00SENATE JOINT RESOLUTION NO. 8                                                                                           
01 Proposing amendments to the Constitution of the State of Alaska relating to                                             
02 capital projects and loan appropriations, and to the expenditure limit.                                                 
03 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                               
04    * Section 1.  Article IX, Constitution of the State of Alaska, is amended by adding a new                            
05 section to read:                                                                                                        
06  SECTION 18.  CAPITAL PROJECTS AND LOAN APPROPRIATIONS.                                                                
07 Except as provided in Section 16 of this article, not less than ten percent of all money                                
08 appropriated for each fiscal year shall be appropriated for capital projects and loans.                                 
09    * Sec. 2.  Article XV, Constitution of the State of Alaska, is amended by adding new                                 
10 sections to read:                                                                                                       
11  SECTION 29.  EXPENDITURE LIMIT.  (a)  The operation of Section 16 of                                                  
12 Article IX is suspended from July 1, 1995, through June 30, 2000, and this section                                      
13 applies in lieu of Section 16 of Article IX.                                                                            
14  (b)  Except for appropriations to the permanent fund or for Alaska permanent                                          

01 fund dividends, appropriations to the budget reserve fund created under Section 17 of                                   
02 Article IX, appropriations of revenue derived from a tax that has been approved by a                                    
03 vote of the taxpayers, appropriations of general obligation and revenue bond proceeds,                                  
04 appropriations required to pay the principal and interest on general obligation and                                     
05 revenue bonds issued by the State, appropriations of money received from a non-State                                    
06 source in trust for a specific purpose, appropriations of earnings from endowment                                       
07 funds established by law for postsecondary education or scientific research,                                            
08 appropriations of revenue of a public authority or corporation of the State that issues                                 
09 revenue bonds, and appropriations of revenue of a State program under which revenue                                     
10 bonds are issued, appropriations from the general fund made for each of the fiscal                                      
11 years 1995 - 2000 may not exceed $2,300,000,000.                                                                        
12  (c)  During a fiscal year, the legislature may exceed the expenditure limit under                                     
13 (b) of this section if each bill that exceeds the limit is passed by affirmative vote of                                
14 two-thirds of the membership of each house of the legislature.                                                          
15  (d)  If the rate of inflation since the beginning of a fiscal year is greater than                                    
16 six percent, an appropriation for that fiscal year of up to the amount necessary to offset                              
17 the effect of the rate of inflation that exceeds six percent may be made.  The                                          
18 appropriation is not subject to the limit established in (b ) of this section.  For                                     
19 purposes of applying this subsection, the rate of inflation shall be based on the                                       
20 Consumer Price Index for all urban consumers for Anchorage prepared by the United                                       
21 States Bureau of Labor Statistics.                                                                                      
22  (e)  All money received by the State during a fiscal year that is subject to the                                      
23 expenditure limit under (b) of this section, that exceeds that limit, and that is not                                   
24 appropriated under (c) or (d) of this section shall be deposited in the budget reserve                                  
25 fund created under Section 17 of Article IX.  Section 7 of Article IX does not apply                                    
26 to deposits made under this subsection.                                                                                 
27  SECTION 30.  REPEAL.  Section 29 of this article is repealed July 1, 2000.                                            
28    * Sec. 3.  The amendments proposed by this resolution shall be placed before the voters of                           
29 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the                        
30 State of Alaska, and the election laws of the state.