00 SPONSOR SUBSTITUTE FOR SENATE JOINT RESOLUTION NO. 2
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. (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]
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
14 * Sec. 2. Article IX, sec. 15, Constitution of the State of Alaska, is amended by adding a
15 new subsection 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 four percent of the fiscal-
03 year-end market value of the permanent fund, but may not exceed the net income of
04 the fund for the fiscal year just ended. Fifty percent of the income available for
05 distribution shall be transferred from the income of the fund for use in a program of
06 dividend payments to State residents as provided by law. Fifty percent of the income
07 available for distribution shall be deposited in the general fund. The transfer from the
08 income of the fund for dividend payments and to the general fund shall be made
09 without legislative appropriation.
10 * Sec. 3. The amendments proposed by this resolution shall be placed before the voters of
11 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the
12 State of Alaska, and the election laws of the state.