The PLETF was established in the Arizona Constitution under Article 10, Section 7. Referring to the map below, privately-held land, shaded white in color, comprises only 14% of Arizona land. State Trust Lands, colored in li the Arizona Constitution under Article 10, Section 7. Referring to the map below, privately-held land, shaded white in color, comprises only 14% of Arizona land. State Trust Lands, colored in light blue, were given to Arizona by the Federal Government at statehood as an endowment. The Arizona Constitution requires the Treasurer to deposit and invest the proceeds of land sales in the PLETF according to the grant under which the land was conveyed to Arizona by Congress.
There are 13 different beneficiaries of the PLETF, each with their own trust land and separate trust fund. The beneficiaries are listed below:
|101 – A&M Colleges||107 – Normal School ASU/NAU||112 – State Charitable|
|102 – State Hospital||108 – Penitentiaries||113 – University Fund|
|103 – Leg., Exec., & Jud.||109 – Permanent Common School||114 – UofA Land – 1881|
|104 – Military Institute||110 – School for Deaf & Blind|
|105 – Miners Hospital||111 – School of Mines|
As of September 30, 2019, The Permanent Land Endowment Trust Fund has an approximate fair market value of $6.1 Billion. The largest beneficiary and corresponding fund is the Permanent Common School Fund which, as of September 30, 2019, has an approximate fair market value of $5.6 Billion. The proceeds from this fund are distributed to classrooms across Arizona.