INITIATIVE PETITION BILL LANGUAGE
by Petition Sponsors

Petition ID: 02PERM
AN INITIATIVE PROTECTING THE PERMANENT FUND DIVIDEND DISTRIBUTION FORMULA AND PROTECTING EARNINGS OF THE PERMANENT FUND

Posted 09/05/02

Proposed Bill:

AN INITIATIVE PROTECTING THE PERMANENT FUND DIVIDEND DISTRIBUTION FORMULA AND PROTECTING EARNINGS OF THE PERMANENT FUND

BE IT ENACTED BY THE PEOPLE OF THE STATE OF ALASKA:



     Section 1.
  The method of calculation of the permanent fund dividend as set forth in AS 37.13.140, AS 37.13.145, and AS 43.23.025, and any other related statutes and regulations, shall not be changed, nor may these statutes or regulations be changed, amended, or repealed, either directly or indirectly, without an affirmative vote of a majority of those voters of the State of Alaska voting on this question at a regular or special election.

     Section 2.  The statutes and regulations referenced in Section 1 above shall continue in full force and effect in the form that these statutes and regulations existed on July 1, 2002, unless they are amended or changed by a vote of the people as required in Section 1 above.

     Section 3.  No earnings of the permanent fund shall be used for general governmental purposes without an affirmative vote authorizing this use of a majority of those voters of the State of Alaska voting on this question at a regular or special election.

     Section 4.  The provisions of this Act are independent and severable, and if any provision of this Act, or the applicability of any provision to any person or circumstance, shall be held to be invalid by a court of competent jurisdiction, the remainder of this Act shall not be affected and shall be given effect to the fullest extent practicable.