The bill amends existing laws regarding the investment of state funds, specifically focusing on the common school account within the permanent land fund. It decreases the annual spending policy amount from five percent (5%) to four and three-quarters percent (4.75%) for fiscal year 2026, and further reduces it to four and one-half percent (4.5%) for each fiscal year thereafter. Additionally, the bill specifies the distribution of investment earnings and federal mineral royalties, ensuring that appropriations are credited to the common school account within the permanent land fund and the common school permanent fund reserve account in equal amounts, unless certain conditions regarding the balance of the reserve account are met.

The bill also makes conforming amendments to clarify the appropriation process and the calculation of amounts to be distributed. It removes references to the "common school permanent fund reserve account" in favor of specifying "accounts" as determined in the new language. The effective date for the implementation of this act is set for July 1, 2025.

Statutes affected:
Introduced: 9-4-601, 9-4-719
Engrossed: 9-4-601, 9-4-719