SJR 23: Proposing amendments to the Constitution of the State of Alaska relating to the Alaska permanent fund; relating to appropriations from the Alaska permanent fund; relating to transfers out of the Alaska permanent fund; and requiring payment of a dividend to eligible state residents.
00 SENATE JOINT RESOLUTION NO. 23 01 Proposing amendments to the Constitution of the State of Alaska relating to the Alaska 02 permanent fund; relating to appropriations from the Alaska permanent fund; relating 03 to transfers out of the Alaska permanent fund; and requiring payment of a dividend to 04 eligible state residents. 05 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA: 06 * Section 1. Article IX, sec. 7, Constitution of the State of Alaska, is amended to read: 07 Section 7. Dedicated Funds. The proceeds of any state tax or license shall not 08 be dedicated to any special purpose, except as provided in section 15 of this article, 09 relating to the Alaska permanent fund and the payment of dividends, or when 10 required by the federal government for state participation in federal programs. This 11 provision shall not prohibit the continuance of any dedication for special purposes 12 existing upon the date of ratification of this section by the people of Alaska. 13 * Sec. 2. Article IX, sec. 13, Constitution of the State of Alaska, is amended to read: 14 Section 13. Expenditures. Except as provided in section 15 of this article,
01 no [NO] money shall be withdrawn from the treasury except in accordance with 02 appropriations made by law. The payment of dividends under section 15 of this 03 article shall be made without appropriation. No obligation for the payment of 04 money shall be incurred except as authorized by law. Unobligated appropriations 05 outstanding at the end of the 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. 10 Except as provided in (b) of this section, the principal of the fund [, THE 11 PRINCIPAL OF WHICH] shall be used only for [THOSE] income-producing 12 investments specifically designated by law as eligible for permanent fund investments. 13 All income from the permanent fund shall be retained [DEPOSITED] in the 14 [GENERAL] fund and added to the principal of the fund [UNLESS OTHERWISE 15 PROVIDED BY LAW]. 16 * Sec. 4. Article IX, sec. 15, Constitution of the State of Alaska, is amended by adding new 17 subsections to read: 18 (b) Each fiscal year, the legislature may provide by law for the total amount 19 authorized for withdrawal from the Alaska permanent fund. The total amount 20 authorized for withdrawal may not exceed five percent of the average fiscal-year-end 21 market value of the fund for the first five of the preceding six fiscal years. 22 (c) Fifty percent of the amount authorized for withdrawal under (b) of this 23 section shall, without appropriation, be distributed to eligible residents of the State as 24 dividends. The remaining amount appropriated under (b) of this section may be used 25 for the operations of government. 26 (d) Each fiscal year, the legislature may also appropriate from the Alaska 27 permanent fund an amount to pay costs associated with investments made under (a) of 28 this section, including operating expenditures associated with managing the fund. 29 * Sec. 5. Article XV, Constitution of the State of Alaska, is amended by adding a new 30 section to read: 31 Section 30. Permanent Fund Amendments: Transition. (a) On June 30,
01 2027, the unencumbered balance of the earnings reserve account established by law 02 shall be deposited in the Alaska permanent fund and become part of the principal of 03 the fund. 04 (b) The 2026 amendments relating to the Alaska permanent fund (art. IX, sec. 05 15) apply to withdrawals, appropriations, and distributions made for the fiscal year 06 ending June 30, 2028, and thereafter. 07 * Sec. 6. The amendments proposed by this resolution shall be placed before the voters of 08 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the 09 State of Alaska, and the election laws of the state.