32-GS1694\W32-GS1694\A CS FOR SENATE JOINT RESOLUTION NO.

6(JUD)6 IN THE LEGISLATURE OF THE STATE OF ALASKA THIRTY-SECOND LEGISLATURE - FIRST SESSION BY THE SENATE JUDICIARYRULES COMMITTEE Referred:BY REQUEST OF THE GOVERNOR Introduced:

Finance1/22/21 Sponsor(s):Referred:

SENATEState RULESAffairs, COMMITTEEJudiciary, BYFinance REQUEST OF THE GOVERNOR A RESOLUTION Proposing amendments to the Constitution of the State of Alaska relating to the Alaska permanent fund, appropriations from the permanent fund, and the permanent fund dividend,dividend. and power cost equalization.

Except as provided in (b)(b), -(c) (f)and (d) of this section, all [ALL] income from the permanent fund shall be retained [DEPOSITED] in the [GENERAL] fund [UNLESS OTHERWISE PROVIDED BY LAW].

SJR006BSJR006A -1- CSSJRSJR 6(JUD)6 New Text Underlined [DELETED TEXT BRACKETED] 32-GS1694\W32-GS1694\A (b) Each fiscal year, the legislature shallmay appropriate from the permanent fund notto morethe thangeneral fivefund percentan amount as provided by law setting forth a percentage of the average fiscal-year-end market value of the permanent fund for the first five of the preceding six fiscal years, including the fiscal year just ended.

(c) NotwithstandingEach Section 13 of this article, each fiscal year, ana amountportion equal to fifty percent of the maximum amount availableappropriated for appropriation under (b) of this section shall be transferredallocated for dividend payments to residents of the State.State as provided by law.

NotwithstandingA Sectionlaw 15that ofchanges Articlethe II,amount theallocated governorfor maydividend notpayments vetomust orbe reduceapproved aby transferthe madevoters of the State under (d) of this section.

(d) EachNotwithstanding fiscalSection year,18 theof legislatureArticle shallII, appropriate a portionlaw enacted under Sections 14 - 17 of Article II that would amend the amount appropriatedallocated for dividend payments to residents of the State under (b)(c) of this section forshall powernot costtake equalization.effect unless approved by the voters of the State in the next statewide election held more than one hundred twenty days after enactment of the law.

The amountlieutenant appropriatedgovernor shall beprepare thea amountballot necessarytitle toand equalizeproposition thesummarizing cost of power in the State,law accordingand toshall Stateplace law,it buton may not exceed fifty percent of the amountballot. appropriated under (b) of this section.

(e)If Eacha fiscalmajority year,of the legislaturevotes maycast appropriateon thatthe portionproposition offavor its adoption, it shall become effective on the amountlater appropriatedof underninety (b)days after the certification of thisthe sectionelection remainingreturns afterby the appropriationslieutenant undergovernor (c)or andan (d)effective ofdate thisprovided sectionfor toby concurrence of two-thirds of the generalmembership fund.of each house.

(f)If Thea permanentmajority fundof mayvotes becast usedon tothe payproposition costsfavor associatedits withrejection, investmentsthe madelaw underis (a)rejected ofand thisdoes section.not take effect.

(a) On June 30, 2023, the unencumbered balance of the earnings reserve account established by law shall be deposited in the Alaska permanent fund and become part of the principal of the fund.

(b) OnThe June2022 30,amendments 2023,relating theto unencumbered balance of the power cost equalization endowment fund established by law shall be deposited in the Alaska permanent fund.fund (art.

(c) The 2022 amendments relating to the Alaska permanent fund (art.

(c) For purposes of the 2022 amendments to Section 15 of Article IX, the law governing the percentage of the average fiscal-year-end market value of the permanent fund that may be appropriated from the permanent fund to the general fund under SJR 6 -2- SJR006A New Text Underlined [DELETED TEXT BRACKETED] 32-GS1694\A Section 15(b) of Article IX is a law setting forth the percentage of the average fiscal- year-end market value of the permanent fund that may be appropriated to the general fund at the time of adoption of the 2022 amendments to Section 15(b) of Article IX and that is not a law that is enacted as an appropriation bill.

(d) For purposes of the 2022 amendments to Section 15 of Article IX, the law governing the amount allocated for dividend payments to residents of the State under Section 15(c) of Article IX is the law setting forth the allocation for dividend payments at the time of adoption of the 2022 amendments to Section 15(c) of Article IX and that is not a law that is enacted as an appropriation bill, subject to the enactment of a law amending the law regarding dividend payments in accordance with the requirements of Section 15(d) of Article IX.

The amendments proposed by this resolution shall be placed before the voters of CSSJR 6(JUD) -2- SJR006B New Text Underlined [DELETED TEXT BRACKETED] 32-GS1694\W the state at the next general election in conformity with art.

SJR006BSJR006A -3- CSSJRSJR 6(JUD)6 New Text Underlined [DELETED TEXT BRACKETED]