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AK SJR8

Joint Resolution

Status

Introduced

3/23/2011

Primary Sponsor

Lesil McGuire

Click for details

Origin

Senate

27th Legislature

AI Summary

  • Establishes a new gas revenue endowment fund as a separate state treasury fund to receive 25 percent of all mineral royalty proceeds and tax proceeds from natural gas produced on the North Slope.

  • Restricts appropriations from the gas revenue endowment fund to no more than 5 percent of the average market value of the fund calculated over a specified number of consecutive fiscal years.

  • Permits fund appropriations for energy infrastructure facilities including generation, transmission, development, transportation, conversion, or use of energy resources within Alaska.

  • Amends Article IX, Section 7 of the Alaska Constitution to allow dedicated funds for the new gas revenue endowment fund, in addition to existing dedicated fund provisions.

  • Requires voter approval at the next general election for the constitutional amendments in conformity with Article XIII, Section 1 of the Alaska Constitution.

Legislative Description

Const. Am: Gas Revenue Endowment Fund

Public Finance

Last Action

REFERRED TO RESOURCES

3/23/2011

Committee Referrals

Resources3/23/2011

Full Bill Text

No bill text available