HJR 55: Proposing an amendment to the Constitution of the State of Alaska relating to the permanent fund.
00HOUSE 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.