SSHJR 2: Proposing amendments to the Constitution of the State of Alaska creating and relating to the gas revenue endowment fund, relating to deposits to the fund, limiting appropriations from the fund based on an averaged percent of the fund market value, relating to deposits to the permanent fund, and relating to deposits to the budget reserve fund.
00 SPONSOR SUBSTITUTE FOR HOUSE JOINT RESOLUTION NO. 2 01 Proposing amendments to the Constitution of the State of Alaska creating and relating 02 to the gas revenue endowment fund, relating to deposits to the fund, limiting 03 appropriations from the fund based on an averaged percent of the fund market value, 04 relating to deposits to the permanent fund, and relating to deposits to the budget reserve 05 fund. 06 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA: 07 * Section 1. Article IX, sec. 7, Constitution of the State of Alaska, is amended to read: 08 Section 7. Dedicated Funds. The proceeds of any state tax or license shall 09 not be dedicated to any special purpose, except as provided in Sections 15 and 18 10 [SECTION 15] of this article or when required by the federal government for state 11 participation in federal programs. This provision shall not prohibit the continuance of 12 any dedication for special purposes existing upon the date of ratification of this section 13 by the people of Alaska. 14 * Sec. 2. Article IX, Constitution of the State of Alaska, is amended by adding a new 15 section to read:
01 Section 18. Gas Revenue Endowment Fund. (a) There is established as a 02 separate fund in the State treasury the gas revenue endowment fund. Notwithstanding 03 Sections 15 and 17(a) of this article, all mineral royalty proceeds and all tax proceeds, 04 including payments in lieu of royalties or severance taxes whether taken in kind or 05 value, received by the State from natural gas produced on the North Slope shall be 06 deposited into the gas revenue endowment fund. Except as appropriated under (b) of 07 this section, money in the fund shall be used only for those income-producing 08 investments specifically designated by law as eligible for fund investments. 09 (b) Appropriations from the gas revenue endowment fund for a fiscal year 10 may not exceed five percent of the average of the market values of the fund on June 30 11 for a number of previous fiscal years as provided by law. However, for purposes of 12 calculating the amount that may be appropriated from the fund for a fiscal year, the 13 market value of the fund for the fiscal year immediately preceding that fiscal year 14 shall not be included. An appropriation from the fund may be made for any public 15 purpose, except that it may not be used for any program that provides dividends or 16 other payments to all State residents. 17 * Sec. 3. 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.