Bill > HJR10

This joint resolution proposes constitutional amendments to the Alaska Permanent Fund, which is a state-owned investment fund primarily funded by oil and mineral revenues. The resolution would modify how the fund's earnings can be used, allowing the legislature to annually appropriate up to 5% of the fund's average market value from the preceding six fiscal years to the general fund. Additionally, the legislature would be permitted to appropriate funds to cover investment management costs. The resolution also specifies that at least 25% of mineral lease revenues must continue to be deposited into the Permanent Fund, which can only be invested in income-producing investments. A key transition provision stipulates that on June 30, 2027, the unencumbered balance of the earnings reserve account will be deposited into the Permanent Fund's principal. The proposed amendments would take effect for fiscal years beginning June 30, 2028, and would be placed before voters at the next general election for approval, in accordance with Alaska's constitutional requirements for amending the state constitution.

Budget and Finance, Government Affairs

https://www.akleg.gov/basis/Bill/Detail/34?Root=HJR10