00                CS FOR SENATE JOINT RESOLUTION NO. 10(STA)                                                              
01 Proposing an amendment to the Constitution of the State of Alaska relating to deposits                                  
02 to the constitutional budget reserve fund from surplus oil revenue.                                                     
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, the following shall be deposited in the budget reserve fund: all money                          
08       received by the State after July 1, 1990, as a result of the termination, through                                 
09       settlement or otherwise, of an administrative proceeding or of litigation in a State or                           
10       federal court involving mineral lease bonuses, rentals, royalties, royalty sale proceeds,                         
11       federal mineral revenue sharing payments or bonuses, or involving taxes imposed on                                
12       mineral income, production, or property, and two-thirds of the difference between                             
13       $6,000,000,000 adjusted by the cumulative change, derived from federal indices                                
14       as prescribed by law, in inflation since July 1, 2013, and the actual annual                                  
15       unrestricted oil revenue as determined each year for the previous fiscal year                                 
16       [SHALL BE DEPOSITED IN THE BUDGET RESERVE FUND]. Money in the                                                     

01       budget reserve fund shall be invested so as to yield competitive market rates to the                              
02       fund. Income of the fund shall be retained in the fund. Section 7 of this article does not                        
03       apply to deposits made to the fund under this subsection. Money may be appropriated                               
04       from the fund only as authorized under (b) or (c) of this section. In this subsection,                        
05       "unrestricted oil revenue" means the amount received from oil lease bonuses,                                  
06       rentals, royalties, royalty sale proceeds, federal oil revenue sharing payments or                            
07       bonuses, and taxes imposed on oil income, production, or property that is not                                 
08       deposited into the permanent fund created under Section 15 of this article.                                   
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.