Bill > SJR23

This resolution proposes amendments to the Alaska Constitution to formally establish the Alaska Permanent Fund, which receives at least 25% of state revenue from mineral leases, royalties, and federal mineral payments. It clarifies that the principal of the fund is to be used for income-producing investments, and all income generated is to be retained and added to the principal, unless otherwise provided by law. Crucially, the resolution mandates that 50% of the total amount authorized for withdrawal from the fund each year, which cannot exceed 5% of its average market value over the preceding six years, must be distributed as dividends to eligible Alaska residents without requiring a separate legislative appropriation. The remaining 50% of the authorized withdrawal, along with funds for investment management costs, can be appropriated by the legislature for government operations. The amendments also include provisions for transferring the earnings reserve account to the fund's principal by June 30, 2027, and specify that these changes will apply to fiscal year 2028 and beyond, with the proposed amendments to be voted on by the public in the next general election.

Budget and Finance

Rules (Senate)

https://www.akleg.gov/basis/Bill/Detail/34?Root=SJR23