04/28/1997 08:32 AM House JUD

 HJR 25 - CONST. AM: PERM. FUND INCOME & DIVIDEND                              
                                                                               
 CHAIRMAN GREEN announced the committee would meet in executive                
 session to hear House Joint Resolution No. 25, proposing amendments           
 to the Constitution of the State of Alaska to guarantee the                   
 permanent fund dividend, to provide for inflation-proofing, and to            
 require a vote of the people before spending undistributed income             
 from the earnings reserve of the permanent fund; and relating to              
 the permanent fund.                                                           
                                                                               
 CHAIRMAN GREEN advised members that the executive session was for             
 the purpose of reviewing potential tax consequences associated with           
 modifying the procedure by which permanent fund dividends are paid            
 and inflation-proofing is accomplished.                                       
                                                                               
 REPRESENTATIVE BRIAN PORTER made a motion to go into executive                
 session.  There being no objection, the committee went into                   
 executive session at 8:33 a.m.                                                
                                                                               
 CHAIRMAN GREEN, following the executive session, reported that he             
 had gaveled out at 9:47 a.m.                                                  
                                                                               
 CHAIRMAN GREEN listed those who had attended, noting that not                 
 everyone was present the entire time.  In addition to committee               
 members, present from the legislature were Representative Alan                
 Austerman, sponsor of HJR 25; Tamara Cook, Director, Legislative              
 Legal and Research Services, Legislative Affairs Agency; and Lisa             
 Kirsch, committee aide for the House Judiciary Standing Committee.            
 In attendance from the Alaska Permanent Fund Corporation were Byron           
 I. Mallott, Executive Director; Peter A. Bushre, Chief Financial              
 Officer; Jim Kelly, Director of Communications; and Ronald W.                 
 Lorensen of Simpson, Tillinghast, Sorensen and Lorensen, legal                
 counsel.