00                       SENATE JOINT RESOLUTION NO. 8                                                                     
01 Proposing amendments to the Constitution of the State of Alaska creating and relating                                   
02 to the gas revenue endowment fund, relating to deposits to the fund, limiting                                           
03 appropriations from the fund based on an averaged percent of the fund market value,                                     
04 relating to deposits to the permanent fund, and relating to deposits to the budget reserve                              
05 fund.                                                                                                                   
06 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                               
07    * Section 1. Article IX, sec. 7, Constitution of the State of Alaska, is amended to read:                          
08            Section 7. Dedicated Funds. The proceeds of any state tax or license shall not                             
09       be dedicated to any special purpose, except as provided in Sections 15 and 18                                 
10       [SECTION 15] of this article or when required by the federal government for state                                 
11       participation in federal programs. This provision shall not prohibit the continuance of                           
12       any dedication for special purposes existing upon the date of ratification of this section                        
13       by the people of Alaska.                                                                                          
14    * Sec. 2. Article IX, Constitution of the State of Alaska, is amended by adding a new                              
15 section to read:                                                                                                        
01            Section 18. Gas Revenue Endowment Fund. (a) There is established as a                                      
02       separate fund in the State treasury the gas revenue endowment fund. Notwithstanding                               
03       Sections 15 and 17(a) of this article, twenty-five percent of all mineral royalty                                 
04       proceeds and tax proceeds, including payments in lieu of royalties or severance taxes                             
05       whether taken in kind or value, received by the State from natural gas produced on the                            
06       North Slope shall be deposited into the gas revenue endowment fund. Except as                                     
07       appropriated under (b) of this section, money in the fund shall be used only for those                            
08       income-producing investments specifically designated by law as eligible for fund                                  
09       investments.                                                                                                      
10            (b)  Appropriations from the gas revenue endowment fund for a current fiscal                                 
11       year may not exceed five percent of the average of the market values of the fund on                               
12       June 30 for the number established by law of consecutive fiscal years that preceded                               
13       the fiscal year that immediately preceded the current fiscal year.                                                
14            (c)  An appropriation from the fund may be made for energy infrastructure                                    
15       facilities for the generation, transmission, development, transportation, conversion, or                          
16       use of energy resources within the State.                                                                         
17    * Sec. 3. The amendments proposed by this resolution shall be placed before the voters of                          
18 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the                        
19 State of Alaska, and the election laws of the state.