The resolution proposes an amendment to Article X, Section 7 of the Arizona Constitution, which pertains to the management of state and school lands. It establishes a framework for the creation of separate permanent funds for various grants made to the state, ensuring that any revenue generated from these lands is deposited into the corresponding fund. The amendment prohibits the transfer of funds between different permanent funds and mandates that all funds be invested in safe, interest-bearing securities. A board of investment will be established to oversee the management of these funds, with specific investment guidelines to ensure prudent financial practices.

Additionally, the resolution outlines the distribution of earnings from these permanent funds, specifying different percentages for various fiscal years. For instance, it sets a distribution rate of 2.5% for certain years and a higher rate of 6.9% for others, particularly for the fiscal years 2015-2016 through 2024-2025. The amendment also includes provisions for adjusting distributions based on the average market values of the funds and allows for legislative action to reduce distributions if necessary to protect the capital. Furthermore, if a proposed statutory measure to increase teacher salaries is approved by voters, it will affect the distribution rates for the corresponding funds. The resolution will be submitted to voters for approval in a special election scheduled for 2025.