AK HJR42

Amends Article IX, Section 7 of Alaska Constitution to allow state fuel taxes and motor vehicle registration fees to be dedicated to a special purpose, specifically creating a Transportation Infrastructure Fund exception to the general prohibition on dedicated taxes.

Establishes a Transportation Infrastructure Fund receiving revenue after July 1, 2011, from state taxes on fuel for motor vehicles, aircraft, and watercraft (less refunds, credits, and collection costs) and motor vehicle registration fees, excluding special registration fees.

Requires the fund to be managed as an endowment with the legislature authorized to appropriate additional amounts and to annually allocate a percentage of fuel taxes, registration fees, and the fund's average market value for capital transportation projects and motor vehicle licensing and registration costs.

Directs the legislature to establish by law the management and investment procedures for the fund balance, with all income earned from the fund deposited back into it.

Places the proposed constitutional amendments before voters at the next general election in accordance with Alaska election law.