The proposed joint resolution seeks to amend the Wyoming Constitution to modernize the management of the common school account within the permanent land fund. Key changes include the replacement of the term "annual income" with "earnings," which broadens the scope of funds that can be appropriated for school purposes. The resolution mandates that all earnings from the common school account be transferred to a separate earnings fund, which can be invested or distributed as required by law. Additionally, it specifies that the legislature must establish a mechanism to compensate for any investment losses incurred by the common school account.

Furthermore, the amendment clarifies the treatment of unexpended earnings, stating that any portion not spent within a year must either remain in the separate earnings fund or be added to the perpetual school fund. This change aims to ensure the long-term viability of the fund for public school purposes. Overall, the resolution emphasizes the importance of maintaining the integrity of the perpetual school fund while providing a clearer framework for the management and distribution of its earnings.