PHOENIX (AP) - 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 $4 billion mark at the end of February.
The fund gets it cash from the sale of some of the 10 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% of the earnings from the fund are distributed to state's K-12 schools. In the budget year that begins on July 1, nearly $68 million will go to those schools.
Copyright 2013 The Associated Press modified.
