2021-01-25                     Senate Journal                      Page 0068
The bill would establish a new statutory framework for annual                                                                   
spending from the Alaska permanent fund. It provides that five percent                                                          
of the average market value (POMV) of the permanent fund would be                                                               
eligible for annual appropriation by the legislature subject to the                                                             
limitation that an appropriation may not exceed the balance in the                                                              
earnings reserve account. It would further provide that of the amount                                                           
available for appropriation – fifty percent of the amount would be                                                              
available for permanent fund dividends and the remaining fifty percent                                                          
would be available for appropriation to the general fund.                                                                       
                                                                                                                                
The bill would further provide that a special statewide election be held                                                        
to take an advisory vote of qualified voters to advise the legislature on                                                       
whether the statutory changes accomplished by this bill should                                                                  
continue to be the state’s law regarding spending from the permanent                                                            
fund. The inclusion of an advisory vote ensures that Alaska residents                                                           
have a voice in the decisions we make regarding the permanent fund.                                                             
                                                                                                                                
I propose this measure in order to resolve the current conflict between                                                         
the statutes governing the annual POMV draw and the calculation of                                                              
the permanent fund dividend. We must establish a reasonable rule that                                                           
protects this increasingly important source of state revenue, limits the                                                        
draw on the fund’s earnings and provides for an annual dividend for                                                             
Alaska residents.                                                                                                               
                                                                                                                                
I urge your prompt and favorable action on this measure.                                                                        
                                                                                                                                
Sincerely,                                                                                                                      
/s/                                                                                                                             
Mike Dunleavy                                                                                                                   
Governor                                                                                                                        
                                                                                                                                
SB 54                                                                                                                         
SENATE BILL NO. 54 BY THE SENATE RULES COMMITTEE                                                                                
BY REQUEST OF THE GOVERNOR entitled:                                                                                            
                                                                                                                                
          "An Act authorizing and relating to the issuance of                                                                   
          bonds by the Alaska Housing Finance Corporation                                                                       
          for safe and clean water and hygienic sewage                                                                          
          disposal facility capital projects and transportation                                                                 
          projects; providing for the repayment of the bonds