permanent funds; land trust; distributions.

HCR 2056 proposes a constitutional amendment to manage Arizona's permanent funds, which are derived from land grants. It establishes separate funds for each land grant, sets investment limits (capping equities at 60% per fund and 5% per company), and defines annual distribution rates (2.5% or 6.9% of the fund's average five-year market value). The amendment includes a safeguard to reduce distributions if fund values decline, preserving principal, and requires that any additional funds above 2.5% must supplement - never replace - existing state aid funding. The proposal requires voter approval to take effect.