2004-05-07                     Senate Journal                      Page 3441
                   (c)  Appropriations from the earnings account to the                             
          principal of the permanent fund may be made at any time.                                  
   * Sec. 3.  Article XV, Constitution of the State of Alaska, is                                 
amended by adding a new section to read:                                                            
              Section 30.  Transition; Effective Date.  (a)  On                                   
          January 1, 2005, the unencumbered, unappropriated balance                                 
          of the earnings reserve account established under                                         
          AS 37.13.145(a) becomes part of the Alaska permanent fund,                                
          and the fund shall be reconstituted as follows:                                           
                        (1)  the fund principal consists of that portion of                         
          the total fund value attributable to all deposits made under                              
          Section 15 of Article IX before January 1, 2005, all                                      
          appropriations made to the fund principal before January 1,                               
          2005, and all other transfers made to the fund principal before                           
          January 1, 2005;                                                                          
                        (2)  the earnings account consists of that portion                          
          of the total fund value not attributed to principal under (1) of                          
          this subsection.                                                                          
                 (b)  Section 15(b) of Article IX first applies to                                  
          appropriations for fiscal year 2006.  Appropriations from the                             
          permanent fund for fiscal year 2005 are subject to Section 15                             
          of Article IX as that section read on June 30, 2004.                                      
                 (c)  The 2004 amendments relating to the Alaska                                    
          permanent fund (art. IX, sec. 15) and this section take effect                            
          January 1, 2005."                                                                         
                                                                                                    
Senator Therriault moved for the adoption of Amendment No. 3.                                       
Senator Ellis objected.                                                                             
                                                                                                    
The question being: "Shall Amendment No. 3 be adopted?" The roll                                    
was taken with the following result:                                                                
                                                                                                    
CSHJR 26(FIN)                                                                                       
Second Reading                                                                                      
Amendment No. 3                                                                                     
                                                                                                    
YEAS:  12   NAYS:  8   EXCUSED:  0   ABSENT:  0                                                   
                                                                                                    
Yeas:  Bunde, Cowdery, Dyson, Green, Guess, Hoffman, Seekins,                                       
Stedman, Stevens G, Therriault, Wagoner, Wilken                                                     
                                                                                                    
Nays:  Davis, Ellis, Elton, French, Lincoln, Ogan, Olson, Stevens B