state land trust; permanent funds

This constitutional amendment (HCR 2047) proposes to establish separate permanent funds for Arizona's state land grants, particularly those designated for schools. It mandates that funds from specific land grants must stay in their designated fund, restricts investments (capping equities at 60% and single-company holdings at 5%), and sets annual distribution rates: 2.5% for most years but 6.9% from 2015-2025, with a special provision directing excess funds (above 2.5%) toward teacher salary increases starting in 2025-2026. The amendment requires voter approval and aims to preserve capital safety while directing fund earnings toward education and state aid. It directly affects how Arizona manages its land trust revenue, particularly for public schools and teacher compensation.