00           SPONSOR SUBSTITUTE FOR HOUSE JOINT RESOLUTION NO. 3                                                          
01 Proposing amendments to the Constitution of the State of Alaska relating to the Alaska                                  
02 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.  (a)  At least twenty-five per cent of all                         
06       mineral lease rentals, royalties, royalty sale proceeds, federal mineral revenue sharing                          
07       payments and bonuses received by the State shall be placed in a permanent fund, the                               
08       principal of which shall be used only for those income-producing investments                                      
09       specifically designated by law as eligible for permanent fund investments.  All income                            
10       from the permanent fund shall be deposited in the earnings reserve account and                                
11       distributed as provided for under AS 37.13.140, 37.13.145, and AS 43.23.025, as                               
12       those statutes read on July 1, 2002 [GENERAL FUND UNLESS OTHERWISE                                            
13       PROVIDED BY LAW].                                                                                                 
14    * Sec. 2.  Article IX, sec. 15, Constitution of the State of Alaska, is amended by adding a                        
15 new section to read:                                                                                                    
16            (b)  Notwithstanding other provisions of this constitution,                                                  

01                 (1)  AS 37.13.140, 37.13.145, AS 43.23.025, and any provisions of law                                   
02       referred to in those sections, remain in effect as they read on July 1, 2002, unless they                         
03       are amended or repealed and the amendment or repeal is ratified by affirmative vote of                            
04       at least sixty percent of the voters of the State voting on the question; and                                     
05                 (2)  money may be appropriated from the earnings reserve account only                                   
06       as authorized under AS 37.13.145(b) and (c) as those subsections read on July 1, 2002,                            
07       unless the appropriation is ratified by affirmative vote of at least sixty percent of the                         
08       voters of the State voting on the question.                                                                       
09    * Sec. 3.  The amendments proposed by this resolution shall be placed before the voters of                         
10 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the                        
11 State of Alaska, and the election laws of the state.