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.