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SENATE JOINT RESOLUTION NO. 14
IN THE LEGISLATURE OF THE STATE OF ALASKA
THIRTY-FOURTH LEGISLATURE - FIRST SESSION
BY THE SENATE FINANCE COMMITTEE
Introduced: 3/6/25
Referred: Finance
A RESOLUTION
Proposing amendments to the Constitution of the State of Alaska relating to the Alaska 1
permanent fund and to appropriations from the Alaska permanent fund. 2
BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA: 3
* Section 1. Article IX, sec. 15, Constitution of the State of Alaska, is amended to read: 4
Section 15. Alaska Permanent Fund. (a) At least twenty-five percent of all
5
mineral lease rentals, royalties, royalty sale proceeds, federal mineral revenue sharing 6
payments and bonuses received by the State shall be placed in a permanent fund. 7
Except as provided in (b) of this section, the fund [, THE PRINCIPAL OF 8
WHICH] shall be used only for [THOSE] income-producing investments specifically 9
designated by law as eligible for permanent fund investments. All income from the 10
permanent fund shall be retained [DEPOSITED] in the [GENERAL] fund [UNLESS 11
OTHERWISE PROVIDED BY LAW]. 12
* Sec. 2. Article IX, sec. 15, Constitution of the State of Alaska, is amended by adding a 13
new subsection to read: 14
(b) Each fiscal year, the legislature may appropriate from the permanent fund 15
to the general fund an amount that is not more than five percent of the average fiscal-16 34-LS0712\A
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year-end market value of the permanent fund for the first five of the preceding six 1
fiscal years, including the fiscal year just ended. Each fiscal year, the legislature may 2
also appropriate from the permanent fund an amount to pay costs associated with 3
investments made under (a) of this section, including operating expenditures 4
associated with managing the fund. 5
* Sec. 3. Article XV, Constitution of the State of Alaska, is amended by adding a new 6
section to read: 7
Section 30. Permanent Fund Amendments: Transition. (a) On June 30, 8
2027, the unencumbered balance of the earnings reserve account established by law 9
shall be deposited in the Alaska permanent fund and become part of the principal of 10
the fund. 11
(b) The 2026 amendments relating to the Alaska permanent fund (art. IX, sec. 12
15) apply to appropriations made for the fiscal year ending June 30, 2028, and 13
thereafter. 14
* Sec. 4. 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. 17