SJR 1: Proposing amendments to the Constitution of the State of Alaska relating to the Alaska permanent fund and appropriations from the Alaska permanent fund.
00 SENATE JOINT RESOLUTION NO. 1 01 Proposing amendments to the Constitution of the State of Alaska relating to the Alaska 02 permanent fund and 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, 08 [THE PRINCIPAL OF] which shall be used [ONLY] for [THOSE] income-producing 09 investments specifically designated by law as eligible for permanent fund investments. 10 All income from the permanent fund shall be retained [DEPOSITED] in the 11 [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) At the end of each fiscal year, the following shall be determined in 15 accordance with generally accepted accounting principles: 16 (1) five percent of the average market value of the fund for the first
01 five of the preceding six fiscal years, including the fiscal year just ended, including 02 any unrealized gains or losses; 03 (2) twenty-one percent of the net income of the fund for the preceding 04 five fiscal years, including the fiscal year just ended, excluding any unrealized gains or 05 losses. 06 (c) Each year, fifty percent of the amount determined under (b)(1) of this 07 section, or fifty percent of the amount determined under (b)(2) of this section, 08 whichever is greater, shall be transferred for use in a program of dividend payments to 09 State residents as provided by law. 10 (d) After the transfer in (c) of this section, the remainder of the amount 11 calculated under (b)(1) of this section may be appropriated to the general fund for the 12 costs and expenses of State government. 13 * Sec. 3. Article XV, Constitution of the State of Alaska, is amended by adding a new 14 section to read: 15 Section 30. Permanent Fund Amendments: Transition. (a) On June 30, 16 2023, the unencumbered balance of the earnings reserve account established by law 17 shall be deposited in the Alaska permanent fund and become part of the principal of 18 the fund. 19 (b) The 2022 amendments relating to the Alaska permanent fund (art. IX, sec. 20 15) apply to appropriations made for the fiscal year ending June 30, 2024, and 21 thereafter. 22 * Sec. 4. The amendments proposed by this resolution shall be placed before the voters of 23 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the 24 State of Alaska, and the election laws of the state.