CSSJR 13(STA): Proposing amendments to the Constitution of the State of Alaska relating to the Alaska permanent fund.
00 CS FOR SENATE JOINT RESOLUTION NO. 13(STA) 01 Proposing amendments to the Constitution of the State of Alaska relating to the Alaska 02 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. 08 Except as provided in (b) of this section, money in the fund [, THE PRINCIPAL 09 OF WHICH] shall be used only for those income-producing investments specifically 10 designated by law as eligible for permanent fund investments. All income from the 11 permanent fund shall be retained in a separate earnings reserve account 12 [DEPOSITED] in the permanent [GENERAL] fund [UNLESS OTHERWISE 13 PROVIDED BY LAW]. 14 * Sec. 2. Article IX, sec. 15, Constitution of the State of Alaska, is amended by adding a 15 new subsection to read: 16 (b) Money may be appropriated from the earnings reserve account.
01 Appropriations from the account for a fiscal year may not exceed the lesser of 02 (1) five percent of the average of the year-end market values of the 03 permanent fund for the five fiscal years that immediately precede the fiscal year that 04 immediately precedes the fiscal year for which the appropriations are made; or 05 (2) the balance in the earnings reserve account. 06 * Sec. 3. Article XV, Constitution of the State of Alaska, is amended by adding a new 07 section to read: 08 Section 30. Transition. On the effective date of the 2002 amendments 09 relating to the Alaska permanent fund (art. IX, sec. 15), the portion of the statutory 10 earnings reserve account (AS 37.13.145) that consists of income of the permanent 11 fund is transferred to the earnings reserve account established in Section 15(b) of 12 Article IX. 13 * Sec. 4. The amendments proposed by this resolution shall be placed before the voters of 14 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the 15 State of Alaska, and the election laws of the state.