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AK SJR8
Joint Resolution
AI Summary
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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.
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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.
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Permits fund appropriations for energy infrastructure facilities including generation, transmission, development, transportation, conversion, or use of energy resources within Alaska.
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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.
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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