00                       HOUSE JOINT RESOLUTION NO. 31                                                                     
01 Proposing amendments to the Constitution of the State of Alaska relating to the Alaska                                  
02 permanent fund and to payments to certain state residents from the Alaska permanent                                     
03 fund; and providing for an effective date for the amendments.                                                           
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.  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.  Seventy-                          
11       five per cent of realized [ALL] income from the permanent fund shall be deposited in                          
12       the general fund and may be used for any public purpose except that the income                                
13       may not be used for any program that provides dividends or other payments to                                  
14       all State residents.  Twenty-five per cent of realized income from the permanent                              
15       fund shall be retained in the fund [UNLESS OTHERWISE PROVIDED BY LAW].                                        
01    * Sec. 2.  Article XV, Constitution of the State of Alaska, is amended by adding a new                             
02 section to read:                                                                                                        
03            Section 30.  Payments From the Alaska Permanent Fund and Effective                                         
04       Date.  (a)  Notwithstanding Section 15 of Article IX, each individual who is eligible                           
05       under State statute to receive a permanent fund dividend for the year 2004 shall                                  
06       receive from the State a payment in addition to that dividend.  All provisions of statute                         
07       and regulation that are both applicable to permanent fund dividends for 2004 and in                               
08       effect on January 1, 2004, apply to payments under this subsection except provisions                              
09       that relate to the amount of the dividend and the date the dividend is paid.  The                                 
10       balance of the principal of the Alaska permanent fund on the effective date of this                               
11       section, less fifteen billion dollars, shall be used for payments under this section.  The                        
12       balance, after the fifteen billion dollar deduction is made, shall be divided equally                             
13       among all eligible individuals so that each eligible individual receives an equal                                 
14       payment, rounded to the nearest cent.                                                                             
15            (b)  The 2004 amendment that amends Section 15 of Article IX and adds this                                   
16       section to this article takes effect on the day after certification of the election returns                       
17       for the 2004 general election.                                                                                    
18    * Sec. 3.  The amendments proposed by this resolution shall be placed before the voters of                         
19 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the                        
20 State of Alaska, and the election laws of the state.