CSHJR 7(STA): Proposing amendments to the Constitution of the State of Alaska relating to the Alaska permanent fund, appropriations from the permanent fund, and the permanent fund dividend.
00 CS FOR HOUSE JOINT RESOLUTION NO. 7(STA) 01 Proposing amendments to the Constitution of the State of Alaska relating to the Alaska 02 permanent fund, appropriations from the permanent fund, and the permanent fund 03 dividend. 04 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. Article IX, sec. 15, Constitution of the State of Alaska, is amended to read: 06 Section 15. Alaska Permanent Fund. (a) At least twenty-five percent of all 07 mineral lease rentals, royalties, royalty sale proceeds, federal mineral revenue sharing 08 payments and bonuses received by the State shall be placed in a permanent fund, 09 [THE PRINCIPAL OF] which shall be used [ONLY] for [THOSE] income-producing 10 investments specifically designated by law as eligible for permanent fund investments. 11 Except as provided in (b), (c) and (d) of this section, all [ALL] income from the 12 permanent fund shall be retained [DEPOSITED] in the [GENERAL] fund [UNLESS 13 OTHERWISE PROVIDED BY LAW]. 14 * Sec. 2. Article IX, sec. 15, Constitution of the State of Alaska, is amended by adding new 15 subsections to read:
01 (b) Each fiscal year, the legislature may appropriate from the permanent fund 02 to the general fund an amount that is not more than five percent of the average fiscal- 03 year-end market value of the permanent fund for the first five of the preceding six 04 fiscal years, including the fiscal year just ended. 05 (c) Each fiscal year, a portion of the amount appropriated under (b) of this 06 section shall be allocated for dividend payments to residents of the State as provided 07 by law. A law that changes the amount allocated for dividend payments must be 08 approved by the voters of the State under (d) of this section. 09 (d) Notwithstanding Section 18 of Article II, a law enacted under Sections 14 - 10 17 of Article II that would amend the amount allocated for dividend payments to 11 residents of the State under (c) of this section shall not take effect unless approved by 12 the voters of the State in the next statewide election held more than one hundred 13 twenty days after enactment of the law. The lieutenant governor shall prepare a ballot 14 title and proposition summarizing the law and shall place it on the ballot. If a majority 15 of the votes cast on the proposition favor its adoption, it shall become effective on the 16 later of ninety days after the certification of the election returns by the lieutenant 17 governor or an effective date provided for by concurrence of two-thirds of the 18 membership of each house. If a majority of votes cast on the proposition favor its 19 rejection, the law is rejected and does not take effect. 20 * Sec. 3. Article XV, Constitution of the State of Alaska, is amended by adding a new 21 section to read: 22 Section 30. Permanent Fund Amendments: Transition. (a) On June 30, 23 2023, the unencumbered balance of the earnings reserve account established by law 24 shall be deposited in the Alaska permanent fund and become part of the principal of 25 the fund. 26 (b) The 2022 amendments relating to the Alaska permanent fund (art. IX, sec. 27 15) apply to appropriations made for the fiscal year ending June 30, 2024, and 28 thereafter. 29 (c) For purposes of the 2022 amendments to Section 15 of Article IX, the law 30 governing the percentage of the average fiscal-year-end market value of the permanent 31 fund that may be appropriated from the permanent fund to the general fund under
01 Section 15(b) of Article IX is a law setting forth the percentage of the average fiscal- 02 year-end market value of the permanent fund that may be appropriated to the general 03 fund at the time of adoption of the 2022 amendments to Section 15(b) of Article IX 04 and that is not a law that is enacted as an appropriation bill. 05 (d) For purposes of the 2022 amendments to Section 15 of Article IX, the law 06 governing the amount allocated for dividend payments to residents of the State under 07 Section 15(c) of Article IX is the law setting forth the allocation for dividend 08 payments at the time of adoption of the 2022 amendments to Section 15(c) of Article 09 IX and that is not a law that is enacted as an appropriation bill, subject to the 10 enactment of a law amending the law regarding dividend payments in accordance with 11 the requirements of Section 15(d) of Article IX. 12 * Sec. 4. The amendments proposed by this resolution shall be placed before the voters of 13 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the 14 State of Alaska, and the election laws of the state.