00                      SENATE JOINT RESOLUTION NO. 8                                                                     
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. 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]                                                      
09 investments made according to the prudent investor rule [SPECIFICALLY                                               
10 DESIGNATED BY LAW AS ELIGIBLE FOR PERMANENT FUND                                                                        
11 INVESTMENTS. ALL INCOME FROM THE PERMANENT FUND SHALL BE                                                                
12 DEPOSITED IN THE GENERAL FUND UNLESS OTHERWISE PROVIDED BY                                                              
13       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)  Net income of the permanent fund shall be computed annually as of the                                   

01 last day of the fiscal year in accordance with generally accepted accounting principles.                                
02 Income available for distribution under this section equals five percent of the market                                  
03 value of the permanent fund, but may not exceed the net income of the fund for the                                      
04 fiscal year just ended. Unless adjusted by the legislature under this section, fifty                                    
05 percent of the income available for distribution shall be transferred from the income of                                
06 the fund for use in a program of dividend payments to State residents as provided by                                    
07 law. The remaining income available for distribution shall be deposited in the general                                  
08 fund. In the year 2020, and every four years thereafter, the legislature may, by law,                                   
09 amend the percentage of the income available for distribution transferred for the                                       
10       dividend program, but the percentage may not be below thirty-five percent. The                                    
11       transfer from the income of the fund for dividend payments and to the general fund                                
12       shall be made without legislative appropriation.                                                                  
13    * Sec. 3. The amendment proposed by this resolution shall be placed before the voters of the                       
14 state at the next general election in conformity with art. XIII, sec. 1, Constitution of the State                      
15 of Alaska, and the election laws of the state.