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HJR 23: Proposing amendments to the Constitution of the State of Alaska relating to the Alaska permanent fund.

00                       HOUSE JOINT RESOLUTION NO. 23                                                                     
01 Proposing amendments to the Constitution of the State of Alaska relating to the Alaska                                  
02 permanent fund.                                                                                                         
03 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                               
04    * Section 1. Article IX, sec. 15, Constitution of the State of Alaska, is amended to read:                         
05 Section 15. Alaska Permanent Fund. At least twenty-five percent of all                                                
06 mineral lease rentals, royalties, royalty sale proceeds, federal mineral revenue sharing                                
07 payments and bonuses received by the State shall be placed in a permanent fund, the                                     
08 principal of which shall be used only for [THOSE INCOME-PRODUCING]                                                      
09 investments made according to the prudent investor rule [SPECIFICALLY                                               
10 DESIGNATED BY LAW AS ELIGIBLE FOR PERMANENT FUND                                                                        
11 INVESTMENTS. ALL INCOME FROM THE PERMANENT FUND SHALL BE                                                                
12 DEPOSITED IN THE GENERAL FUND UNLESS OTHERWISE PROVIDED BY                                                              
13       LAW].                                                                                                             
14    * Sec. 2. Article IX, sec. 15, Constitution of the State of Alaska, is amended by adding new                       
15 subsections to read:                                                                                                    
16            (b)  Net income of the permanent fund shall be computed annually as of the                                   
01 last day of the fiscal year in accordance with generally accepted accounting principles.                                
02 Income available for distribution under this section equals five percent of the market                                  
03 value of the permanent fund, but may not exceed the net income of the fund for the                                      
04 fiscal year just ended. Thirty-three percent of the income available for distribution                                   
05 shall be transferred from the income of the fund for use in a program of dividend                                       
06 payments to State residents as provided by law. The remaining income available for                                      
07 distribution shall be deposited in the general fund. The transfer from the income of the                                
08 fund for dividend payments and the deposit to the general fund shall be made without                                    
09       legislative appropriation.                                                                                        
10 (c)  The legislature shall provide for a dividend payment to State residents of                                         
11 not less than $1,250 for each resident each year. If the transfer under (b) of this section                             
12 is insufficient for a dividend payment of $1,250 for each resident, the legislature shall                               
13       appropriate the necessary amount from the general fund.                                                           
14    * Sec. 3. The amendment proposed by this resolution shall be placed before the voters of the                       
15 state at the next general election in conformity with art. XIII, sec. 1, Constitution of the State                      
16 of Alaska, and the election laws of the state.