HJR 10: Proposing amendments to the Constitution of the State of Alaska relating to the Alaska permanent fund and establishing the earnings reserve account.
00 HOUSE JOINT RESOLUTION NO. 10 01 Proposing amendments to the Constitution of the State of Alaska relating to the Alaska 02 permanent fund and establishing the earnings reserve account. 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. The 10 earnings reserve account is established as a separate account in the fund. Income 11 from the fund shall be deposited into the earnings reserve account as soon as it is 12 received and may be invested as authorized for investments of the principal. 13 Money in the earnings reserve account may be appropriated only as provided in 14 (b) of this section [ALL INCOME FROM THE PERMANENT FUND SHALL BE 15 DEPOSITED IN THE GENERAL FUND UNLESS OTHERWISE PROVIDED BY 16 LAW].
01 * Sec. 2. Article IX, sec. 15, Constitution of the State of Alaska, is amended by adding a 02 new subsection to read: 03 (b) Net income of the permanent fund shall be computed annually as of the 04 last day of the fiscal year in accordance with generally accepted accounting principles. 05 Income available for distribution under this section equals four percent of the market 06 value of the permanent fund as of the last day of the fiscal year, but may not exceed 07 the net income of the fund for the fiscal year just ended. Fifty percent of the income 08 available for distribution shall be transferred from the income of the fund for use in a 09 program of dividend payments to State residents as provided by law. The remaining 10 fifty percent of the income available for distribution shall be deposited in the general 11 fund. The transfer from the income of the fund for dividend payments and to the 12 general fund shall be made without legislative appropriation. 13 * Sec. 3. Article XV, Constitution of the State of Alaska, is amended by adding a new 14 section to read: 15 Section 30. Permanent Fund Amendments: Transition. The earnings 16 reserve account established in the 2022 amendments to the Alaska permanent fund 17 (art. IX, sec. 15) replaces the existing earnings reserve account established by law. 18 Money in the existing earnings reserve account on the effective date of the 2022 19 amendments to the Alaska permanent fund (art. IX, sec. 15) shall be deposited into the 20 earnings reserve account established by those amendments. 21 * Sec. 4. The amendments proposed by this resolution shall be placed before the voters of 22 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the 23 State of Alaska, and the election laws of the state.