21st Legislature(1999-2000)

Bill Text 21st Legislature

00 SENATE JOINT RESOLUTION NO. 33                                                                                        
01 Proposing amendments to the Constitution of the State of Alaska relating to the                                         
02 permanent fund and to payments to certain state residents from the permanent                                            
03 fund.                                                                                                                   
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.  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, the                                     
09 principal of which shall be used only for those income-producing investments                                            
10 specifically designated by law as eligible for permanent fund investments. All  realized                              
11 income from the permanent fund shall be deposited in the general fund  and may be
12 used for any public purpose except that the income may not be used for any                                              
13 program that provides dividends or other payments to all State residents                                               
14 [UNLESS OTHERWISE PROVIDED BY LAW].                                                                                     
01    * Sec. 2.  Article XV, Constitution of the State of Alaska, is amended by adding a new                             
02 section to read:                                                                                                        
03            Section 30.  Payments From the Alaska Permanent Fund.  Notwithstanding                                              
04 Section 15 of Article IX, each individual who is eligible to receive a permanent fund                                   
05 dividend for the year 2001 under State statute shall receive from the State a payment                                   
06 of twenty-five thousand dollars in lieu of that dividend. All provisions of statute and                                 
07 regulation applicable to permanent fund dividends for 2001 in effect on January 1,                                      
08 2001, apply to payments under this section except provisions that relate to the amount                                  
09 of the dividend.  Income of the Alaska permanent fund that is in any account in the                                     
10 Alaska permanent fund shall be used for payments under this section.  If income is not                                  
11 sufficient to fully fund all payments under this section, the additional amount necessary                               
12 to fully fund the payments shall be withdrawn from the principal of the permanent                                       
13 fund for that purpose.                                                                                                  
14    * Sec. 3.  The amendments proposed by this resolution shall be placed before the voters of                         
15 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the                        
16 State of Alaska, and the election laws of the state.