00                      HOUSE JOINT RESOLUTION NO. 28                                                                     
01 Proposing an amendment to the Constitution of the State of Alaska relating to the                                       
02 production tax revenue fund, dedicating a portion of the petroleum production tax to                                    
03 the fund, and limiting appropriations from the fund.                                                                    
04 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                               
05    * Section 1. Article IX, Constitution of the State of Alaska, is amended by adding a new                           
06 section to read:                                                                                                        
07            Section 18. Production Tax Revenue Fund. (a) There is established as a                                     
08       separate fund in the State treasury the production tax revenue fund. Except for money                             
09       deposited into the budget reserve fund under Section 17(a) of this article, all money                             
10       received by the State under AS 43.55.011(g) after June 30, 2007, shall be deposited                               
11       into the production tax revenue fund. Money in the production tax revenue fund shall                              
12       be invested so as to yield competitive market rates to the fund. Income of the fund                               
13       shall be retained in the fund. Section 7 of this article does not apply to deposits made                          
14       to the fund under this subsection.                                                                                
15            (b)  No deposits may be made to the production tax revenue fund under (a) of                                 

01       this section after the effective date of the repeal or amendment of AS 43.55.011(g).                              
02       However, appropriations of additional money may be made to the fund at any time.                                  
03       Money appropriated to the fund shall be treated the same as money deposited to the                                
04       fund under (a) of this section.                                                                                   
05            (c)  An amount not to exceed 4.5 percent of the market value of the production                               
06       tax revenue fund on the last day of a fiscal year may be appropriated from the fund                               
07       during the immediately following fiscal year. No other appropriations may be made                                 
08       from the fund.                                                                                                    
09    * Sec. 2. The amendment proposed by this resolution shall be placed before the voters of the                       
10 state at the next general election in conformity with art. XIII, sec. 1, Constitution of the State                      
11 of Alaska, and the election laws of the state.