00                CS FOR HOUSE JOINT RESOLUTION NO. 15(JUD)                                                               
01 Proposing amendments to the Constitution of the State of Alaska requiring income of                                     
02 the permanent fund to be deposited into the permanent fund and limiting                                                 
03 appropriations from the permanent fund to six percent of the year-end market values of                                  
04 the fund for the last five fiscal years.                                                                                
05 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                               
06    * Section 1.  Article IX, sec. 15, Constitution of the State of Alaska, is amended to read:                        
07            Section 15.  Alaska Permanent Fund.  (a)  At least twenty-five per cent of all                       
08       mineral lease rentals, royalties, royalty sale proceeds, federal mineral revenue sharing                          
09       payments and bonuses received by the State shall be placed in a permanent fund, the                               
10       principal of which shall be used only for those income-producing investments                                      
11       specifically designated by law as eligible for permanent fund investments.  All income                            
12       from the permanent fund shall be deposited in the permanent [GENERAL] fund                                    
13       [UNLESS OTHERWISE PROVIDED BY LAW].                                                                               
14            (b)  For any fiscal year, appropriations from the permanent fund shall be                                
15       limited to six percent of the average of the year-end market values of the                                    

01       permanent fund for the last five fiscal years, including the fiscal year just ended.                          
02       No other appropriations from the permanent fund may be made.                                                  
03    * Sec. 2.  The amendments proposed by this resolution shall be placed before the voters of                         
04 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the                        
05 State of Alaska, and the election laws of the state.