permanent funds; land trust; distributions

This constitutional amendment establishes permanent funds for revenue from Arizona's land grants, requiring strict separation of funds based on the original land grant purpose. It mandates that funds be invested in safe securities (capping equities at 60% and single-company holdings at 5%) and sets specific annual distribution rates: 2.5% until 2024-2025, 6.9% from 2025-2026 through 2034-2035, then returning to 2.5%. Distributions fund basic state aid and school funding, with automatic reductions during market downturns to preserve capital. The bill directly affects how Arizona manages and distributes long-term land trust revenue to public education and state aid programs.