SJR 5: Proposing amendments to the Constitution of the State of Alaska relating to the Alaska permanent fund and the permanent fund dividend.
00 SENATE JOINT RESOLUTION NO. 5 01 Proposing amendments to the Constitution of the State of Alaska relating to the Alaska 02 permanent fund and the permanent fund dividend. 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. Except as 10 provided under (b) of this section, all [ALL] income from the permanent fund shall 11 be deposited in the general fund unless otherwise provided by law. 12 * Sec. 2. Article IX, sec. 15, Constitution of the State of Alaska, is amended by adding new 13 subsections to read: 14 (b) Each fiscal year, a portion of the income from the permanent fund shall be 15 transferred solely for a program of dividend payments to state residents as provided by
01 the law as that law read on January 1, 2019, subject to any law approved by the voters 02 under (c) of this section. No appropriation under Section 13 of this article shall be 03 necessary under this subsection. 04 (c) Any law enacted under Sections 14 - 18 of Article II that would amend the 05 program of dividend payments to state residents under (b) of this section, including the 06 amount of the dividend and eligibility requirements, shall not take effect unless 07 approved by the voters of the state in the next statewide election held more than one 08 hundred twenty days from enactment of the proposed law. The lieutenant governor 09 shall prepare a ballot title and proposition summarizing the proposed law, and shall 10 place it on the ballot. If a majority of the votes cast on the proposition favor its 11 adoption, it shall become effective ninety days after the certification of the election 12 returns by the lieutenant governor. If a majority of votes cast on the proposition favor 13 its rejection, the proposed law is rejected and does not take effect. 14 * Sec. 3. Article XV, Constitution of the State of Alaska, is amended by adding a new 15 section to read: 16 Section 30. Permanent Fund Amendments: Transition. For purposes of the 17 2020 amendments to the permanent fund (art. IX, sec. 15), the law in place January 1, 18 2019 is the program of dividend payments under Section 15(b) of Article IX, subject 19 to the enactment of a law amending the program of dividend payments in accordance 20 with the requirements of Section 15(c) of Article IX. Any amendments to the program 21 of dividend payments enacted after January 1, 2019, but prior to January 1, 2021, are 22 repealed. 23 * Sec. 4. The amendments proposed by this resolution shall be placed before the voters of 24 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the 25 State of Alaska, and the election laws of the state.