00                      SENATE JOINT RESOLUTION NO. 10                                                                    
01 Proposing an amendment to the Constitution of the State of Alaska relating to deposits                                  
02 to the constitutional budget reserve fund from surplus oil revenue.                                                     
03 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                               
04    * Section 1. Article IX, sec. 17(a), Constitution of the State of Alaska, is amended to read:                      
05            (a)  There is established as a separate fund in the State treasury the budget                                
06       reserve fund. Except for money deposited into the permanent fund under Section 15 of                              
07       this article, the following shall be deposited in the budget reserve fund: all money                          
08       received by the State after July 1, 1990, as a result of the termination, through                                 
09       settlement or otherwise, of an administrative proceeding or of litigation in a State or                           
10       federal court involving mineral lease bonuses, rentals, royalties, royalty sale proceeds,                         
11       federal mineral revenue sharing payments or bonuses, or involving taxes imposed on                                
12       mineral income, production, or property, and two-thirds of the difference between                             
13       $6,000,000,000 adjusted by the cumulative change, derived from federal indices                                
14       as prescribed by law, in population and inflation since July 1, 2013, and the                                 
15       actual annual unrestricted oil revenue as determined each year on July 1 for the                              
16       previous fiscal year [SHALL BE DEPOSITED IN THE BUDGET RESERVE                                                

01       FUND]. Money in the budget reserve fund shall be invested so as to yield competitive                              
02       market rates to the fund. Income of the fund shall be retained in the fund. Section 7 of                          
03       this article does not apply to deposits made to the fund under this subsection. Money                             
04       may be appropriated from the fund only as authorized under (b) or (c) of this section.                            
05       In this subsection, "unrestricted oil revenue" means oil lease bonuses, rentals,                              
06       royalties, royalty sale proceeds, federal oil revenue sharing payments or bonuses,                            
07       or taxes imposed on oil income, production, or property.                                                      
08    * Sec. 2. The amendment proposed by this resolution shall be placed before the voters of the                       
09 state at the next general election in conformity with art. XIII, sec. 1, Constitution of the State                      
10 of Alaska, and the election laws of the state.