00HOUSE JOINT RESOLUTION NO. 23                                                                                         
01 Proposing amendments to the Constitution of the State of Alaska relating to the                                         
02 community development 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 Development Fund.  (a)  There is established as a                                            
07 separate fund in the State treasury the community development fund.  Appropriations                                     
08 may be made to the principal of the fund, but the principal of the fund may not be                                      
09 appropriated.  Money in the community development fund shall be invested so as to                                       
10 yield competitive market rates to the fund.  Income of the fund shall be retained in the                                
11 fund until it is distributed under (b) of this section.  Section 7 of this article does not                             
12 apply to appropriations or other deposits made to the fund or to income retained in the                                 
13 fund.                                                                                                                   
14  (b)  At the end of each fiscal year, income from the community development                                            

01 fund shall be distributed to organized boroughs and cities as provided by law.  Section                                 
02 13 of this article does not apply to distributions under this subsection.                                               
03    * Sec. 2.  Article XV, Constitution of the State of Alaska, is amended by adding a new                             
04 section to read:                                                                                                        
05  Section 30.  Transitional Provisions Relating to the Community                                                       
06 Development Fund.  (a)  Within thirty days after the effective date of the 2000                                        
07 amendment establishing the community development fund (art. IX, sec. 18), seven                                         
08 hundred fifty million dollars or the balance in the budget reserve fund, whichever is                                   
09 less, shall be transferred from the budget reserve fund (art. IX, sec. 17) to the principal                             
10 of the community development fund.                                                                                      
11  (b)  Notwithstanding provisions relating to income of the permanent fund in                                           
12 Section 15 of Article IX, two percent of the income of the permanent fund earned in                                     
13 fiscal year 2001 and in each fiscal year thereafter shall be transferred to the principal                               
14 of the community development fund.  Transfers to the community development fund                                         
15 under this subsection shall end after the transfer of income earned in fiscal year 2020                                 
16 is made.                                                                                                                
17  (c)  Notwithstanding provisions relating to distribution of income from the                                           
18 community development fund in Section 18(b) of Article IX, distributions may not be                                     
19 made before July 1, 2002.                                                                                               
20    * Sec. 3.  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.