Proposition 118 - Land Trust
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.