The resolution proposes an amendment to Article X, Section 3 of the Arizona Constitution, which pertains to the management and disposition of state lands. The amendment seeks to allow the legislature to authorize the mortgage, pledge, or encumbrance of state trust lands, provided that such actions are consistent with the fiduciary obligations owed to the trust beneficiaries. It also permits the sale or lease of these lands through public auction or other methods authorized by law, rather than strictly requiring sales to the highest bidder. The amendment emphasizes that the commissioner responsible for managing state trust lands must act in the financial best interest of the trust beneficiaries and may consider various factors, including the highest and best use of the lands, when evaluating bids or proposals.

Additionally, the amendment outlines specific provisions for leasing state lands for various purposes, including grazing, agriculture, and mineral extraction, with certain terms and conditions set by the legislature. It allows for leases without advertisement for shorter terms and establishes a royalty reservation for oil, gas, and other hydrocarbon production. The resolution mandates that this proposition be submitted to voters at the next general election, ensuring public input on the proposed changes to the management of state lands in Arizona.