00                CS FOR SENATE JOINT RESOLUTION NO. 5(STA)                                                               
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 residents of the State as                                

01 provided by law as it read on January 1, 2019, unless a change to the law is approved                                   
02 by the voters under (c) of this section. An appropriation under Section 13 of this                                      
03       article is not necessary for a transfer under this subsection.                                                    
04 (c)  Notwithstanding Section 18 of Article II, a law enacted under Sections 14 -                                        
05 17 of Article II that would amend the program of dividend payments to State residents                                   
06 under (b) of this section, including the amount of the dividend and eligibility                                         
07 requirements, shall not take effect unless approved by the voters of the State in the                                   
08 next statewide election held more than one hundred twenty days after enactment of the                                   
09 law. The lieutenant governor shall prepare a ballot title and proposition summarizing                                   
10 the law and shall place it on the ballot. If a majority of the votes cast on the                                        
11 proposition favor its adoption, it shall become effective on the later of ninety days                                   
12 after the certification of the election returns by the lieutenant governor or an effective                              
13 date provided for by concurrence of two-thirds of the membership of each house. If a                                    
14 majority of votes cast on the proposition favor its rejection, the law is rejected and                                  
15       does not take effect.                                                                                             
16    * Sec. 3. Article XV, Constitution of the State of Alaska, is amended by adding a new                              
17 section to read:                                                                                                        
18 Section 30. Permanent Fund Amendments: Transition. For purposes of the                                                
19 2020 amendments to Section 15 of Article IX, the law in place January 1, 2019, is the                                   
20 program of dividend payments under Section 15(b) of Article IX, subject to the                                          
21 enactment of a law amending the program of dividend payments in accordance with                                         
22 the requirements of Section 15(c) of Article IX. Any amendments to the program of                                       
23 dividend payments enacted after January 1, 2019, but before January 1, 2021, are                                        
24       repealed.                                                                                                         
25    * Sec. 4. 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.