00                     SENATE JOINT RESOLUTION NO. 301                                                                    
01 Proposing amendments to the Constitution of the State of Alaska relating to an                                          
02 appropriation limit; and relating to the budget reserve fund.                                                           
03 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                               
04    * Section 1. Article IX, sec. 16, Constitution of the State of Alaska, is amended to read:                       
05 Section 16. Appropriation Limit. Except for appropriations for Alaska                                                 
06 permanent fund dividends, appropriations to the Alaska permanent fund,                                              
07 appropriations of revenue bond and general obligation bond proceeds,                                                
08 appropriations required to pay the principal and interest on revenue bonds and                                      
09 general obligation bonds, appropriations to a State account or fund that requires a                                 
10 subsequent appropriation from that account or fund as prescribed by law,                                            
11 appropriations to meet a state of disaster declared by the governor as prescribed                                   
12 by law, and appropriations of money received from a non-State source in trust for a                                 
13 specific purpose [, INCLUDING REVENUES OF A PUBLIC ENTERPRISE OR                                                        
14 PUBLIC CORPORATION OF THE STATE THAT ISSUES REVENUE BONDS],                                                             
15 appropriations from the treasury made for a fiscal year shall not exceed an amount                                  
16 equal to a percentage of the average of the value of the real gross domestic                                        

01 product of the State reported by federal indices as prescribed by law for the five                                  
02 fiscal years immediately preceding the prior fiscal year. The percentage that                                       
03 applies to the calculation in this section shall be established by law except that the                              
04 percentage shall be not more than fourteen percent. The value of the real gross                                     
05 domestic product in this section shall not include expenditures for government                                      
06 spending [$2,500,000,000 BY MORE THAN THE CUMULATIVE CHANGE,                                                        
07 DERIVED FROM FEDERAL INDICES AS PRESCRIBED BY LAW, IN                                                                   
08 POPULATION AND INFLATION SINCE JULY 1, 1981. WITHIN THIS LIMIT,                                                         
09 AT LEAST ONE-THIRD SHALL BE RESERVED FOR CAPITAL PROJECTS                                                               
10 AND LOAN APPROPRIATIONS. THE LEGISLATURE MAY EXCEED THIS                                                                
11 LIMIT IN BILLS FOR APPROPRIATIONS TO THE ALASKA PERMANENT                                                               
12 FUND AND IN BILLS FOR APPROPRIATIONS FOR CAPITAL PROJECTS,                                                              
13 WHETHER OF BOND PROCEEDS OR OTHERWISE, IF EACH BILL IS                                                                  
14 APPROVED BY THE GOVERNOR, OR PASSED BY AFFIRMATIVE VOTE OF                                                              
15 THREE-FOURTHS OF THE MEMBERSHIP OF THE LEGISLATURE OVER A                                                               
16 VETO OR ITEM VETO, OR BECOMES LAW WITHOUT SIGNATURE, AND IS                                                             
17 ALSO APPROVED BY THE VOTERS AS PRESCRIBED BY LAW. EACH BILL                                                             
18 FOR APPROPRIATIONS FOR CAPITAL PROJECTS IN EXCESS OF THE LIMIT                                                          
19 SHALL BE CONFINED TO CAPITAL PROJECTS OF THE SAME TYPE, AND                                                             
20 THE VOTERS SHALL, AS PROVIDED BY LAW, BE INFORMED OF THE COST                                                           
21 OF OPERATIONS AND MAINTENANCE OF THE CAPITAL PROJECTS. NO                                                               
22 OTHER APPROPRIATION IN EXCESS OF THIS LIMIT MAY BE MADE                                                                 
23 EXCEPT TO MEET A STATE OF DISASTER DECLARED BY THE GOVERNOR                                                             
24 AS PRESCRIBED BY LAW. THE GOVERNOR SHALL CAUSE ANY                                                                      
25 UNEXPENDED AND UNAPPROPRIATED BALANCE TO BE INVESTED SO AS                                                              
26       TO YIELD COMPETITIVE MARKET RATES TO THE TREASURY].                                                             
27    * Sec. 2. Article IX, sec. 17(b), Constitution of the State of Alaska, is amended to read:                         
28 (b)  If the amount in the general fund available for appropriation for a fiscal                                     
29 year is less than the appropriation limit under Section 16 of this article [AMOUNT                                  
30 APPROPRIATED FOR THE PREVIOUS FISCAL YEAR], an appropriation may be                                                     
31 made from the budget reserve fund. However, the amount appropriated from the fund                                       

01 under this subsection [MAY NOT EXCEED THE AMOUNT NECESSARY], when                                                       
02 added to the amount in the general fund [OTHER FUNDS] available for                                                 
03 appropriation, may not exceed the appropriation limit under Section 16 of this                                      
04 article. For purposes of this subsection, the amount in the general fund available                                  
05 for appropriation does not include the exceptions to the appropriation limit set                                    
06 forth in Section 16 of this article [TO PROVIDE FOR TOTAL APPROPRIATIONS                                            
07 EQUAL TO THE AMOUNT OF APPROPRIATIONS MADE IN THE PREVIOUS                                                              
08       CALENDAR YEAR FOR THE PREVIOUS FISCAL YEAR].                                                                      
09    * Sec. 3. Article XV, Constitution of the State of Alaska, is amended by adding a new                              
10 section to read:                                                                                                        
11            Section 30. Application of Appropriation Limit. The 2022 amendment                                         
12       limiting appropriation increases applies to appropriations made for the fiscal year                               
13       ending June 30, 2024, and 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.