HJR 56: Proposing amendments to the Constitution of the State of Alaska relating to the budget reserve fund.

00HOUSE JOINT RESOLUTION NO. 56 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. The purpose of the budget reserve fund is to help stabilize State 07 spending from year to year. Except for money deposited into the permanent fund 08 under Section 15 of this article, all money received by the State after July 1, 1990, as 09 a result of the termination, through settlement or otherwise, of an administrative 10 proceeding or of litigation in a State or federal court involving mineral lease bonuses, 11 rentals, royalties, royalty sale proceeds, federal mineral revenue sharing payments or 12 bonuses, or involving taxes imposed on mineral income, production, or property, shall 13 be deposited in the budget reserve fund. Money in the budget reserve fund shall be 14 invested so as to yield competitive market rates to the fund. Income of the fund shall

01 be retained in the fund. Section 7 of this article does not apply to deposits made to 02 the fund under this subsection. Money may be appropriated from the fund only as 03 authorized under (b) or (c) of this section. 04 * Sec. 2. Article IX, sec. 17(b), Constitution of the State of Alaska, is amended to read: 05  (b) If the amount of unrestricted revenue available [FOR APPROPRIATION] 06 for a fiscal year is less than the combined amount of unrestricted revenue and 07 money from the budget reserve fund appropriated for the previous fiscal year, an 08 appropriation may be made from the [BUDGET RESERVE] fund. However, the 09 amount appropriated from the fund under this subsection may not exceed the amount 10 necessary [, WHEN ADDED TO OTHER FUNDS AVAILABLE FOR 11 APPROPRIATION,] to provide for total appropriations of unrestricted revenue and 12 money from the fund equal to the amount of appropriations made from these sources 13 [IN THE PREVIOUS CALENDAR YEAR] for the previous fiscal year. The 14 legislature shall implement this subsection by law. For purposes of this 15 subsection, "unrestricted revenue" means all money received by the State during 16 a fiscal year except money held in trust, received from the federal government for 17 a particular purpose, or dedicated for a particular purpose as permitted by this 18 constitution. 19 * Sec. 3. Article IX, sec. 17(d), Constitution of the State of Alaska, is repealed. 20 * Sec. 4. The amendments proposed by this resolution shall be placed before the voters of 21 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the 22 State of Alaska, and the election laws of the state.