00HOUSE JOINT RESOLUTION NO. 58                                                                                         
01 Proposing amendments to the Constitution of the State of Alaska relating to the                                         
02 education 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  Section 17.  Budget reserve fund.  (a)  There is established as a separate fund                                     
06 in the State treasury the budget reserve fund.  Except for money deposited into the                                     
07 permanent fund under Section 15 of this article  or deposited into the education fund                                  
08 under Section 18 of this article , all money received by the State after July 1, 1990,                                 
09 as 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, Constitution of the State of Alaska, is amended by adding a new                             
05 section to read:                                                                                                        
06  Section 18.  Education Fund.  (a)  Forty percent of all mineral lease rentals,                                      
07 royalties, royalty sale proceeds, and federal mineral revenue sharing payments and                                      
08 bonuses received by the State from activities conducted within the boundaries of the                                    
09 Arctic National Wildlife Refuge shall be placed in the education fund.  Money in the                                    
10 education fund shall be invested so as to yield competitive market rates to the fund.                                   
11 Income of the fund shall be retained in the fund unless it is appropriated under (b) of                                 
12 this section.  Section 7 of this article does not apply to deposits made to the fund or                                 
13 to income retained in the fund.                                                                                         
14  (b)  Money in the education fund may be appropriated only for public                                                  
15 elementary and secondary education or for the University of Alaska.                                                     
16    * Sec. 3.  The amendments proposed by this resolution shall be placed before the voters of                         
17 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the                        
18 State of Alaska, and the election laws of the state.