2004-05-07                     Senate Journal                      Page 3440
Senator Therriault moved that the resolution be returned to second                                  
reading for the purpose of a specific amendment, that being                                         
Amendment No. 3. Without objection, the resolution was returned to                                  
second reading.                                                                                     
                                                                                                    
Senator Therriault offered Amendment No. 3 :                                                         
                                                                                                    
Page 1, line 1, through page 2, line 12:                                                            
     Delete all material and insert:                                                                
     "Proposing amendments to the Constitution of the State of                                    
Alaska relating to the Alaska permanent fund, establishing the                                    
earnings account, and permitting deposits to the principal of the                                 
permanent fund; and providing for an effective date for the                                       
amendments.                                                                                       
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE                                                    
OF ALASKA:                                                                                        
   * Section 1.  Article IX, sec. 15, Constitution of the State of Alaska,                        
is amended to read:                                                                                 
              Section 15.  Alaska Permanent Fund.  (a)  At least                              
          twenty-five per cent of all mineral lease rentals, royalties,                             
          royalty sale proceeds, federal mineral revenue sharing                                    
          payments and bonuses received by the State shall be placed in                             
          a permanent fund, the principal of which shall be used only                               
          for those income-producing investments specifically                                       
          designated by law as eligible for permanent fund investments.                             
          The earnings account is established as a separate account                             
          in the fund.  All income from the permanent fund,                                 
          determined in accordance with generally accepted                                      
          accounting principles as provided by law, shall be                                    
          accounted for [DEPOSITED] in the earnings account.                                
          Appropriations may only be made from the earnings                                     
          account as provided in (b) and (c) of this section                                    
          [GENERAL FUND UNLESS OTHERWISE PROVIDED BY                                                
          LAW].                                                                                     
   * Sec. 2.  Article IX, sec. 15, Constitution of the State of Alaska, is                        
amended by adding new subsections to read:                                                          
                   (b)  Appropriations under this subsection from the                               
          earnings account for a fiscal year may not exceed five percent                            
          of the average of the market values of the fund on June 30 for                            
          the first five of the six fiscal years immediately preceding that                         
          fiscal year.