HJR 36: Proposing amendments to the Constitution of the State of Alaska relating to the Alaska permanent fund and to appropriations from the Alaska permanent fund.
00 HOUSE JOINT RESOLUTION NO. 36 01 Proposing amendments to the Constitution of the State of Alaska relating to the Alaska 02 permanent fund and to appropriations from the Alaska 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. (a) 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 investments 09 specifically designated by law as eligible for permanent fund investments. Income 10 from the fund shall be separately accounted for and deposited in the fund as soon 11 as it is received. Income from the fund may be appropriated only as provided in 12 this section [ALL INCOME FROM THE PERMANENT FUND SHALL BE 13 DEPOSITED IN THE GENERAL FUND UNLESS OTHERWISE PROVIDED BY 14 LAW]. 15 * Sec. 2. Article IX, sec. 15, Constitution of the State of Alaska, is amended by adding new 16 subsections to read:
01 (b) Each fiscal year, the legislature 02 (1) shall appropriate an amount equal to at least one and one-half 03 percent of the average market value of the balance of the fund based on the average 04 fiscal-year-end market value of the balance of the fund for the first five of the six 05 fiscal years immediately preceding that fiscal year, including any unrealized gains and 06 losses, for use in a program of dividend payments to State residents as provided by 07 law; and 08 (2) may, after the appropriation made in (1) of this subsection, 09 appropriate an additional amount to the general fund or to the principal of the fund. 10 (c) Total appropriations under (b) of this section may not exceed five percent 11 of the average market value of the balance of the fund based on the average fiscal- 12 year-end market value of the balance of the fund for the first five of the six fiscal years 13 immediately preceding that fiscal year, including any unrealized gains and losses. 14 * Sec. 3. Article XV, Constitution of the State of Alaska, is amended by adding a new 15 section to read: 16 Section 30. Permanent Fund Amendments: Transition. (a) On June 30, 17 2019, the unencumbered balance of the earnings reserve account established by law 18 shall be deposited in the Alaska permanent fund and become part of the principal of 19 the fund. 20 (b) The 2018 amendments relating to the Alaska permanent fund (art. IX, sec. 21 15) apply to appropriations made for the fiscal year ending June 30, 2020, and 22 thereafter. 23 * Sec. 4. The amendments proposed by this resolution shall be placed before the voters of 24 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the 25 State of Alaska, and the election laws of the state.