The account that holds and invests money from the sale of Arizona trust land has topped $4-billion for the first time ever. State Treasurer Doug Ducey says total assets in the state's Permanent Land Endowment Trust Fund exceeded the mark at the end of February.
The fund gets it cash from the sale of some of the ten-million-plus acres of land granted to Arizona at statehood in 1910 and the treasurer invests the money. Sixty percent is invested in stocks and the rest in high-grade corporate bonds and U.S. Treasury notes.
More than 90-percent of the earnings from the fund are distributed to state's K-through-12 schools. In the budget year that begins on July 1st, nearly $68-million will go to those schools.