Former Arizona Supreme Court Chief Justice Stanley Feldman has penned an op-ed in the Arizona Daily Star urging voters to vote no on Prop. 123. Stanley Feldman: Vote NO on Prop. 123:
Proposition 123 may sound like a good deal, but it’s not. In fact, almost all of Proposition 123’s supporters concede it’s a bad deal, and here are some reasons why:
1. Prop. 123 only pays about 70 percent of the amount the courts have already ruled is due the schools under Prop. 301, which the voters passed in 2000.
2. Of the future funding contemplated by Proposition 123, about two-thirds will come from the Arizona State Land Trust Fund that Congress established when Arizona became a state. Approximately 2½ percent of the annual earnings from trust land sales or rentals is paid to schools each year.
But Prop. 123 increases that to over 6 percent per year, thus depleting trust principal and depriving future generations of the security provided by the trust. It is truly a case of robbing Peter to pay Peter — using the schools’ money to pay the debt owed the schools.