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HOUSE CONCURRENT RESOLUTION NO. 10
IN THE LEGISLATURE OF THE STATE OF ALASKA
THIRTY-FIRST LEGISLATURE - FIRST SESSION
BY THE HOUSE RULES COMMITTEE
Introduced: 5/15/19
Referred: Today's Calendar
A RESOLUTION
1 Relating to the earnings of the Alaska permanent fund; establishing a bicameral
2 legislative working group on the use of earnings of the Alaska permanent fund; and
3 relating to a special session for the sole purpose of deliberating the issues surrounding
4 the use of the earnings of the Alaska permanent fund.
5 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA:
6 WHEREAS the Alaska permanent fund is a sovereign wealth fund unique in the
7 United States and critically important to the citizens of the state; and
8 WHEREAS, for more than 30 years, the earnings of the Alaska permanent fund have
9 primarily been used for the disbursement of dividends to the citizens of the state and for
10 inflation proofing the principal of the fund; and
11 WHEREAS, because of the declining oil revenue of the state, and in pursuit of the
12 diversification of the state's revenue sources, a portion of the earnings of the Alaska
13 permanent fund is currently being used to fund essential public services; and
14 WHEREAS the Alaska State Legislature supports the objective of the managers of
15 the Alaska Permanent Fund Corporation to meet their fiduciary responsibility to grow the
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1 Alaska permanent fund and supports a sustainable permanent fund dividend in perpetuity; and
2 WHEREAS the debate over the future use of the earnings of the Alaska permanent
3 fund and the formula for the calculation of the permanent fund dividend requires the
4 undivided attention of the Alaska State Legislature in a manner only a special session can
5 facilitate; and
6 WHEREAS that debate involves unresolved issues, including the division of an
7 annual draw on the earnings of the Alaska permanent fund, the transfer of funds from the
8 earnings reserve account in the Alaska permanent fund to the constitutionally protected
9 principal of the Alaska permanent fund, and whether the earnings of the Alaska permanent
10 fund should be contained in a separate fund; and
11 WHEREAS the Alaska State Legislature recognizes that, in finding a long-term fiscal
12 solution for the state, the resolution of issues surrounding the future use of the earnings of the
13 Alaska permanent fund is paramount;
14 BE IT RESOLVED that a bicameral legislative working group is established to
15 review the use of the earnings of the Alaska permanent fund; and be it
16 FURTHER RESOLVED that the working group will consist of four members from
17 the House of Representatives and four members from the Senate appointed by the presiding
18 officer of each house and will include minority caucus representation from each body; and be
19 it
20 FURTHER RESOLVED that the working group will meet and provide policy
21 recommendations on the future use of the earnings of the Alaska permanent fund to the
22 Alaska State Legislature during a 2019 special session; and be it
23 FURTHER RESOLVED that the Alaska State Legislature will call itself into a
24 special session at a time and date to be determined for the sole purpose of deliberating the
25 issues surrounding the use of the earnings of the Alaska permanent fund.
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