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REFERENCE TITLE: permanent school fund; distribution; uses |
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State of Arizona Senate Fifty-sixth Legislature Second Regular Session 2024
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SCR 1040 |
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Introduced by Senator Mesnard
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A Concurrent Resolution
enacting and ordering the submission to the people of a measure relating to the permanent state school fund.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it resolved by the Senate of the State of Arizona, the House of Representatives concurring:
1. Under the power of the referendum, as vested in the Legislature, the following measure, relating to the permanent state school fund, is enacted to become valid as a law if approved by the voters and on proclamation of the Governor:
AN ACT
AMENDING section 37-521, Arizona Revised Statutes; RELATING to the PERManenT state school fund.
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 37-521, Arizona Revised Statutes, is amended to read:
37-521. Permanent state school fund; composition; use
A. After any appropriation pursuant to section 37-527, the permanent state school fund shall consist of:
1. The proceeds of all lands granted to this state by the United States for the support of common schools.
2. All property which that accrues to this state by escheat or forfeiture.
3. All property donated for the benefit of the common schools, unless the terms of the donation otherwise provide.
4. All unclaimed shares and dividends of any corporation incorporated under the laws of this state.
5. The proceeds of sale of timber, mineral, gravel or other natural products or property from school lands and state lands other than those granted for specific purposes.
6. The residue of the lands granted for payment of the bonds and accrued interest issued by Maricopa, Pima, Yavapai and Coconino counties, after the purpose of the grant has been satisfied, and the five percent of the proceeds of sales of public lands lying within this state sold by the United States subsequent to admission of this state into the union, as granted by the enabling act.
B. The fund shall be and remain a perpetual fund, and distributions from the fund pursuant to article X, section 7, Constitution of Arizona, plus monies derived from the rental of the lands and property, interest and accrued rent for that year credited pursuant to section 37-295 and interest paid on installment sales, shall be used as follows:
1. Beginning in fiscal year 2025-2026, if the amount of monies AVAILABLE PURSUANT to this SUBSECTION exceeds the amount required PURSUANT to PARAGRAPH 5 of this subsection and if there are outstanding state school facilities revenue bonds pursuant to title 41, chapter 56, article 6, outstanding qualified zone academy bonds pursuant to title 41, chapter 56, article 7 or outstanding state school trust revenue bonds issued to correct existing deficiencies, the state treasurer and the state land department shall annually transfer to the state school facilities revenue bond debt service fund established in pursuant to section 41-5754, the state school improvement revenue bond debt service fund established in pursuant to section 41-5784 and the state school trust revenue bond debt service fund the amount that is necessary to pay that fiscal year's debt service on outstanding state school facilities revenue bonds, qualified zone academy bonds and state school trust revenue bonds, before transferring amounts for any other uses.
2. If there are no outstanding state school facilities revenue bonds pursuant to title 41, chapter 56, article 6 or if the amount of monies available under this subsection exceeds the amount required under paragraph paragraphs 1 and 5 of this subsection, the monies are subject to legislative appropriation to the new school facilities fund established by section 41-5741.
3. If the amount of monies available under this subsection exceeds the amount required under paragraphs 1, and 2 and 5 of this subsection, the legislature may annually appropriate an amount to be used as provided in section 15-971, subsection G, except that the amount appropriated may not exceed the amount appropriated from the permanent state school fund and from the rent and interest paid on installment sales for this purpose in fiscal year 2000-2001.
4. Notwithstanding paragraphs 1, 2, and 3 and 5 of this subsection, from and after June 30, 2001, any expendable earnings under this subsection that exceed the fiscal year 2000-2001 expendable earnings shall be deposited in the classroom site fund established by section 15-977.
5. Beginning in fiscal year 2025-2026, to provide GUARANTEEd FINANCING for common schools, INCLUDING debt obligations that are issued on behalf of a school district or charter school, to acquire, construct, renovate, equip, refinance or improve capital FACILITIES that are consistent with the laws of this state. The state treasurer and state land department may not transfer any monies PURSUANT to this section before meeting all the obligations GUARANTEED PURSUANT to THIS paragraph.
2. The Secretary of State shall submit this proposition to the voters at the next general election as provided by article IV, part 1, section 1, Constitution of Arizona.