00                      SENATE JOINT RESOLUTION NO. 1                                                                     
01 Proposing amendments to the Constitution of the State of Alaska relating to the Alaska                                  
02 permanent fund and appropriations from the Alaska permanent fund.                                                       
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,                                         
08 [THE PRINCIPAL OF] which shall be used [ONLY] for [THOSE] income-producing                                              
09 investments specifically designated by law as eligible for permanent fund investments.                                  
10       Except as provided in (c) and (d) of this section, the principal and all [ALL]                                
11       income from the permanent fund shall be retained [DEPOSITED] in the [GENERAL]                                 
12       fund [UNLESS OTHERWISE PROVIDED BY LAW].                                                                          
13    * Sec. 2. Article IX, sec. 15, Constitution of the State of Alaska, is amended by adding new                       
14 subsections to read:                                                                                                    
15            (b)  At the end of each fiscal year, the following shall be determined as                                    
16       provided by law:                                                                                                  

01 (1)  five percent of the average market value of the fund for the first                                                 
02 five of the preceding six fiscal years, including the fiscal year just ended, including                                 
03       any unrealized gains or losses;                                                                                   
04 (2)  twenty-one percent of the net income of the fund for the preceding                                                 
05 five fiscal years, including the fiscal year just ended, excluding any unrealized gains or                              
06       losses.                                                                                                           
07 (c)  Each year, fifty percent of the amount determined under (b)(1) of this                                             
08 section, or fifty percent of the amount determined under (b)(2) of this section,                                        
09 whichever is greater, shall be transferred from the permanent fund for use in a                                         
10       program of dividend payments to State residents as provided by law.                                               
11 (d)  After the transfer in (c) of this section, the remainder of the amount                                             
12 calculated under (b)(1) of this section may be appropriated from the permanent fund to                                  
13       the general fund for the costs and expenses of State government.                                                  
14    * Sec. 3. Article XV, Constitution of the State of Alaska, is amended by adding a new                              
15 section to read:                                                                                                        
16 Section 30. Permanent Fund Amendments: Transition. (a) On June 30,                                                    
17 2025, the unencumbered balance of the earnings reserve account established by law                                       
18 shall be deposited in the Alaska permanent fund and become part of the principal of                                     
19       the fund.                                                                                                         
20 (b)  The 2024 amendments relating to the Alaska permanent fund (art. IX, sec.                                           
21 15) apply to appropriations made for the fiscal year ending June 30, 2026, and                                          
22       thereafter.                                                                                                       
23    * Sec. 4. The amendments proposed by this resolution shall be placed before the voters of                          
24 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the                        
25 State of Alaska, and the election laws of the state.