CC - Agendas - City Council - REGULAR - 8/29/2006

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Prescott City Council Regular Voting Meeting — August 8, 2006 Page 6 Council questions: • Starting another layer of government with a Board of Trustees? • The Board would take on new responsibilities and look at the recommendations of which lands to keep and which to dispose of; these decisions had lasting impacts on the community. • Would the Board members be volunteers? • Yes. Board would be appointed by the Governor and confirmed by the Senate. • How could a Board member be removed? • Not sure. • Who approves recommendations and moves into action? • Land Commissioner • Does Commissioner have veto power over the Board? • No. • Where does the money come from for management? • Money came from leases of the land or from the sale of the land. • A percentage of sales went to maintenance. If Badger P Mountain and Glassford Hill were preserved, would there be a management plan and how would maintenance be funded? • Not sure. Council comments: • The Board should have representatives from the Counties with State Trust Lands. • Highest and best use of the State Trust Lands should be considered as the money went to education and the property was owned by the taxpayers. • Proposition 106 allowed spending of the principal, not just the interest. It was clarified the funds could be used to supplement the State budget and the funds would first come out of earnings, not the trust and when the trust reached $7 billion it would come out of the principal. • Proposition 105 was referred by the Legislature and Proposition 106 was referred by initiative.