Proposed Amendment to the Constitution by the Legislature Relating to the Establishment of Permanent Funds

Arizona Ballot Measure - Proposition 118

Election: Nov. 6, 2012 (General)
Outcome: Passed

Yes: 950938  (50.52%) Argument For
No: 931238  (49.48%) Argument Against

Categories:

Measure Text

Changes the distribution formula for the state land trust permanent endowment fund, which funds various public institutions, including schools, to be 2.5% of the average monthly market values of the fund for the immediately preceding five calendar years.

A "yes" vote shall have the effect of changing the distribution formula for the State Land Trust Permanent Endowment Fund, which funds various public institutions, including schools, to be 2.5% of the average monthly market values of the Fund for the immediately preceding five calendar years. The change would affect fiscal years 2013 through 2021.

A "no" vote shall have the effect of keeping current constitutional law related to the distribution formula of the State Land Trust Permanent Endowment Fund.