VIEW LARGER Lauffer Middle School
The state Board of Investment voted Tuesday to send the first installment of Proposition 123 money to Arizona’s K-12 schools.
The first payments totaling $191 million from the3 state Land Trust fund and another $74 million from the state general fund are expected to go out before the end of the week.
In a May special election, Arizona voters narrowly approved an increased payout from the trust fund, from 2.5 percent annually to 6.9 percent.
The money will add $3.5 billion to education funding over the next decade, Gov. Doug Ducey and other advocates for the funding have said.
The vote also settled a 6-year old lawsuit resulting from the Legislature’s decision against paying constitutionally required inflation increases to schools over several years during the recession.
The first installment of money is expected to cover teacher raises in many school districts.
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