00HOUSE JOINT RESOLUTION NO. 50                                                                                         
01 Proposing amendments to the Constitution of the State of Alaska relating to a                                           
02 public corporation established to manage the permanent fund.                                                            
03 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                              
04    * Section 1.  Article IX, sec. 15, Constitution of the State of Alaska, is amended to read:                        
05  Section 15.  Alaska Permanent Fund.   (a)   At least twenty-five percent of all                                   
06 mineral lease rentals, royalties, royalty sale proceeds, federal mineral revenue sharing                                
07 payments and bonuses received by the State shall be placed in a permanent fund, the                                     
08 principal of which shall be used only for those income-producing investments                                            
09 specifically designated by law as eligible for permanent fund investments. All income                                   
10 from the permanent fund shall be deposited in the general fund unless otherwise                                         
11 provided by law.                                                                                                        
12    * Sec. 2.  Article IX, sec. 15, Constitution of the State of Alaska, is amended by adding a                        
13 new subsection to read:                                                                                                 
14  (b)  The permanent fund shall be managed by a public corporation established                                          

01 by law.  A member of the board of the corporation who is not the head of a principal                                    
02 department is subject to confirmation by a majority of the members of the legislature                                   
03 in joint session and may only be removed as provided by law.                                                            
04    * Sec. 3.  The amendments proposed by this resolution shall be placed before the voters of                         
05 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the                        
06 State of Alaska, and the election laws of the state.