permanent funds; land trust; distributions

SCR 1045 proposes an amendment to Arizona's Constitution to establish rules for managing state land trust funds. It requires separate permanent funds for different land grants, restricts fund transfers, and sets investment limits (e.g., max 60% in equities). The bill specifies annual distribution rates: 2.5% of fund value for most years, increasing to 6.9% for a set period (2015-2016 through 2024-2025), with excess funds directed toward basic state aid. Adjustments to distributions automatically occur if fund values decline, preserving capital safety. This applies to all state land trust funds managed under Arizona's constitutional framework.