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Legislative action that proposed this amendment: HJR15 1994 General Session
Disposition: This amendment took effect following voter ratification. You may read the resulting 1995 Utah Constitution here.
Amends article 10 section 5
(1) There is established a permanent State School Fund which shall consist of revenue from the following sources: (a) proceeds from the sale of all lands granted by the United States to this state for the support of the public elementary and secondary schools; (b) 5% of the net proceeds from the sale of United States public lands lying within the state; (c) all revenues derived from nonrenewable resources on state lands, other than sovereign lands and lands granted for other specific purposes; (d) all revenues derived from the use of alcohol thrust lands; and (e) other revenues appropriated by the Legislature. (2) The State School Fund principal shall be safely invested and held by the state in perpetuity. Only the interest received from investment of the State School Fund may be expended for the support of the public elementary and secondary schools. The Legislature may make appropriations from school trust land revenues to provide funding necessary for the proper administration and management of those lands consistent with the state's fiduciary responsibilities toward the beneficiaries of the school and land trust. Unexpended balances remaining from the appropriation at the end of each fiscal year shall be deposited in the State School Fund. A portion of the interest earnings of the State School Fund, in an amount equal to the total balance in the State School Fund at the close of each calendar year multiplied by the annual rate of inflation for the preceding year, as determined by the state treasurer, shall be retained in the State School Fund and added to the principal. The State School Fund shall be guaranteed by the state against loss or diversion. (3) There is established a Uniform School Fund which shall consist of revenue from the following sources: (a) interest from the State School Fund remaining after deduction of the amount retained in the State School Fund to protect the fund against losses due to inflation; (b) revenues appropriated by the legislature; and (c) other revenues received by the fund under any other provision of law or by donation. (4) The Uniform School Fund shall be maintained and used for the support of the state's public elementary and secondary schools and apportioned as the Legislature shall provide.