00CONFERENCE CS FOR SENATE JOINT RESOLUTION NO. 34                                                                      
01 Proposing an amendment to the Constitution of the State of Alaska relating to                                           
02 public corporations.                                                                                                    
03 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                              
04    * Section 1.  Article III, sec. 26, Constitution of the State of Alaska, is amended to read:                       
05  Section 26.  Boards and Commissions.   Except as provided in Section 15                                            
06 of Article IX, when  [WHEN] a board or commission is at the head of a principal                                        
07 department or a regulatory or quasi-judicial agency,  or is the governing entity of a                                  
08 public corporation established by law that manages significant State assets as                                          
09 defined by law,  its members shall be appointed by the governor, subject to                                            
10 confirmation by a majority of the members of the legislature in joint session, and may                                  
11 be removed as provided by law.  They shall be citizens of the United States.  The                                       
12 board or commission may appoint a principal executive officer when authorized by                                        
13 law, but the appointment shall be subject to the approval of the governor.                                              
14    * Sec. 2.  Article IX, sec. 15, Constitution of the State of Alaska, is amended to read:                           

01  Section 15.  Alaska Permanent Fund.   (a)   At least twenty-five percent of all                                   
02 mineral lease rentals, royalties, royalty sale proceeds, federal mineral revenue sharing                                
03 payments and bonuses received by the State shall be placed in a permanent fund, the                                     
04 principal of which shall be used only for those income-producing investments                                            
05 specifically designated by law as eligible for permanent fund investments.  All income                                  
06 from the permanent fund shall be deposited in the general fund unless otherwise                                         
07 provided by law.                                                                                                        
08    * Sec. 3.  Article IX, sec. 15, Constitution of the State of Alaska, is amended by adding a                        
09 new subsection to read:                                                                                                 
10  (b)  The permanent fund shall be managed by a public corporation established                                          
11 by law.  A member of the board of the corporation who is not the head of a principal                                    
12 department is not subject to confirmation by the legislature, but, during the member's                                  
13 term of office, the member may only be removed for cause as defined by law.                                             
14    * Sec. 4.  The amendments proposed by this resolution shall be placed before the voters of                         
15 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the                        
16 State of Alaska, and the election laws of the state.