This proposal modifies those restrictions to allow contributions from revenues collected in the form of severance taxes levied on companies that extract oil, gas and mineral resources. Crafted by Sen. Lyle Hillyard, R-Logan, in 2007, the change aims to create a rainy-day fund to prepare for a future that could see a decline in these tax revenues as resources are depleted. The fund would exist as a separate account from the tobacco trust, but subject to the same protection of its principal, access to which requires gubernatorial consent as well as a three-fourths vote of both houses of the Legislature. The initial investment plan requires depositing all severance-tax revenues from oil and gas in excess of $71 million and minerals in excess of $27.6 million.

• Amendment C — Change of Start Date for Legislature:

Controversy has swirled around the traditional opening day of the state legislative session, designated as the third Monday in January, which lands it on the federal holiday that honors Dr. Martin Luther King Jr. This proposal pushes that date back a week to the fourth Monday of the month, and it also excludes the Presidents' Day holiday from the official count of the 45-day session.

An additional benefit of the change is an extra week to consider, and make budget adjustments based on, final state tax-revenue figures that typically are available in mid-February.

• Amendment D — Changes to Required Redistricting Schedule:

Currently, the Legislature is required to perform congressional, legislative and other redistricting duties in the session immediately following a new federal census. Since census data is not made available until after the Utah legislative session is completed, in the year after the survey is conducted, the state has been, essentially, in constitutional violation due to the non-conducive schedules. A change in language stipulates that the Legislature will redistrict in the next session following receipt of that federal census data.

• Amendment E — Changes to Investment Statute for Schools Funds:

An 1896 constitutional edict prevents state and local governments from investing in stocks or bonds of privately owned companies. One amendment to the rule was passed in 2005 that opened opportunities for financial involvement with private companies that sought intellectual property rights for innovations coming out of state schools. This new change would allow a portion of the money from the state school fund and revenues derived from federal lands granted to Utah when it gained statehood to be invested in stock and/or bond markets.

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E-mail: araymond@desnews.com