CSHJR 31(STA): Proposing amendments to the Constitution of the State of Alaska relating to the Alaska permanent fund and to payments to certain state residents from the fund; and providing for an effective date.
00 CS FOR HOUSE JOINT RESOLUTION NO. 31(STA) 01 Proposing amendments to the Constitution of the State of Alaska relating to the Alaska 02 permanent fund and to payments to certain state residents from the fund; and providing 03 for an effective date. 04 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. Article IX, sec. 15, Constitution of the State of Alaska, is amended to read: 06 Section 15. Alaska Permanent Fund. (a) At least twenty-five per cent of all 07 mineral lease rentals, royalties, royalty sale proceeds, federal mineral revenue sharing 08 payments and bonuses received by the State shall be placed in a permanent fund. 09 Except as appropriated under (b) of this section, money in the permanent fund [, 10 THE PRINCIPAL OF WHICH] shall be used only for those income-producing 11 investments specifically designated by law as eligible for permanent fund investments. 12 [ALL INCOME FROM THE PERMANENT FUND SHALL BE DEPOSITED IN 13 THE GENERAL FUND UNLESS OTHERWISE PROVIDED BY LAW.] 14 * Sec. 2. Article IX, sec. 15, Constitution of the State of Alaska, is amended by adding a 15 new subsection to read:
01 (b) Appropriations from the permanent fund for a fiscal year may not exceed 02 five percent of the average of the market values of the fund on June 30 for the first 03 five of the six fiscal years immediately preceding that fiscal year. An appropriation 04 from the fund may be made for any public purpose except that it may not be used for 05 any program that provides dividends or other payments to all State residents. 06 * Sec. 3. Article XV, Constitution of the State of Alaska, is amended by adding a new 07 section to read: 08 Section 30. Payments From the Alaska Permanent Fund, Transition, 09 Effective Date. (a) Notwithstanding Section 15 of Article IX, each individual who is 10 eligible under State statute to receive a permanent fund dividend for the year 2004 11 shall receive from the State a payment of twenty thousand dollars in addition to that 12 dividend, unless a written rejection of the payment is provided to the State. Payments 13 under this subsection shall be distributed by April 1, 2005. All provisions of statute 14 and regulation that are both applicable to permanent fund dividends for 2004 and in 15 effect on January 1, 2004, apply to payments under this subsection except 16 (1) provisions of statute or regulation that relate to the amount of the 17 dividend and the date the dividend is paid; and 18 (2) AS 43.23.075 and 43.23.085, together with regulations that 19 implement those statutes. 20 (b) Income in any account of the permanent fund shall be used for payments 21 under (a) of this section. If income is not sufficient to fully fund all payments, the 22 additional amount required to fully fund the payments shall be withdrawn from the 23 principal of the Alaska permanent fund for that purpose. 24 (c) Section 15 of Article IX as it read on June 30, 2004, applies to 25 appropriations for fiscal year 2005. Notwithstanding Section 15(b) of Article IX, 26 appropriations from the permanent fund may not exceed the following amounts for the 27 following fiscal years: 28 (1) fiscal year 2006 - five percent of the market value of the fund on 29 June 30, 2005; 30 (2) fiscal year 2007 - five percent of the average of the market values 31 of the fund on June 30, 2005, and June 30, 2006;
01 (3) fiscal year 2008 - five percent of the average of the market values 02 of the fund on June 30, 2005, June 30, 2006, and June 30, 2007; 03 (4) fiscal year 2009 - five percent of the average of the market values 04 of the fund on June 30, 2005, June 30, 2006, June 30, 2007, and June 30, 2008; 05 (5) fiscal year 2010 - five percent of the average of the market values 06 of the fund on June 30, 2005, June 30, 2006, June 30, 2007, June 30, 2008, and 07 June 30, 2009. 08 (d) The 2004 amendments, that amend Section 15 of Article IX and add this 09 section to this article, take effect on the day after certification of the election returns 10 for the 2004 general election. 11 * Sec. 4. The amendments proposed by this resolution shall be placed before the voters of 12 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the 13 State of Alaska, and the election laws of the state.