The Arizona Permanent Amendment
, also known as Proposition 118
, will be on the November 6, 2012 general election
ballot in the state of Arizona
as a legislatively-referred constitutional amendment
. The measure would mandate that the annual distribution from the Permanent Fund be 2.5 percent of the average monthly market values of the fund for the immediately preceding five calendar years. This would take effect from fiscal year 2013 to fiscal year 2021. The formal title of the measure is House Concurrent Resolution 2056.
Text of the measure
The summary of the measure reads as follows:
||A Concurrent Resolution proposing an amendment to the Constitution of Arizona; Amending Article X, Section 7, Constitution of Arizona; Relating to the establishment of permanent funds.
- State Senator Steve Smith stated, "Prop. 118 allows us to simplify the formula for education funding ensuring that money will be distributed to support K-12 education each year from Arizona ’s Permanent Land Endowment Trust Fund. Best of all, it accomplishes this with NO new taxes and NO additional general fund spending."
Path to the ballot
A majority vote is required in the Arizona State Legislature to send a constitutional amendment to the ballot. Arizona is one of ten states that allow a referred amendment to go on the ballot after a majority vote in one session of the state's legislature.