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HJR 55: Proposing an amendment to the Constitution of the State of Alaska relating to the permanent fund.

00 HOUSE JOINT RESOLUTION NO. 55                                                                                           
01 Proposing an amendment to the Constitution of the State of Alaska relating to                                           
02 the permanent fund.                                                                                                     
03 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                               
04    * Section 1.  Article IX, sec. 15, Constitution of the State of Alaska, is amended to read:                          
05  SECTION 15.  ALASKA PERMANENT FUND.  At least fifty percent                                                         
06 [TWENTY-FIVE PER CENT] of all mineral lease rentals, royalties, royalty sale                                            
07 proceeds, federal mineral revenue sharing payments and bonuses received by the State                                    
08 shall be placed in a permanent fund, the principal of which shall be used only for                                      
09 those income-producing investments specifically designated by law as eligible for                                       
10 permanent fund investments.  Income [ALL INCOME] from the permanent fund shall                                        
11 be retained in the permanent fund, except that appropriations may be made from                                         
12 the income to [DEPOSITED IN] the general fund.  Annual appropriations from the                                        
13 permanent fund may not exceed four percent of the average market value of the                                           
14 permanent fund during the immediately preceding five years.  The legislature                                            
01 shall implement this section [UNLESS OTHERWISE PROVIDED] by law.                                                       
02    * Sec. 2.  The amendment proposed by this resolution shall be placed before the voters of                            
03 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the                        
04 State of Alaska, and the election laws of the state.