CSSJR 5(STA): Proposing amendments to the Constitution of the State of Alaska relating to the Alaska permanent fund and the permanent fund dividend.
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.