Permanent school fund investment, management, and distribution policy modified; and constitutional amendment proposed.

Summary

The legislation updates how the permanent school fund is managed, setting a new formula for calculating the amount to be distributed and directing those funds into a school endowment that will be used for district aid. It also proposes a constitutional amendment that would require voter approval to permanently increase funding from the fund without raising taxes. The changes affect the state’s investment board, the permanent school fund, the new school endowment fund, and all public school districts.

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