SJR 13: Proposing amendments to the Constitution of the State of Alaska relating to inflation-proofing the permanent fund.
00 SENATE JOINT RESOLUTION NO. 13 01 Proposing amendments to the Constitution of the State of Alaska relating to inflation- 02 proofing 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 per cent 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 permanent [GENERAL] fund 11 [UNLESS OTHERWISE PROVIDED BY LAW]. 12 (b) For any fiscal year, appropriations from the permanent fund shall be 13 limited to five percent of the average of the year-end market values of the 14 permanent fund for the last five fiscal years, including the fiscal year just ended. 15 No other appropriations from the permanent fund may be made.
01 * Sec. 2. The amendments proposed by this resolution shall be placed before the voters of 02 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the 03 State of Alaska, and the election laws of the state.