state land trust; permanent funds.

SCR 1015 proposes amending Arizona's constitution to establish separate permanent funds for state and school lands, directly affecting how these funds are managed and distributed. The amendment requires all monies from these lands to be deposited into designated funds, prohibits transferring money between funds, and mandates strict investment rules (e.g., max 60% in equities, max 5% in single companies). It specifies annual distribution rates: 2.5% of fund value for most years, with a higher 6.9% rate from 2015-2025, and directs excess funds from the higher rate period toward school funding. The bill creates a board of investment to manage assets, prioritizing long-term safety and returns over speculation.