00                        HOUSE JOINT RESOLUTION NO. 1                                                                     
01 Proposing amendments to the Constitution of the State of Alaska relating to                                             
02 appropriations from the permanent fund for a fiscal year based on the average of the                                    
03 year-end market values of the fund for the last five fiscal years.                                                      
04 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                               
05    * Section 1.  Article IX, sec. 15, Constitution of the State of Alaska, is amended to read:                        
06            Section 15.  Alaska Permanent Fund.  (a)  At least twenty-five per cent of all                         
07       mineral lease rentals, royalties, royalty sale proceeds, federal mineral revenue sharing                          
08       payments and bonuses received by the State shall be placed in a permanent fund, the                               
09       principal of which shall be used only for those income-producing investments                                      
10       specifically designated by law as eligible for permanent fund investments.  All income                            
11       from the permanent fund shall be deposited in the permanent [GENERAL] fund                                    
12       [UNLESS OTHERWISE PROVIDED BY LAW].  Appropriations from the                                                  
13       permanent fund may be made only under (b) or (c) of this section.                                             
14    * Sec. 2.  Article IX, sec. 15, Constitution of the State of Alaska, is amended by adding new                      
15 subsections to read:                                                                                                    
01            (b)  Except as provided in (c) of this section, for any fiscal year, appropriations                          
02       from the permanent fund shall be limited to five percent of the average of the year-end                           
03       market values of the permanent fund for the last five fiscal years, including the fiscal                          
04       year immediately preceding the fiscal year for which the appropriation is made.                                   
05            (c)  Appropriations for a fiscal year that exceed the limit under (b) of this                                
06       section may be made upon affirmative vote of at least three-fourths of the members of                             
07       each house of the legislature.  Appropriations under this subsection may not exceed                               
08       one percent of the average of the year-end market values of the permanent fund for the                            
09       last five fiscal years, including the fiscal year immediately preceding the fiscal year                           
10       for which the appropriation is made.                                                                              
11    * Sec. 3.  The amendments proposed by this resolution shall be placed before the voters of                         
12 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the                        
13 State of Alaska, and the election laws of the state.