SJR 11: Proposing an amendment to the Constitution of the State of Alaska to guarantee the permanent fund dividend, to provide for inflation proofing, and to require a vote of the people before changing the statutory formula for distribution that existed on January 1, 2001.
00 SENATE JOINT RESOLUTION NO. 11 01 Proposing an amendment to the Constitution of the State of Alaska to guarantee the 02 permanent fund dividend, to provide for inflation proofing, and to require a vote of the 03 people before changing the statutory formula for distribution that existed on January 1, 04 2001. 05 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA: 06 * Section 1. This resolution shall be known as an amendment to guarantee the permanent 07 fund dividend, to provide for inflation proofing, and to require a vote of the people before 08 changing the statutory formula for distribution that existed on January 1, 2001. 09 * Sec. 2. Article IX, sec. 15, Constitution of the State of Alaska, is amended to read: 10 Section 15. Alaska Permanent Fund. At least twenty-five per cent of all 11 mineral lease rentals, royalties, royalty sale proceeds, federal mineral revenue sharing 12 payments and bonuses received by the State shall be placed in a permanent fund, the 13 principal of which shall be used only for those income-producing investments 14 specifically designated by law as eligible for permanent fund investments. All income 15 from the permanent fund shall be distributed as provided for by statutory formula
01 that existed on January 1, 2001 (AS 37.13.140 and 37.13.145) [DEPOSITED IN 02 THE GENERAL FUND UNLESS OTHERWISE PROVIDED BY LAW]. 03 * Sec. 3. The amendment proposed by this resolution shall be placed before the voters of 04 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the 05 State of Alaska, and the election laws of the state.