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SJR 5: Proposing amendments to the Constitution of the State of Alaska relating to the Alaska permanent fund and the permanent fund dividend.

00                       SENATE JOINT RESOLUTION NO. 5                                                                     
01 Proposing amendments to the Constitution of the State of Alaska relating to the Alaska                                  
02 permanent fund and the permanent fund dividend.                                                                         
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. Except as                                
10       provided under (b) of this section, all [ALL] income from the permanent fund shall                            
11       be deposited in the general fund unless otherwise provided by law.                                                
12    * Sec. 2.  Article IX, sec. 15, Constitution of the State of Alaska, is amended by adding new                      
13 subsections to read:                                                                                                    
14            (b) Each fiscal year, a portion of the income from the permanent fund shall be                               
15       transferred solely for a program of dividend payments to state residents as provided by                           
01 the law as that law read on January 1, 2019, subject to any law approved by the voters                                  
02 under (c) of this section. No appropriation under Section 13 of this article shall be                                   
03       necessary under this subsection.                                                                                  
04 (c) Any law enacted under Sections 14 - 18 of Article II that would amend the                                           
05 program of dividend payments to state residents under (b) of this section, including the                                
06 amount of the dividend and eligibility requirements, shall not take effect unless                                       
07 approved by the voters of the state in the next statewide election held more than one                                   
08 hundred twenty days from enactment of the proposed law. The lieutenant governor                                         
09 shall prepare a ballot title and proposition summarizing the proposed law, and shall                                    
10 place it on the ballot. If a majority of the votes cast on the proposition favor its                                    
11 adoption, it shall become effective ninety days after the certification of the election                                 
12 returns by the lieutenant governor. If a majority of votes cast on the proposition favor                                
13       its rejection, the proposed law is rejected and does not take effect.                                             
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. For purposes of the                                                
17 2020 amendments to the permanent fund (art. IX, sec. 15), the law in place January 1,                                   
18 2019 is the program of dividend payments under Section 15(b) of Article IX, subject                                     
19 to the enactment of a law amending the program of dividend payments in accordance                                       
20 with the requirements of Section 15(c) of Article IX. Any amendments to the program                                     
21 of dividend payments enacted after January 1, 2019, but prior to January 1, 2021, are                                   
22       repealed.                                                                                                         
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.