The state fund 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 the state's Permanent Land Endowment Trust Fund hit the $4 billion mark at the end of February. The Associated Press says the fund gets its cash from the sale of state land and the treasure invests the money in stocks, high-grade corporate bonds, and U.S. Treasury notes. More than 90 percent of the earnings from the fund are distributed to the state's K-12 schools.