00                      HOUSE JOINT RESOLUTION NO. 34                                                                     
01 Proposing amendments to the Constitution of the State of Alaska limiting                                                
02 appropriations from certain mineral revenue, relating to the balanced budget account,                                   
03 and relating to an appropriation limit.                                                                                 
04 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                               
05    * Section 1. Article IX, sec. 16, Constitution of the State of Alaska, is repealed and                             
06 readopted to read:                                                                                                      
07            Section 16. Mineral Revenue. (a) Appropriations of revenue from the                                        
08       following sources are limited: mineral lease rentals, royalties, royalty sale proceeds,                           
09       federal mineral revenue sharing payments and bonuses, and every State tax on                                      
10       minerals, mineral production, or mineral transportation. The maximum amount that                                  
11       may be appropriated from these sources for a current fiscal year equals the total of the                          
12       following amounts divided by five:                                                                                
13                 (1)  the amounts received by the State from these sources during the                                    
14       four full calendar years that immediately precede the current fiscal year; and                                    
15                 (2)  the amount expected to be received by the State during the first full                              

01       calendar year that is part of the current fiscal year based on an estimate delivered by                           
02       the governor to the legislature on or before the day after the legislature convenes in                            
03       regular session during that calendar year.                                                                        
04            (b)  There is established as a separate account in the State treasury, outside of                            
05       the general fund, the balanced budget account. At the end of each fiscal year, the                                
06       amount of revenue received from the sources listed in (a) of this section and not                                 
07       appropriated for that fiscal year shall be deposited into the balanced budget account.                            
08       Money in the account shall be invested so as to yield competitive market rates to the                             
09       account. Income of the account shall be retained in the account. Section 7 of this                                
10       article does not apply to deposits made to the account under this subsection. Money                               
11       may not be appropriated from the account. Money from the account shall be                                         
12       transferred to the general fund as necessary to fund appropriations made under (a) of                             
13       this section.                                                                                                     
14            (c)  If, at the end of a current fiscal year, the amount in the balanced budget                              
15       account exceeds the total of the amounts appropriated under (a) of this section for that                          
16       current fiscal year and for the immediately preceding fiscal year, that excess amount                             
17       shall be transferred to the budget reserve fund and treated as a repayment for purposes                           
18       of Section 17(d) of this article.                                                                                 
19    * Sec. 2. Article XV, sec. 28, Constitution of the State of Alaska, is repealed and readopted                      
20 to read:                                                                                                                
21            Section 28. Application of Mineral Revenue Amendment. The 2006                                             
22       amendment relating to mineral revenue (art. IX, sec. 16) first applies to appropriations                          
23       made for fiscal year 2008 and to deposits into the balanced budget account made at the                          
24       end of fiscal year 2008, and applies thereafter.                                                                  
25    * Sec. 3. The amendments proposed by this resolution shall be placed before the voters of                          
26 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the                        
27 State of Alaska, and the election laws of the state.