00                       HOUSE JOINT RESOLUTION NO. 7                                                                     
01 Proposing amendments to the Constitution of the State of Alaska requiring payment of a                                  
02 dividend to eligible state residents.                                                                                   
03 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                               
04    * Section 1. Article IX, sec. 7, Constitution of the State of Alaska, is amended to read:                        
05 Section 7. Dedicated Funds. The proceeds of any state tax or license shall not                                        
06 be dedicated to any special purpose, except as provided in section 15(a) [15] of this                               
07 article, related to dedication of certain mineral revenue, and section 15(b) of this                                
08 article, related to the payment of dividends, or when required by the federal                                       
09 government for state participation in federal programs. This provision shall not                                        
10       prohibit the continuance of any dedication for special purposes existing on [UPON]                            
11       the date of ratification of this section by the people of Alaska.                                               
12    * Sec. 2. Article IX, sec. 13, Constitution of the State of Alaska, is amended to read:                            
13 Section 13. Expenditures. Except as provided in section 15(b) of this                                             
14 article, for the payment of dividends, no [NO] money shall be withdrawn from the                                    
15 treasury except in accordance with appropriations made by law. No obligation for the                                    
16 payment of money shall be incurred except as authorized by law. Unobligated                                             

01 appropriations outstanding at the end of the period of time specified by law shall be                                   
02       void.                                                                                                             
03    * Sec. 3. Article IX, sec. 15, Constitution of the State of Alaska, is amended to read:                            
04 Section 15. Alaska Permanent Fund. (a) At least twenty-five percent of all                                        
05 mineral lease rentals, royalties, royalty sale proceeds, federal mineral revenue sharing                                
06 payments and bonuses received by the State shall be placed in a permanent fund, the                                     
07 principal of which shall be used only for those income-producing investments                                            
08 specifically designated by law as eligible for permanent fund investments. [ALL                                         
09 INCOME FROM THE PERMANENT FUND SHALL BE DEPOSITED IN THE                                                                
10       GENERAL FUND UNLESS OTHERWISE PROVIDED BY LAW.]                                                                 
11    * Sec. 4. Article IX, sec. 15, Constitution of the State of Alaska, is amended by adding a                         
12 new subsection to read:                                                                                                 
13 (b)  Each fiscal year, without appropriation, the State shall pay a dividend from                                       
14 the income of the permanent fund to eligible residents of the State, according to a                                     
15 formula set out in law. After the payment of dividends, the remainder of the income of                                  
16       the permanent fund shall be deposited in the general fund.                                                        
17    * Sec. 5. Article XV, Constitution of the State of Alaska, is amended by adding a new                              
18 section to read:                                                                                                        
19 Section 30. Dividend Amendment: Transition. (a) The 2024 amendment                                                    
20 relating to a dividend for state residents (art. IX, sec. 15) applies to payments and                                   
21       deposits made for the fiscal year ending June 30, 2026, and thereafter.                                           
22    * Sec. 6. The amendments proposed by this resolution shall be placed before the voters of                          
23 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the                        
24 State of Alaska, and the election laws of the state.