SJR 33: Proposing amendments to the Constitution of the State of Alaska relating to the budget reserve fund.

00SENATE JOINT RESOLUTION NO. 33 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 WHEREAS Article IX, sec. 17(a), Constitution of the State of Alaska, is amended to 05 read: 06  (a) There is established as a separate fund in the State treasury the budget 07 reserve fund. The purpose of the budget reserve fund is to help stabilize State 08 spending from year to year. Except for money deposited into the permanent fund 09 under Section 15 of this article, all money received by the State after July 1, 1990, as 10 a result of the termination, through settlement or otherwise, of an administrative 11 proceeding or of litigation in a State or federal court involving mineral lease bonuses, 12 rentals, royalties, royalty sale proceeds, federal mineral revenue sharing payments or 13 bonuses, or involving taxes imposed on mineral income, production, or property, shall 14 be deposited in the budget reserve fund. Money in the budget reserve fund shall be

01 invested so as to yield competitive market rates to the fund. Income of the fund shall 02 be retained in the fund. Section 7 of this article does not apply to deposits made to 03 the fund under this subsection. Money may be appropriated from the fund only as 04 authorized under (b) or (c) of this section. 05 * Sec. 2. Article IX, sec. 17(b), Constitution of the State of Alaska, is amended to read: 06  (b) If the amount of unrestricted revenue available [FOR APPROPRIATION] 07 for a fiscal year is less than the combined amount of unrestricted revenue and 08 money from the budget reserve fund appropriated for the previous fiscal year, an 09 appropriation may be made from the [BUDGET RESERVE] fund. However, the 10 amount appropriated from the fund under this subsection may not exceed the amount 11 necessary [, WHEN ADDED TO OTHER FUNDS AVAILABLE FOR 12 APPROPRIATION,] to provide for total appropriations of unrestricted revenue and 13 money from the fund equal to the amount of appropriations made from these sources 14 [IN THE PREVIOUS CALENDAR YEAR] for the previous fiscal year. The 15 legislature shall implement this subsection by law. For purposes of this 16 subsection, "unrestricted revenue" means all money received by the State during 17 a fiscal year except money held in trust, received from the federal government for 18 a particular purpose, or dedicated for a particular purpose as permitted by this 19 constitution. 20 * Sec. 3. Article IX, sec. 17(d), Constitution of the State of Alaska, is repealed. 21 * Sec. 4. The amendments proposed by this resolution shall be placed before the voters of 22 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the 23 State of Alaska, and the election laws of the state.