state land trust; best interest.

This constitutional amendment (HCR 2046) would change Arizona's rules for managing state trust lands, which fund public schools and other beneficiaries. It allows the state to mortgage or encumber trust lands (e.g., for infrastructure projects) but requires most sales or leases to occur via public auction with specific advertising rules, while exempting short-term grazing, mineral, and oil/gas leases. The commissioner must act in the "financial best interest" of beneficiaries, considering long-term returns - not just the highest bid - and may improve land value before selling to boost future income.