SSHJR 1: Proposing amendments to the Constitution of the State of Alaska relating to the Alaska permanent fund and to appropriations from the Alaska permanent fund.
00 SPONSOR SUBSTITUTE FOR HOUSE JOINT RESOLUTION NO. 1 01 Proposing amendments to the Constitution of the State of Alaska relating to the Alaska 02 permanent fund and to appropriations from the Alaska 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. (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, 08 [THE PRINCIPAL OF] which shall be used [ONLY] for [THOSE] income-producing 09 investments specifically designated by law as eligible for permanent fund investments. 10 Except as provided in (b) and (c) of this section, all [ALL] income from the 11 permanent fund shall be retained [DEPOSITED] in the [GENERAL] fund [UNLESS 12 OTHERWISE PROVIDED BY LAW]. 13 * Sec. 2. Article IX, sec. 15, Constitution of the State of Alaska, is amended by adding new 14 subsections to read: 15 (b) Each fiscal year, the legislature may appropriate from the permanent fund 16 to the general fund an amount that is not more than five percent of the average fiscal-
01 year-end market value of the permanent fund for the first five of the preceding six 02 fiscal years, including the fiscal year just ended. 03 (c) The permanent fund may be used to pay costs associated with investments 04 made under (a) of this section. 05 * Sec. 3. Article XV, Constitution of the State of Alaska, is amended by adding a new 06 section to read: 07 Section 30. Permanent Fund Amendments: Transition. (a) On June 30, 08 2022, the unencumbered balance of the earnings reserve account established by law 09 shall be deposited in the Alaska permanent fund and become part of the principal of 10 the fund. 11 (b) The 2021 amendments relating to the Alaska permanent fund (art. IX, sec. 12 15) apply to appropriations made for the fiscal year ending June 30, 2023, and 13 thereafter. 14 * Sec. 4. The amendments proposed by this resolution shall be placed before the voters of 15 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the 16 State of Alaska, and the election laws of the state.