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HB 46                                                                                                                         
HOUSE BILL NO. 46 by the House Rules Committee by request of                                                                    
the Governor, entitled:                                                                                                         
                                                                                                                                
     "An Act making special appropriations from the earnings reserve                                                            
     account for the payment of permanent fund dividends; and                                                                   
     providing for an effective date."                                                                                          
                                                                                                                                

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was read the first time and referred to the State Affairs, Judiciary, and                                                       
Finance Committees.                                                                                                             
                                                                                                                                
The Governor's transmittal letter dated January 15 follows:                                                                     
                                                                                                                                
"Dear Chief Clerk,                                                                                                              
                                                                                                                                
Under the authority of Article III, Section 18, of the Alaska                                                                   
Constitution, I am transmitting a special appropriations bill that                                                              
authorizes the payment of unpaid dividends, which came as a result of                                                           
executive and legislative action in 2016, 2017, and 2018. The transfer                                                          
occurs over the next three fiscal years. The bill also authorizes the                                                           
transfer for the payment of the Permanent Fund Dividend Program for                                                             
the fiscal years ending 2020, 2021, 2022, and 2023.                                                                             
                                                                                                                                
The Permanent Fund Dividend Program was established in 1980 to                                                                  
allow all Alaskans to benefit directly from Alaska's mineral and                                                                
investment wealth. For years, the Alaska State Legislature, through a                                                           
carefully balanced statutory formula, has assured a dividend payment                                                            
that keeps the Permanent Fund on healthy financial footing, while at                                                            
the same time benefitting the mineral owners, Alaskans.                                                                         
                                                                                                                                
The past three years Alaskans have not received the full ownership                                                              
value of their mineral wealth share. Instead, either through executive                                                          
or legislative action, the dividend payments have been less than the                                                            
statutory formula directs. I intend to follow the law and take                                                                  
restorative action to the unpaid portions of the Permanent Fund                                                                 
dividends from 2016, 2017, and 2018 to eligible individuals.                                                                    
                                                                                                                                
Also, in order to restore the trust of Alaskans, I am seeking the                                                               
authorization for the next four fiscal years for the transfer of funds and                                                      
the payment of dividends per the statutory formula that has been used                                                           
since the first dividend check was issued in 1982. This is a clear signal                                                       
to Alaskans that we will not pick and choose which laws to follow. We                                                           
will honor the law and will fund the dividend program as the law is                                                             
written.                                                                                                                        
                                                                                                                                
As the State of Alaska is coming to terms with balancing revenue with                                                           
expenditures in our annual budgets, I want Alaskans to know that we                                                             

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are not going to deny them their ownership share of Alaska's mineral                                                            
wealth. I urge your prompt and favorable action on this measure.                                                                
                                                                                                                                
Sincerely,                                                                                                                      
/s/                                                                                                                             
Michael J. Dunleavy                                                                                                             
Governor"