But the key is being able to take $2.2 billion of that from the trust, which consists of the proceeds from the sale and lease of state lands set aside for education.

Pierce said he reads the federal law as allowing the state to tap only the interest from the trust, leaving the principal alone.

Under the current formula designed to smooth out the distribution, schools currently get 2.5 percent of the value of the trust every year. This change boosts that to 6.9 percent for the next 10 years.

Legislative budget staffers said the education fund, now worth about $4.8 billion, would grow automatically to $9 billion by 2025. But with the additional withdrawals, the account is projected to be $6.2 billion instead.

Pierce, who is representing himself, said he's not against more funding for schools.

"But I believe we should fund it soundly and credibly and by the rules,'' he said. Pierce said that means getting specific congressional approval "and then submitting it to the people in a referendum.''

State schools chief Diane Douglas, who took no position on the ballot measure, noted Thursday night that nothing in the language of the ballot measure spells out where schools need the money. But Douglas said she hopes school boards and administrators "will do everything they can to ensure that this money gets to our classrooms either in the form of salary increases or classroom size reduction.''

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