes the fund's distribution calculation from investment income (interest and dividends) to a formula of 4.5% of the average net asset value over the preceding three fiscal years

Establishes the fund as a "perpetual financial resource" designed to provide annual distributions while preserving purchasing power and balancing needs of current and future beneficiaries

Requires the State Board of Investment director to report the distributable amount by August 15 to the Legislative Permanent School Fund Commission and commissioner of education

Statutory changes become effective July 1, 2027, for aid payable in fiscal year 2028, contingent on voter approval of the constitutional amendment