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Show COMPLETE TEXT OF PROPOSITION NO. 4 STATE SCHOOL FUND AMENDMENTS ION OF THE LEGISLATURE PROPOSING TO JOINT liHSOl.l 1AH CONSTITUTION; RELATING TO PUBLIC VUuN: MODIFYING THE REVENUE SOURCES FOR AMEND THE LI" 'I Li FI Tills VI E ! S( '11001, FUND AND THE UNIFORM .A "L -- A . OF THE UTAH CONSTITUTION. '! In iIh1 Ecgislalure iii"iii H"i s i of the State of Utah, of two houses voting in favor two-third- s elected in each of the ! is proposed to amend Article X, Sec 3, of Ciaii Constitution, to read: Set lion H 1. the (The) Except as provided by statute for the (a) proceeds of the hereafter be granted by the United Stated to this state, for the support of the rmttmmi public elementary and secondary schools, (b) and Itve wf crnomt 5Y, of the net proceeds of the sales of United States public lands lying within the states and sold by the I niied Stales subsequent to the admission of this state aH revenues derived from the use of into the I nion, iiontencwable resources from school or state lands, other Hun those lands granted fnr other specific purposes, and fd) pHuj; reuaujes as appropriated by the legislature, shall be and remain a permanent fund, to be called the State School Fund, the interest of which only, shall be expended for the support of the mtmtttm public elementary and secondary Sec. :i. ( ) nia essaia rest of Jand administration, .sales nt all lands that have been or may () .til tttI ?ttt It .Untn Kit all AAAh til p7yiTrtT ttini may ttv ittr tit tttr at air tty uic raCitrat ttr (offeHnse aH utteFatmeft shares ami dividends of any eorporatUoft toeorporated tmder the laws of this state, the prormht of the sales of timber; and the proeeeds of the sale P tt.l AH A i.l At .1 .t aL AaI ITtTTTT otTitUtlt III IIirTaM ttr (HI!U.M "I pTitpritJ rt7tT tt.1 rAjntHmttTt ttT state lands; other than ttose granted for specific jmejaisrs, shaft with stteh other revenues as the legislature tmty from t tine to ttate allot thereto, etmstltute a fttnd to be kttfrwn as the tsbform Htdaad Fund, whteh Uniform Sehool Fatal shall he tuamtamed aad ttsed for the support of the Mr :nft sad public schools of the state attd apportioned to . A . P cupv I lj HI At dint 3L T1 U v IAH ttTr LI rate 3 of t ax at 10 n RESOLI MON PROPOSES TO AMEND ARTICLE X, SECS. 3 ' fc.MAH .. M, ntifl of trcethm 7. Article XH4 of this Constitution HA A., AA AH1 A A t IO I HU purpUjvj cli ill Ilul AaUaaI oU ,A U II t A rittf 1 A IhIL ctll I IIUI1 A H SCHOOL D M construed as a limitation ttt the rate of taxation ott tangible shaH he steettel i n Sett ion 7 of Art id c 111 J. (2) There is established a Uniform School Fund which shall consist of revenue from three sources: (a) interest from the State School Fund: fb) except as appropriated by the legislature for the State School Fund, revenues derived from the use of renewable resources from school or state lands. other than those granted for specific purposes: and fc) other revenues which the legislature may appropriate. If the interest generated by the State School Fund exceeds the amount of interest required to fund the Uniform School Fund. as appropriated annually by the legislature, the excess shall pass through to the General Fund. The Uniform School Fund shall be maintained and used for the support of the states public elementary and secondary schools and appropriated as the Legislature shall provide. ' Section 2. It is proposed to amend Article X, Sec. Utah Constitution, to read: 5, of the Sec. 5. The proceeds of the sale of lands reserved by an Act of Congress, approved February 21st, 1855, for the establishment of the University of Utah, and all the lands granted by an Act of Congress, approved July 16th, 1894, shall constitute permanent funds, to be safely invested and held by the State; and except as provided by statute for the necessary cost of land administration, the income thereof shall be used exclusively for the support and maintenance of the different institutions and colleges, respectively, in accordance with the requirements and conditions of said Acts of Congress. Section 3. Statutes and regulations in existence on the effective date of this amendment that are not inconsistent wdth the amendment shall continue in force and effect until repealed or changed by statute. Section 4. The lieutenant governor is directed to submit this proposed amendment to the electors of the State of Utah at the next general election in the manner provided by law. Section 5. amendment effect July If approved by the electors of the state the proposed by this joint resolution shall take 1. 1987. |