00                       HOUSE JOINT RESOLUTION NO. 3                                                                     
01 Proposing amendments to the Constitution of the State of Alaska relating to                                             
02 appropriations from the budget 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 of                              
07       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 appropriated from the fund [ONLY AS                                      
16       AUTHORIZED UNDER (b) OR (c) OF THIS SECTION].                                                                     

01    * Sec. 2.  Article IX, secs. 17(b) and (c), Constitution of the State of Alaska, are repealed.                     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.