The resolution SCR1032 proposes a significant amendment to the management of the Permanent State School Fund in Arizona, which is designed to enhance funding for common schools. If approved by voters, starting in fiscal year 2027, the State Treasurer and the Arizona State Land Department will be required to prioritize the transfer of funds from the Permanent School Fund to guarantee financing for common schools. This financing will cover the acquisition, construction, refinancing, or improvement of capital facilities, ensuring that these obligations are met before any other authorized uses of the fund.

Additionally, the resolution outlines that the Permanent School Fund will continue to support various educational initiatives, including debt obligations for school districts and charter schools. It mandates that any remaining funds after fulfilling these obligations may be appropriated for other educational purposes, such as the New School Facilities Fund or Basic State Aid. The resolution also includes provisions for technical changes and requires the Secretary of State to present this measure to voters in the next general election, with implementation contingent upon voter approval and the Governor's proclamation.

Statutes affected:
Introduced Version: 37-521
Senate Engrossed Version: 37-521