00                 CS FOR SENATE JOINT RESOLUTION NO. 6(JUD)                                                               
01 Proposing amendments to the Constitution of the State of Alaska relating to the Alaska                                  
02 permanent fund, appropriations from the permanent fund, the permanent fund                                              
03 dividend, and power cost equalization.                                                                                  
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 percent 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,                                         
09 [THE PRINCIPAL OF] which shall be used [ONLY] for [THOSE] income-producing                                              
10 investments specifically designated by law as eligible for permanent fund investments.                                  
11 Except as provided in (b) - (f) of this section, all [ALL] income from the permanent                              
12 fund shall be retained [DEPOSITED] in the [GENERAL] fund [UNLESS                                                    
13       OTHERWISE PROVIDED BY LAW].                                                                                       
14    * Sec. 2. Article IX, sec. 15, Constitution of the State of Alaska, is amended by adding new                       
15 subsections to read:                                                                                                    
01 (b)  Each fiscal year, the legislature shall appropriate from the permanent fund                                        
02 not more than five percent of the average fiscal-year-end market value of the                                           
03 permanent fund for the first five of the preceding six fiscal years, including the fiscal                               
04       year just ended.                                                                                                  
05 (c)  Notwithstanding Section 13 of this article, each fiscal year, an amount                                            
06 equal to fifty percent of the maximum amount available for appropriation under (b) of                                   
07 this section shall be transferred for dividend payments to residents of the State.                                      
08 Notwithstanding Section 15 of Article II, the governor may not veto or reduce a                                         
09       transfer made under this section.                                                                                 
10 (d)  Each fiscal year, the legislature shall appropriate a portion of the amount                                        
11 appropriated under (b) of this section for power cost equalization. The amount                                          
12 appropriated shall be the amount necessary to equalize the cost of power in the State,                                  
13 according to State law, but may not exceed fifty percent of the amount appropriated                                     
14       under (b) of this section.                                                                                        
15 (e)  Each fiscal year, the legislature may appropriate that portion of the amount                                       
16 appropriated under (b) of this section remaining after the appropriations under (c) and                                 
17       (d) of this section to the general fund.                                                                          
18 (f)  The permanent fund may be used to pay costs associated with investments                                            
19       made under (a) of this section.                                                                                   
20    * Sec. 3. Article XV, Constitution of the State of Alaska, is amended by adding a new                              
21 section to read:                                                                                                        
22 Section 30. Permanent Fund Amendments: Transition. (a) On June 30,                                                    
23 2023, the unencumbered balance of the earnings reserve account established by law                                       
24       shall be deposited in the Alaska permanent fund.                                                                  
25 (b)  On June 30, 2023, the unencumbered balance of the power cost                                                       
26 equalization endowment fund established by law shall be deposited in the Alaska                                         
27       permanent fund.                                                                                                   
28 (c)  The 2022 amendments relating to the Alaska permanent fund (art. IX, sec.                                           
29 15) apply to appropriations made for the fiscal year ending June 30, 2024, and                                          
30       thereafter.                                                                                                       
31    * Sec. 4. The amendments proposed by this resolution shall be placed before the voters of                          
01 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the                        
02 State of Alaska, and the election laws of the state.