Authorizes the exchange of state trust lands if the exchange is related to protecting military facilities or improving the management of state trust lands; outlines the process for exchanges, including independent appraisals and analyses, public hearings, and approval by public vote.

A "yes" vote shall have the effect of authorizing the exchange of state trust lands if the exchange is related to either protecting military facilities or improving the management of state trust lands and prescribes the process for such exchanges. This process includes two independent appraisals and analyses, public hearings, and approval by public vote.

A "no" vote shall have the effect of keeping current constitutional law related to state trust lands.