2004-06-22                     Senate Journal                      Page 3846
SB 1003                                                                                           
SENATE BILL NO. 1003 BY THE SENATE RULES COMMITTEE                                                  
BY REQUEST OF THE GOVERNOR, entitled:                                                               
                                                                                                    
          "An Act relating to the income of and appropriations                                      
          from the Alaska permanent fund under art. IX, sec.                                        
          15(b), Constitution of the State of Alaska, and                                           
          making conforming amendments; relating to                                                 
          permanent fund dividend payments of at least $1,000;                                      
          relating to the determination of net income of the                                        
          mental health trust fund; and providing for an                                            
          effective date."                                                                          
                                                                                                    
was read the first time and referred to the Finance Committee.                                      
                                                                                                    
The following fiscal information was published today:                                               
 Fiscal Note No. 1, zero, Department of Revenue                                                     
                                                                                                    
Governor's transmittal letter dated June 21:                                                        
                                                                                                    
Dear President Therriault:                                                                          
                                                                                                    
Under the authority of article III, section 18, of the Alaska                                       
Constitution, I am transmitting a bill relating to the income of and                                
appropriations from the Alaska permanent fund under article IX,                                     
section 15(b), Constitution of the State of Alaska, and making                                      
conforming amendments. This bill is substantially the same as CS                                    
House Bill 298(FIN) am, which passed the House during the second                                    
regular session, but with a few new provisions.                                                     
                                                                                                    
I have separately transmitted to you a joint resolution proposing a                                 
"percent of market value" (POMV) amendment to the Alaska                                            
Constitution. This bill would make conforming amendments to the                                     
enabling act of the Alaska Permanent Fund Corporation necessary to                                  

2004-06-22                     Senate Journal                      Page 3847
implement that amendment. This bill also would make allocations of                                  
the amount available for appropriation from the Alaska permanent                                    
fund after the POMV amendment is adopted. These allocations make                                    
provision for aid to municipalities and other communities, public                                   
education, and the permanent fund dividend. The allocation provisions                               
would give moral force to the legislature's intent to pay for these                                 
important public purposes. A new provision has been added that                                      
would adjust the allocation of amounts available for appropriation                                  
from the Alaska permanent fund so that the dividend will be kept at                                 
$1,000 or more each year. The bill also contains provisions that will                               
conform the mental health trust fund revenue availability and                                       
accounting provisions to those proposed for the Alaska permanent                                    
fund. The mental health trust fund is invested by the Alaska Permanent                              
Fund Corporation and it will be more efficient if the computation of                                
revenue available for appropriation is consistent for both funds.                                   
                                                                                                    
I believe that this bill provides a vehicle the legislature can use to                              
resolve how the POMV amendment would be implemented. By                                             
placing the implementing provisions in statute, the legislature retains                             
the power to make necessary adjustments to meet unforeseeable                                       
events.                                                                                             
                                                                                                    
I urge your prompt and favorable consideration of this bill.                                        
                                                                                                    
Sincerely,                                                                                          
/s/                                                                                                 
Frank H. Murkowski                                                                                  
Governor