00HOUSE JOINT RESOLUTION NO. 60                                                                                         
01 Proposing amendments to the Constitution of the State of Alaska relating to the                                         
02 community dividend fund, the permanent fund, and the budget reserve fund.                                               
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.  Community Dividend Fund.  (a)  There is established as a                                               
07 separate fund in the State treasury the community dividend fund.  Appropriations may                                    
08 be made to the principal of the fund, but the principal of the fund may not be                                          
09 appropriated.  Money in the community dividend fund shall be invested so as to yield                                    
10 competitive market rates to the fund.  Income of the fund shall be retained in the fund                                 
11 until it is distributed under (b) of this section.  Section 7 of this article does not apply                            
12 to appropriations or other deposits made to the fund or to income retained in the fund.                                 
13   (b)  At the end of each fiscal year, income from the community                                                       
14 dividend fund shall be distributed to organized boroughs and cities as provided by law.                                 

01 Section 13 of this article does not apply to distributions under this subsection.                                       
02    * Sec. 2.  Article XV, Constitution of the State of Alaska, is amended by adding a new                             
03 section to read:                                                                                                        
04  Section 29.  Transitional Provisions Relating to the Community Dividend                                              
05 Fund.  (a)  Within thirty days after the effective date of the 1998 amendment                                          
06 establishing the community dividend fund (art. IX, sec. 18), seven hundred fifty                                        
07 million dollars shall be transferred from the budget reserve fund (art. IX, sec. 17) to                                 
08 the principal of the community dividend fund.                                                                           
09  (b)  Notwithstanding provisions relating to income of the permanent fund in                                           
10 Section 15 of Article IX, two percent of the income of the permanent fund earned in                                     
11 fiscal year 1999 and in each fiscal year thereafter shall be transferred to the principal                               
12 of the community dividend fund.  Transfers to the community dividend fund under this                                    
13 subsection shall end after the transfer of income earned in fiscal year 2018 is made.                                   
14    * Sec. 3.  The amendments proposed by this resolution shall be placed before the voters of                         
15 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the                        
16 State of Alaska, and the election laws of the state.