HJR 7: Proposing amendments to the Constitution of the State of Alaska relating to the budget reserve fund, and to appropriations to and transfers from the fund; and dedicating a portion of the petroleum production tax to the fund.
00 HOUSE JOINT RESOLUTION NO. 7 01 Proposing amendments to the Constitution of the State of Alaska relating to the budget 02 reserve fund, and to appropriations to and transfers from the fund; and dedicating a 03 portion of the petroleum production tax to the fund. 04 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. Article IX, sec. 17(a), Constitution of the State of Alaska, is amended to read: 06 (a) There is established as a separate fund in the State treasury the budget 07 reserve fund. All [EXCEPT FOR MONEY DEPOSITED INTO THE PERMANENT 08 FUND UNDER SECTION 15 OF THIS ARTICLE, ALL] money received by the 09 State after June 30, 2013, and before January 1, 2022, that is attributable to an oil 10 and gas production tax levied at a rate that increases as the taxable value of the 11 oil or gas increases and that is in addition to the money received by the State that 12 is attributable to the nominal or base oil and gas production tax rate [JULY 1, 13 1990, AS A RESULT OF THE TERMINATION, THROUGH SETTLEMENT OR 14 OTHERWISE, OF AN ADMINISTRATIVE PROCEEDING OR OF LITIGATION 15 IN A STATE OR FEDERAL COURT INVOLVING MINERAL LEASE BONUSES,
01 RENTALS, ROYALTIES, ROYALTY SALE PROCEEDS, FEDERAL MINERAL 02 REVENUE SHARING PAYMENTS OR BONUSES, OR INVOLVING TAXES 03 IMPOSED ON MINERAL INCOME, PRODUCTION, OR PROPERTY,] shall be 04 deposited in the budget reserve fund. Money in the budget reserve fund shall be 05 invested so as to yield competitive market rates to the fund. Income of the fund shall 06 be retained in the fund. Section 7 of this article does not apply to deposits made to the 07 fund under this subsection. Money may not be appropriated from the fund and may 08 be transferred from the fund only as authorized under (f) [(b) OR (c)] of this 09 section. 10 * Sec. 2. Article IX, sec. 17, Constitution of the State of Alaska, is amended by adding new 11 subsections to read: 12 (e) Appropriations of money may be made to the budget reserve fund at any 13 time. Money appropriated to the fund shall be treated the same as money deposited to 14 the fund under (a) of this section. 15 (f) On July 1 of each year, an amount equal to five percent of the average of 16 the fiscal year-end market values of the budget reserve fund for the first five of the 17 preceding six fiscal years shall be transferred from the budget reserve fund to the 18 general fund. 19 * Sec. 3. Article XV, Constitution of the State of Alaska, is amended by adding a new 20 section to read: 21 Section 30. Budget Reserve Fund; Transition. The money in the budget 22 reserve fund on the effective date of the 2012 amendments relating to that fund (art. 23 IX, sec. 17) shall be retained in the fund. 24 * Sec. 4. Article IX, secs. 17(b), (c), and (d) are repealed. 25 * Sec. 5. The amendments proposed by this resolution shall be placed before the voters of 26 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the 27 State of Alaska, and the election laws of the state.