00                 CS FOR SENATE JOINT RESOLUTION NO. 13(JUD)                                                              
01 Proposing amendments to the Constitution of the State of Alaska relating to the Alaska                                  
02 permanent fund.                                                                                                         
03 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                               
04    * Section 1.  Article IX, sec. 15, Constitution of the State of Alaska, is amended to read:                        
05            Section 15.  Alaska Permanent Fund.  (a)  At least twenty-five per cent of all                         
06       mineral lease rentals, royalties, royalty sale proceeds, federal mineral revenue sharing                          
07       payments and bonuses received by the State shall be placed in a permanent fund.                               
08       Except as provided in (b) of this section, money in the fund [, THE PRINCIPAL                                 
09       OF WHICH] shall be used only for those income-producing investments specifically                                  
10       designated by law as eligible for permanent fund investments.  All income from the                                
11       permanent fund shall be retained in a separate earnings reserve account                                       
12       [DEPOSITED] in the permanent [GENERAL] fund [UNLESS OTHERWISE                                                 
13       PROVIDED BY LAW].                                                                                                 
14    * Sec. 2.  Article IX, sec. 15, Constitution of the State of Alaska, is amended by adding a                        
15 new subsection to read:                                                                                                 
16            (b)  Money may be appropriated from the earnings reserve account.                                            
01       Appropriations from the account for a fiscal year may not exceed the lesser of                                    
02                 (1)  five percent of the average of the year-end market values of the                                   
03       permanent fund for the five fiscal years that immediately precede the fiscal year that                            
04       immediately precedes the fiscal year for which the appropriations are made; or                                    
05                 (2)  the balance in the earnings reserve account.                                                       
06    * Sec. 3.  Article XV, Constitution of the State of Alaska, is amended by adding a new                             
07 section to read:                                                                                                        
08            Section 30.  Transition.  On the effective date of the 2002 amendments                                     
09       relating to the Alaska permanent fund (art. IX, sec. 15), the balance of the statutory                            
10       earnings reserve account (AS 37.13.145) of the permanent fund is transferred to the                               
11       earnings reserve account established in Section 15(a) of Article IX.                                              
12    * Sec. 4.  The amendments proposed by this resolution shall be placed before the voters of                         
13 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the                        
14 State of Alaska, and the election laws of the state.