This concurrent resolution proposes an amendment to Article X, Section 7 of the Arizona Constitution, which pertains to the management of state and school lands. The amendment aims to establish separate permanent funds for various grants made to the state, ensuring that any revenue generated from these lands is deposited into the corresponding permanent fund. It 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 created 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 that for certain fiscal years, distributions will be set at a percentage of the average monthly market values of the funds over the preceding five years. It also includes provisions for adjusting distributions based on market performance to protect the capital of the funds. The intent of the legislature and voters is to ensure that these appropriated funds supplement existing funding for basic state aid and contribute to increasing revenue control limits. The resolution will be submitted to voters for approval in the next general election.