| 1 | 1 | | |
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| 2 | 2 | | HJR010a -1- HJR 10 |
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| 3 | 3 | | New Text Underlined [DELETED TEXT BRACKETED] |
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| 4 | 4 | | |
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| 5 | 5 | | 34-LS0648\A |
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| 11 | 11 | | HOUSE JOINT RESOLUTION NO. 10 |
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| 12 | 12 | | |
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| 13 | 13 | | IN THE LEGISLATURE OF THE STATE OF ALASKA |
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| 14 | 14 | | |
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| 15 | 15 | | THIRTY-FOURTH LEGISLATURE - FIRST SESSION |
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| 16 | 16 | | |
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| 17 | 17 | | BY REPRESENTATIVES SCHRAGE, Fields |
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| 18 | 18 | | |
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| 19 | 19 | | Introduced: 2/21/25 |
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| 20 | 20 | | Referred: State Affairs, Judiciary, Finance |
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| 21 | 21 | | |
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| 22 | 22 | | |
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| 23 | 23 | | A RESOLUTION |
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| 24 | 24 | | |
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| 25 | 25 | | Proposing amendments to the Constitution of the State of Alaska relating to the Alaska 1 |
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| 26 | 26 | | permanent fund and to appropriations from the Alaska permanent fund. 2 |
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| 27 | 27 | | BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA: 3 |
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| 28 | 28 | | * Section 1. Article IX, sec. 15, Constitution of the State of Alaska, is amended to read: 4 |
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| 29 | 29 | | Section 15. Alaska Permanent Fund. (a) At least twenty-five percent of all |
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| 30 | 30 | | 5 |
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| 31 | 31 | | mineral lease rentals, royalties, royalty sale proceeds, federal mineral revenue sharing 6 |
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| 32 | 32 | | payments and bonuses received by the State shall be placed in a permanent fund. 7 |
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| 33 | 33 | | Except as provided in (b) of this section, the fund [, THE PRINCIPAL OF 8 |
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| 34 | 34 | | WHICH] shall be used only for [THOSE] income-producing investments specifically 9 |
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| 35 | 35 | | designated by law as eligible for permanent fund investments. All income from the 10 |
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| 36 | 36 | | permanent fund shall be retained [DEPOSITED] in the [GENERAL] fund [UNLESS 11 |
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| 37 | 37 | | OTHERWISE PROVIDED BY LAW]. 12 |
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| 38 | 38 | | * Sec. 2. Article IX, sec. 15, Constitution of the State of Alaska, is amended by adding a 13 |
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| 39 | 39 | | new subsection to read: 14 |
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| 40 | 40 | | (b) Each fiscal year, the legislature may appropriate from the permanent fund 15 |
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| 41 | 41 | | to the general fund an amount that is not more than five percent of the average fiscal-16 34-LS0648\A |
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| 42 | 42 | | HJR 10 -2- HJR010a |
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| 43 | 43 | | New Text Underlined [DELETED TEXT BRACKETED] |
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| 44 | 44 | | |
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| 45 | 45 | | year-end market value of the permanent fund for the first five of the preceding six 1 |
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| 46 | 46 | | fiscal years, including the fiscal year just ended. Each fiscal year, the legislature may 2 |
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| 47 | 47 | | also appropriate from the permanent fund an amount to pay costs associated with 3 |
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| 48 | 48 | | investments made under (a) of this section, including operating expenditures 4 |
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| 49 | 49 | | associated with managing the fund. 5 |
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| 50 | 50 | | * Sec. 3. Article XV, Constitution of the State of Alaska, is amended by adding a new 6 |
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| 51 | 51 | | section to read: 7 |
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| 52 | 52 | | Section 30. Permanent Fund Amendments: Transition. (a) On June 30, 8 |
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| 53 | 53 | | 2027, the unencumbered balance of the earnings reserve account established by law 9 |
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| 54 | 54 | | shall be deposited in the Alaska permanent fund and become part of the principal of 10 |
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| 55 | 55 | | the fund. 11 |
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| 56 | 56 | | (b) The 2026 amendments relating to the Alaska permanent fund (art. IX, sec. 12 |
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| 57 | 57 | | 15) apply to appropriations made for the fiscal year ending June 30, 2028, and 13 |
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| 58 | 58 | | thereafter. 14 |
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| 59 | 59 | | * Sec. 4. The amendments proposed by this resolution shall be placed before the voters of 15 |
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| 60 | 60 | | the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the 16 |
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| 61 | 61 | | State of Alaska, and the election laws of the state. 17 |
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