2007-01-19                     Senate Journal                      Page 0055
SB 54                                                                                                                         
SENATE BILL NO. 54 BY THE SENATE RULES COMMITTEE                                                                                
BY REQUEST OF THE GOVERNOR, entitled:                                                                                           
                                                                                                                                
                "An Act making a special appropriation to the                                                                  
            principal of the permanent 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 January 17:                                                                                 
                                                                                                                                
Under the authority of art. III, sec. 18, of the Alaska Constitution, I am                                                      
transmitting a bill making a special appropriation to the principal of                                                          
the permanent fund.                                                                                                             
                                                                                                                                
The bill appropriates the balance of the earnings reserve account of the                                                        
permanent fund less $1,730,000,000, less inflation proofing for Fiscal                                                          
Year 2007, less the amount authorized for payment of permanent fund                                                             

2007-01-19                     Senate Journal                      Page 0056
dividends in 2007, and less the amount of the Amerada Hess earnings                                                             
deposited into the Alaska capital income fund for Fiscal Year 2007.                                                             
Similar appropriations were made in 1986 and 1997.                                                                              
                                                                                                                                
The deposit into the principal of the Permanent Fund by this                                                                    
legislation is projected to be $1,308,000,000 on June 30, 2007.  This                                                           
appropriation will be the second largest deposit into the corpus of the                                                         
Permanent Fund in history.                                                                                                      
                                                                                                                                
My reason for introducing this bill is based on a strong desire to see                                                          
that the Permanent Fund is protected and built up to provide for future                                                         
generations.                                                                                                                    
                                                                                                                                
I urge your prompt and favorable action on this measure.                                                                        
                                                                                                                                
Sincerely,                                                                                                                      
/s/                                                                                                                             
Sarah Palin                                                                                                                     
Governor