The resolution SCR1032 proposes a significant amendment to the management and distribution of the Permanent State School Fund in Arizona, contingent upon voter approval. Starting in fiscal year 2027, it mandates that the State Treasurer and the Arizona State Land Department prioritize the transfer of funds to guarantee financing for common schools to acquire, construct, refinance, or improve capital facilities. This requirement takes precedence over any other authorized uses of the Permanent School Fund, ensuring that the financial needs of schools are met before any other allocations are made.

Additionally, the resolution outlines the composition and permissible uses of the Permanent School Fund, which includes proceeds from state lands and other sources. It emphasizes that any remaining funds after fulfilling debt obligations for school facilities must be appropriated for new school facilities or Basic State Aid, with a stipulation that any excess earnings beyond a specified threshold be directed to the Classroom Site Fund. The resolution also includes provisions for technical changes and mandates that the Secretary of State present this measure to voters in the next general election, with implementation contingent on voter approval and the Governor's proclamation.

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