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 fund, ensuring that the financial needs of schools are met before any other allocations are made.

Additionally, the resolution outlines the composition of the Permanent School Fund and specifies that any remaining funds after fulfilling the financing obligations may be appropriated for other educational purposes, such as the New School Facilities Fund or Basic State Aid. The measure also includes provisions for technical adjustments and requires the Secretary of State to present the proposition to voters in the next general election. If approved, the changes will enhance the financial support for Arizona's educational infrastructure while ensuring that the Permanent School Fund remains a perpetual resource for public schools.

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