Download Zipped Enrolled WP 8.0 SJR014.ZIP 4,520 Bytes
[Introduced][Amended][Status][Bill Documents][Fiscal Note][Bills Directory]
S.J.R. 14 Enrolled
Corrected Version
A JOINT RESOLUTION OF THE LEGISLATURE PROPOSING TO AMEND THE UTAH
CONSTITUTION; ESTABLISHING A STATE TRUST FUND; PROVIDING FOR PRINCIPAL
TO BE HELD IN PERPETUITY; PROVIDING AN EXCEPTION; PROVIDING FOR USE OF
INCOME; DIRECTING THE LIEUTENANT GOVERNOR TO SUBMIT THE PROPOSAL TO
VOTERS; AND PROVIDING AN EFFECTIVE DATE.
This resolution proposes to change the Utah Constitution as follows:
ENACTS:
ARTICLE XXII, SECTION 4
Be it resolved by the Legislature of the state of Utah, two-thirds of all members elected to each
of the two houses voting in favor thereof:
Section 1. It is proposed to enact Utah Constitution Article XXII, Section 4 , to read:
Article XXII, Section 4. [State trust fund -- Principal to be held in perpetuity -- Use
of income.]
(1) There is established a permanent state trust fund consisting of:
(a) as provided by statute or appropriation, funds that the state receives relating to the
November 1998 settlement agreement with leading tobacco manufacturers; and
(b) other funds and assets that the trust fund receives by bequest or private donation.
(2) Except as provided in Subsection (4), the state treasurer shall, as provided by statute,
hold all trust funds and assets in trust and invest them for the benefit of the people of the state in
perpetuity.
(3) The income from the state trust fund shall be deposited into the General Fund.
(4) With the concurrence of the governor and three-fourths of each house of the
Legislature, funds or assets in the trust fund may be removed from the fund for deposit into the
General Fund.
Section 2. Submittal to voters.
The lieutenant governor is directed to submit this proposed amendment to the voters of the
state at the next regular general election in the manner provided by law.
Section 3. Effective date.
If the amendment proposed by this joint resolution is approved by a majority of those voting
on it at the next regular general election, the amendment shall take effect on January 1, 2001.
[Bill Documents][Bills Directory]