00                      HOUSE JOINT RESOLUTION NO. 24                                                                     
01 Proposing amendments to the Constitution of the State of Alaska relating to income                                      
02 from 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 percent 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 into a separate account in the                                     
11       permanent [GENERAL] fund [UNLESS OTHERWISE PROVIDED BY LAW].                                                  
12    * Sec. 2. Article IX, sec. 15, Constitution of the State of Alaska, is amended by adding a                         
13 new subsection to read:                                                                                                 
14            (b)  Income of the permanent fund may be appropriated to the fund principal or                               
15       for a program of dividend payments to state residents established by law. An                                      
16       appropriation of income for any other purpose must be ratified by a majority of the                               

01       qualified voters of the State who vote on the question.                                                           
02    * Sec. 3. Article XV, Constitution of the State of Alaska, is amended by adding a new                              
03 section to read:                                                                                                        
04            Section 30. Permanent fund amendment transition. The balance in the                                        
05       earnings reserve account established under AS 37.13.145(a) on the effective date of                               
06       the 2006 amendments relating to income of the Alaska permanent fund (art. IX, sec.                                
07       15, Constitution of the State of Alaska) shall be retained in a separate account in the                           
08       permanent fund and is subject to appropriation only as provided in article IX, sec. 15,                           
09       Constitution of the State of Alaska, as amended in 2006.                                                          
10    * Sec. 4. The amendments proposed by this resolution shall be placed before the voters of                          
11 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the                        
12 State of Alaska, and the election laws of the state.