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Enrolled HCR101: Relating to the earnings of the Alaska permanent fund and establishing a bicameral legislative working group on the use of earnings of the Alaska permanent fund.

00 Enrolled HCR101                                                                                                         
01 Relating to the earnings of the Alaska permanent fund and establishing a bicameral legislative                          
02 working group on the use of earnings of the Alaska permanent fund.                                                      
03                                          _______________                                                                
04 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                             
05      WHEREAS the Alaska permanent fund is an endowment fund unique in the United                                        
06 States and critically important to the citizens of the state; and                                                       
07      WHEREAS, for more than 30 years, the earnings of the Alaska permanent fund have                                    
08 primarily been used for the disbursement of dividends to the citizens of the state and for                              
09 inflation proofing the principal of the fund; and                                                                       
10      WHEREAS, because of the declining oil revenue of the state, and in pursuit of the                                  
11 diversification of the state's revenue sources, a portion of the earnings of the Alaska                                 
12 permanent fund is currently being used to fund essential public services; and                                           
13      WHEREAS the Alaska State Legislature supports the objective of the managers of                                     
14 the Alaska Permanent Fund Corporation to meet their fiduciary responsibility to grow the                                
15 Alaska permanent fund and supports a sustainable permanent fund dividend in perpetuity; and                             
16      WHEREAS there are unresolved issues related to the use of the earnings of the                                      
17 Alaska permanent fund, including the division of an annual draw on the earnings of the                                  
01 Alaska permanent fund, the formula for the calculation of the permanent fund dividend, the                              
02 transfer of funds from the earnings reserve account in the Alaska permanent fund to the                                 
03 constitutionally protected principal of the Alaska permanent fund, and whether the earnings of                          
04 the Alaska permanent fund should be contained in a separate fund; and                                                   
05      WHEREAS the Alaska State Legislature recognizes that, in finding a long-term fiscal                                
06 solution for the state, the resolution of issues surrounding the future use of the earnings of the                      
07 Alaska permanent fund is paramount;                                                                                     
08      BE IT RESOLVED that a bicameral legislative working group is established to                                        
09 review the use of the earnings of the Alaska permanent fund; and be it                                                  
10      FURTHER RESOLVED that the working group consists of four members from the                                          
11 House of Representatives and four members from the Senate appointed by the presiding                                    
12 officer of each house and includes minority caucus representation from each body; and be it                             
13      FURTHER RESOLVED that the working group shall meet as necessary and provide                                        
14 policy recommendations to the Thirty-First Alaska State Legislature on the future use of the                            
15 earnings of the Alaska permanent fund.