txt

SJR 9: 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                       SENATE JOINT RESOLUTION NO. 9                                                                     
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 two percent of the                                                   
03 average market value of the balance of the fund based on the average fiscal-year-end                                    
04 market value of the balance of the fund for the last five of the six fiscal years                                       
05 immediately preceding that fiscal year, including any unrealized gains and losses, for                                  
06       use in a program of dividend payments to State residents as provided by law; and                                  
07                 (2)  may, after the appropriation made in (1) of this subsection,                                       
08       appropriate an additional amount to the general fund or to the principal of the fund.                             
09            (c)  Total appropriations under (b) of this section may not exceed four and one-                             
10 half percent of the average market value of the balance of the fund based on the                                        
11 average fiscal-year-end market value of the balance of the fund for the last five of the                                
12 six fiscal years immediately preceding that fiscal year, including any unrealized gains                                 
13       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.