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AK HJR6

Joint Resolution

Official Source

Status

Introduced

1/20/2009

Primary Sponsor

Michael Hawker

Click for details

Origin

House of Representatives

26th Legislature

AI Summary

  • Establishes a gas revenue endowment fund as a separate fund in the state treasury for natural gas revenues from the North Slope
  • Requires all mineral royalty proceeds and tax proceeds from North Slope natural gas production to be deposited into the gas revenue endowment fund
  • Limits annual appropriations from the fund to five percent of the average market value of the fund calculated over a specified number of consecutive fiscal years
  • Restricts fund use to income-producing investments designated by law, with appropriations allowed only for public purposes and not for dividends to residents except those based on financial need
  • Requires voter approval through a constitutional amendment at the next general election

Legislative Description

Const Am: Gas Revenue Endowment Fund

Public Finance

Last Action

REFERRED TO STATE AFFAIRS

1/20/2009

Committee Referrals

State Affairs1/20/2009

Full Bill Text

No bill text available