00            SPONSOR SUBSTITUTE FOR HOUSE JOINT RESOLUTION NO. 1                                                          
01 Proposing amendments to the Constitution of the State of Alaska relating to the Alaska                                  
02 permanent fund and to appropriations from the Alaska 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 percent 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 [THE PRINCIPAL OF] which shall be used [ONLY] for [THOSE] income-producing                                              
09 investments specifically designated by law as eligible for permanent fund investments.                                  
10       Except as provided in (b) and (c) of this section, all [ALL] income from the                                  
11       permanent fund shall be retained [DEPOSITED] in the [GENERAL] fund [UNLESS                                    
12       OTHERWISE PROVIDED BY LAW].                                                                                       
13    * Sec. 2. Article IX, sec. 15, Constitution of the State of Alaska, is amended by adding new                       
14 subsections to read:                                                                                                    
15            (b)  Each fiscal year, the legislature may appropriate from the permanent fund                               
16       to the general fund an amount that is not more than five percent of the average fiscal-                           
01       year-end market value of the permanent fund for the first five of the preceding six                               
02       fiscal years, including the fiscal year just ended.                                                               
03            (c)  The permanent fund may be used to pay costs associated with investments                                 
04       made under (a) of this section.                                                                                   
05    * Sec. 3. Article XV, Constitution of the State of Alaska, is amended by adding a new                              
06 section to read:                                                                                                        
07 Section 30. Permanent Fund Amendments: Transition. (a) On June 30,                                                    
08 2022, the unencumbered balance of the earnings reserve account established by law                                       
09 shall be deposited in the Alaska permanent fund and become part of the principal of                                     
10       the fund.                                                                                                         
11            (b)  The 2021 amendments relating to the Alaska permanent fund (art. IX, sec.                                
12       15) apply to appropriations made for the fiscal year ending June 30, 2023, and                                    
13       thereafter.                                                                                                       
14    * Sec. 4. The amendments proposed by this resolution shall be placed before the voters of                          
15 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the                        
16 State of Alaska, and the election laws of the state.