00                      HOUSE JOINT RESOLUTION NO. 20                                                                     
01 Proposing amendments to the Constitution of the State of Alaska repealing the                                           
02 prohibition on dedicated funds.                                                                                         
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                                            
15       DEPOSITS MADE TO THE FUND UNDER THIS SUBSECTION.]  Money may be                                                   
16       appropriated from the fund only as authorized under (b) or (c) of this section.                                   

01    * Sec. 2.  Article IX, sec. 7, Constitution of the State of Alaska, is repealed.                                   
02    * Sec. 3.  The amendments 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.