ARIZONA HOUSE OF REPRESENTATIVES

SB 1142: trust land fund monies; distributions

PRIME SPONSOR: Senator Farnsworth D, LD 16

BILL STATUS: House Engrossed

Overview

Requires distributions pursuant to the Arizona Constitution and statute be made on or before the last business day of each month.

History

The Permanent Land Endowment Trust Fund (PLETF) is established under the Arizona Constitution, Article 10 Section 7. Under this section of the Constitution, the Treasurer is required to deposit and invest the proceeds of and sales in the PLETF according to the grant under which the land was conveyed to Arizona by Congress.

There are 13 beneficiaries of the PLETF, each with their own trust land and separate trust fund. The beneficiaries are:

1. Agricultural and mechanical colleges;

2. The Arizona State Hospital;

3. Legislative, executive and judicial buildings;

4. Military institutes;

5. Miners Hospital;

6. Normal schools;

7. Penitentiaries

8. Permanent common schools;

9. Schools for the Deaf and Blind

10. Schools of Mines

11. State charitable institutions

12. University Fund; and

13. The University of Arizona (www.aztreasury.gov)

Current statute requires that the State Board of Investment (Board) and the State Treasurer make distributions on the 15^th business day of each month (A.R.S. § 35-319).

Provisions

1. Requires the Board and the State Treasurer to make the distributions pursuant to statute and the Arizona Constitution on or before the last business day of each month. (Sec. 1)

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5. Fifty-fourth Legislature                       SB 1142

6. First Regular Session                            Version 4: House Engrossed

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