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S.J.R. 2

             1     

RESOLUTION ENLARGING REVENUES AND
             2      ASSETS IN STATE TRUST FUND
             3      2006 GENERAL SESSION
             4      STATE OF UTAH
             5      Chief Sponsor: Lyle W. Hillyard
             6      House Sponsor: Wayne A. Harper
             7     
             8      LONG TITLE
             9      General Description:
             10          This joint resolution of the Legislature proposes to amend the Utah Constitution to
             11      modify a provision relating to a permanent state trust fund.
             12      Highlighted Provisions:
             13          This resolution proposes to amend the Utah Constitution to:
             14          .    provide that a permanent state trust fund includes revenues and assets given to the
             15      fund by any provision of law.
             16      Special Clauses:
             17          This resolution directs the lieutenant governor to submit this proposal to voters.
             18          This resolution provides a contingent effective date of January 1, 2007, for this
             19      proposal.
             20      Utah Constitution Sections Affected:
             21      AMENDS:
             22          ARTICLE XXII, SECTION 4
             23     
             24      Be it resolved by the Legislature of the state of Utah, two-thirds of all members elected to each
             25      of the two houses voting in favor thereof:
             26          Section 1. It is proposed to amend Utah Constitution Article XXII, Section 4, to read:
             27           Article XXII, Section 4. [State trust fund -- Principal to be held in perpetuity --

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             28      Use of income.]
             29          (1) There is established a permanent state trust fund consisting of:
             30          (a) as provided by statute or appropriation, funds that the state receives relating to the
             31      November 1998 settlement agreement with leading tobacco manufacturers; [and]
             32          (b) revenues or other assets given to the fund under any provision of law; and
             33          [(b)] (c) other funds and assets that the trust fund receives by bequest or private
             34      donation.
             35          (2) Except as provided in Subsection (4), the state treasurer shall, as provided by
             36      statute, hold all trust funds and assets in trust and invest them for the benefit of the people of
             37      the state in perpetuity.
             38          (3) The income from the state trust fund shall be deposited into the General Fund.
             39          (4) With the concurrence of the governor and three-fourths of each house of the
             40      Legislature, funds or assets in the trust fund may be removed from the fund for deposit into the
             41      General Fund.
             42          Section 2. Submittal to voters.
             43          The lieutenant governor is directed to submit this proposed amendment to the voters of
             44      the state at the next regular general election in the manner provided by law.
             45          Section 3. Effective date.
             46          If the amendment proposed by this joint resolution is approved by a majority of those
             47      voting on it at the next regular general election, the amendment shall take effect on January 1,
             48      2007.




Legislative Review Note
    as of 10-6-05 11:13 AM

Based on a limited legal review, this legislation has not been determined to have a high
probability of being held unconstitutional.



Mixed Membership Committee Note
    as of 01-03-06 11:21 AM

The Tax Review Commission recommended this bill.

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    Membership:        4 legislators    10 non-legislators
    Legislative Vote:    2 voting for    0 voting against    2 absent

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