HJR 41: Proposing amendments to the Constitution of the State of Alaska relating to the Alaska permanent fund, establishing the earnings reserve account, and relating to appropriations from the Alaska permanent fund.
00 HOUSE JOINT RESOLUTION NO. 41 01 Proposing amendments to the Constitution of the State of Alaska relating to the Alaska 02 permanent fund, establishing the earnings reserve account, and relating to 03 appropriations from the Alaska permanent fund. 04 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. Article IX, sec. 15, Constitution of the State of Alaska, is amended to read: 06 Section 15. Alaska Permanent Fund. (a) At least twenty-five percent of all 07 mineral lease rentals, royalties, royalty sale proceeds, federal mineral revenue sharing 08 payments and bonuses received by the State shall be placed in a permanent fund, the 09 principal of which shall be used only for those income-producing investments 10 specifically designated by law as eligible for permanent fund investments. The 11 earnings reserve account is established as a separate account in the fund. Income 12 from the fund shall be deposited into the earnings reserve account and may be 13 invested as authorized for investments of the principal. Money in the earnings 14 reserve account may be appropriated only as provided in this section [ALL 15 INCOME FROM THE PERMANENT FUND SHALL BE DEPOSITED IN THE
01 GENERAL FUND UNLESS OTHERWISE PROVIDED BY LAW]. 02 * Sec. 2. Article IX, sec. 15, Constitution of the State of Alaska, is amended by adding new 03 subsections to read: 04 (b) Each fiscal year, the legislature may appropriate from the earnings reserve 05 account to the general fund an amount that is not more than 4.75 percent of the 06 average market value of the permanent fund, including the earnings reserve account, 07 for the first five of the preceding six fiscal years, including the fiscal year just ended. 08 (c) Appropriations made from the earnings reserve account under (b) of this 09 section shall not exceed the balance of the earnings reserve account. 10 * Sec. 3. Article XV, Constitution of the State of Alaska, is amended by adding a new 11 section to read: 12 Section 30. Permanent Fund Amendments: Transition. The earnings 13 reserve account established in the 2018 amendments to the Alaska permanent fund 14 (art. IX, sec. 15) replaces the existing earnings reserve account established by law. 15 Money in the existing earnings reserve account on the effective date of the 2018 16 amendments to the Alaska permanent fund (art. IX, sec. 15) shall be deposited into the 17 earnings reserve account established by those amendments. 18 * Sec. 4. The amendments proposed by this resolution shall be placed before the voters of 19 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the 20 State of Alaska, and the election laws of the state.