CSSJR 6(JUD): Proposing amendments to the Constitution of the State of Alaska relating to the Alaska permanent fund, appropriations from the permanent fund, the permanent fund dividend, and power cost equalization.
00 CS FOR SENATE JOINT RESOLUTION NO. 6(JUD) 01 Proposing amendments to the Constitution of the State of Alaska relating to the Alaska 02 permanent fund, appropriations from the permanent fund, the permanent fund 03 dividend, and power cost equalization. 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) - (f) of this section, all [ALL] income from the permanent 12 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 shall appropriate from the permanent fund 02 not more than five percent of the average fiscal-year-end market value of the 03 permanent fund for the first five of the preceding six fiscal years, including the fiscal 04 year just ended. 05 (c) Notwithstanding Section 13 of this article, each fiscal year, an amount 06 equal to fifty percent of the maximum amount available for appropriation under (b) of 07 this section shall be transferred for dividend payments to residents of the State. 08 Notwithstanding Section 15 of Article II, the governor may not veto or reduce a 09 transfer made under this section. 10 (d) Each fiscal year, the legislature shall appropriate a portion of the amount 11 appropriated under (b) of this section for power cost equalization. The amount 12 appropriated shall be the amount necessary to equalize the cost of power in the State, 13 according to State law, but may not exceed fifty percent of the amount appropriated 14 under (b) of this section. 15 (e) Each fiscal year, the legislature may appropriate that portion of the amount 16 appropriated under (b) of this section remaining after the appropriations under (c) and 17 (d) of this section to the general fund. 18 (f) The permanent fund may be used to pay costs associated with investments 19 made under (a) of this section. 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. 25 (b) On June 30, 2023, the unencumbered balance of the power cost 26 equalization endowment fund established by law shall be deposited in the Alaska 27 permanent fund. 28 (c) The 2022 amendments relating to the Alaska permanent fund (art. IX, sec. 29 15) apply to appropriations made for the fiscal year ending June 30, 2024, and 30 thereafter. 31 * Sec. 4. The amendments proposed by this resolution shall be placed before the voters of
01 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the 02 State of Alaska, and the election laws of the state.