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."
The following is one of the arguments that were submitted to the Arizona Secretary of State for the state voter guide. More arguments can be read here:
- "I strongly support Prop 118. There is a special relationship between Arizona's education community, the State Treasurer's Office, and the State Land Department. Public education is by far the largest beneficiary of State Trust Land managed by the State Land Department. Revenues derived from the sale of State Trust Land, as well as the sale of natural products (such as sand, gravel, water and fuel wood), and royalties from mineral materials are deposited in the Permanent Land Endowment Trust Fund managed by the State Treasurer's Office. Today, the State Land Department manages 8.1 million acres of land on behalf of K-12 education, and the Permanent Land Endowment Trust fund is worth more than $3.5 billion. Earning money for Arizona's public schools is the primary mission of the Trust's management. In 2010 the State Land Department deposited $91.7 million in the Endowment. Because of the inadequacy of the current formula used to distribute earnings from the Endowment, K-12 education received no money in 2010. Prop 118 fixes that inadequate formula. Had the new formula been in place in 2010, public education would have received $48 million from the Permanent Land Endowment Trust Fund. Vote 'Yes' on Prop 118."
- Submitted by Maria Baier, Arizona State Land Commissioner.
- No formal opposition has been identified yet. If you would like to submit information, please contact Al Ortiz, project manager for statewide ballot measures.
- No arguments against the measure were submitted for the state voter guide.
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.