00HOUSE JOINT RESOLUTION NO. 65                                                                                           
01 Proposing amendments to the Constitution of the State of Alaska relating to the                                         
02 budget reserve fund.                                                                                                    
03 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                               
04    * Section 1.  Article IX, sec. 17(a), Constitution of the State of Alaska, is amended to read:                       
05  (a)  There is established as a separate fund in the State treasury the budget                                         
06 reserve fund.   Except for money deposited into the permanent fund under Section 15                                     
07 of this article, all money received by the State after July 1, 1990, as a result of the                                 
08 termination, through settlement or otherwise, of an administrative proceeding or of                                     
09 litigation in a State or federal court involving mineral lease bonuses, rentals, royalties,                             
10 royalty sale proceeds, federal mineral revenue sharing payments or bonuses, or                                          
11 involving taxes imposed on mineral income, production, or property, shall be deposited                                  
12 in the budget reserve fund.  Money in the budget reserve fund shall be  invested so as                                  
13 to yield competitive market rates to the fund.  Income of the fund shall be retained in                                 
14 the fund.   Section 7 of this article does not apply to deposits made to the fund under                                 

01 this subsection.  Money may be appropriated from the fund only as authorized under                                      
02 [(b) OR] (c) of this section.                                                                                           
03    * Sec. 2.  Sections 17(b) and (d), art. IX, of the Constitution of the State of Alaska are                           
04 repealed.                                                                                                               
05    * Sec. 3.  The amendments proposed by this resolution shall be placed before the voters of                           
06 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the                        
07 State of Alaska, and the election laws of the state.