Bill > SCR1032

This joint resolution proposes amendments to Arizona's Permanent State School Fund statutes, specifically section 37-521, to modify how the fund's revenues are distributed and used. The resolution outlines the fund's composition, which includes proceeds from lands granted by the federal government, escheat or forfeited property, donated property, unclaimed corporate shares, and proceeds from sales of natural resources from school lands. Starting in fiscal year 2026-2027, the resolution establishes a new prioritization for fund distributions, first ensuring payment of outstanding school facilities revenue bonds, qualified zone academy bonds, and state school trust revenue bonds. After bond obligations are met, any remaining funds can be appropriated to the new school facilities fund, with potential additional appropriations for educational purposes. A significant new provision guarantees financing for common schools, including debt obligations for acquiring, constructing, renovating, equipping, refinancing, or improving capital facilities. The resolution requires voter approval through a general election and, if passed, would become law upon the Governor's proclamation. The changes aim to provide more structured and transparent financial management of the state's school fund resources.

Education

https://apps.azleg.gov/BillStatus/BillOverview/83099