By Howard Fischer | Capitol Media Services/Arizona Capitol Times
The state Investment Board voted unanimously Tuesday to distribute more than $190 million to schools by Thursday in the first payment for Proposition 123 despite continued arguments by state Treasurer Jeff DeWit that the funding — and even the election that approved it — is illegal.
DeWit said his analysis shows the state will be paying out more than it currently earns on the nearly $5.3 billion permanent trust. That, he said, means digging into the principal, something he continues to contend cannot be done without congressional approval no matter what Arizona voters said.
He said someone needs to sue over that.
