permanent funds; land trust; distributions.

This bill proposes amending Arizona's constitution to establish separate permanent funds for money derived from specific land grants, ensuring these funds are managed independently and invested according to strict rules. It mandates that funds be invested in safe securities (with limits on stock holdings), sets annual distribution rates (2.5% or 6.9% based on fiscal years), and requires any excess funds above 2.5% to support basic state aid for education. If fund values decline significantly, the legislature can temporarily reduce distributions to protect the principal, with reductions not affecting future calculations. The bill directly affects Arizona's state budgeting for education and land-related revenue, ensuring long-term fund stability while directing surplus funds to public education funding.