CSHJR 7(W&M): Proposing amendments to the Constitution of the State of Alaska relating to the permanent fund, relating to transfers out of the permanent fund, and requiring payment of a dividend to eligible state residents.
00 CS FOR HOUSE JOINT RESOLUTION NO. 7(W&M) 01 Proposing amendments to the Constitution of the State of Alaska relating to the 02 permanent fund, relating to transfers out of the permanent fund, and requiring payment 03 of a dividend to eligible state residents. 04 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. Article IX, sec. 7, Constitution of the State of Alaska, is amended to read: 06 Section 7. Dedicated Funds. The proceeds of any state tax or license shall not 07 be dedicated to any special purpose, except as provided in section 15(a) [15] of this 08 article, related to transfers out of the permanent fund and dedication of certain 09 mineral revenue, and section 15(b) of this article, related to the payment of 10 dividends, or when required by the federal government for state participation in 11 federal programs. This provision shall not prohibit the continuance of any dedication 12 for special purposes existing on [UPON] the date of ratification of this section by the 13 people of Alaska. 14 * Sec. 2. Article IX, sec. 13, Constitution of the State of Alaska, is amended to read: 15 Section 13. Expenditures. Except as provided in section 15(b) of this
01 article, for transfers out of the permanent fund and the payment of dividends, no 02 [NO] money shall be withdrawn from the treasury except in accordance with 03 appropriations made by law. No obligation for the payment of money shall be incurred 04 except as authorized by law. Unobligated appropriations outstanding at the end of the 05 period of time specified by law shall be void. 06 * Sec. 3. Article IX, sec. 15, Constitution of the State of Alaska, is amended to read: 07 Section 15. Alaska Permanent Fund. (a) At least twenty-five percent of all 08 mineral lease rentals, royalties, royalty sale proceeds, federal mineral revenue sharing 09 payments and bonuses received by the State shall be placed in a permanent fund, the 10 principal of which shall be used only for those income-producing investments 11 specifically designated by law as eligible for permanent fund investments. All income 12 from the permanent fund shall be deposited in an earnings reserve account in the 13 fund [THE GENERAL FUND UNLESS OTHERWISE PROVIDED BY LAW]. 14 * Sec. 4. Article IX, sec. 15, Constitution of the State of Alaska, is amended by adding a 15 new subsection to read: 16 (b) Each fiscal year, without appropriation, an amount determined by a 17 formula set out in law shall be transferred from the earnings reserve account in the 18 permanent fund to the general fund. The amount transferred from the earnings reserve 19 account shall not exceed the balance of the earnings reserve account. Each fiscal year, 20 without appropriation, the State shall, according to a formula set out in law, pay a 21 dividend to eligible residents of the State from the amount deposited into the general 22 fund under this subsection. 23 * Sec. 5. Article XV, Constitution of the State of Alaska, is amended by adding a new 24 section to read: 25 Section 30. Dividend Amendment: Transition. (a) The 2024 amendment 26 relating to a dividend for state residents (art. IX, sec. 15) applies to payments and 27 transfers made for the fiscal year ending June 30, 2026, and thereafter. 28 (b) On June 30, 2025, the unencumbered balance of the earnings reserve 29 account established by law shall be deposited in the earnings reserve account 30 established in the Alaska permanent fund. 31 * Sec. 6. 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.