00                      SENATE JOINT RESOLUTION NO. 24                                                                    
01 Proposing amendments to the Constitution of the State of Alaska relating to the budget                                  
02 reserve fund.                                                                                                           
03 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                               
04    * Section 1.  Article IX, sec. 17(a), Constitution of the State of Alaska, is amended to read:                     
05            (a)  There is established as a separate fund in the State treasury the budget                                
06       reserve fund.  Except for money deposited into the permanent fund under Section 15                                
07       of this article, all money received by the State after July 1, 1990, as a result of the                           
08       termination, through settlement or otherwise, of an administrative proceeding or of                               
09       litigation in a State or federal court involving mineral lease bonuses, rentals, royalties,                       
10       royalty sale proceeds, federal mineral revenue sharing payments or bonuses, or                                    
11       involving taxes imposed on mineral income, production, or property, shall be                                      
12       deposited in the budget reserve fund.  Money in the budget reserve fund shall be                                  
13       invested so as to yield competitive market rates to the fund. Income of the fund shall                            
14       be retained in the fund.  Section 7 of this article does not apply to deposits made to the                        
15       fund under this subsection.  Money may be transferred from the fund only as                                   
16       authorized under (b) of this section and money may be appropriated from the fund                              

01       only as authorized under [(b) OR] (c) of this section.                                                            
02    * Sec. 2.  Article IX, sec. 17(b), Constitution of the State of Alaska, is amended to read:                        
03            (b)  If the amount available for appropriation for a fiscal year is not sufficient                       
04       to fully fund the amount appropriated for that year, money shall be transferred                               
05       [LESS THAN THE AMOUNT APPROPRIATED FOR THE PREVIOUS FISCAL                                                        
06       YEAR, AN APPROPRIATION MAY BE MADE] from the budget reserve fund and                                          
07       used to fund appropriations from the unrestricted general fund.  However, the                                 
08       amount transferred [APPROPRIATED] from the fund under this subsection may not                                 
09       exceed the amount necessary, when added to other funds available for appropriation,                               
10       to provide for total funding [APPROPRIATIONS] equal to the amount of                                          
11       appropriations made [IN THE PREVIOUS CALENDAR YEAR] for the previous                                              
12       fiscal year.  For purposes of applying this subsection, amounts available for                                 
13       appropriation or appropriated from federal funds, income of the permanent                                     
14       fund, or this budget reserve fund may not be considered.  For purposes of this                                
15       subsection, "unrestricted general fund" shall be defined by law.                                              
16    * Sec. 3.  Article IX, sec. 17(d), Constitution of the State of Alaska, is repealed.                               
17    * Sec. 4.  The amendments proposed by this resolution shall be placed before the voters of                         
18 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the                        
19 State of Alaska, and the election laws of the state.