Permanent fund proposals last week

Posted: Sunday, February 29, 2004

Permanent fund proposals in the House last week

• Constitutional protection: House Joint Resolution 3 Sponsors: Rep. Eric Croft, D-Anchorage; Rep. Harry Crawford, D-Anchorage. The proposal would constitutionally protect the dividend formula of the permanent fund and requires a 60 percent vote of the people to allow government spending of the fund's earnings. *Requires a constitutional amendment.

• Municipal dividend: House Bill 431 Sponsor: Carl Moses, D-Unalaska The proposal would pay dividends, inflation-proof the permanent fund and provide $157 million annually to municipalities across the state. *Does not require a constitutional amendment.

Permanent fund proposals in the Senate last week

• Constitutional protection: Senate Joint Resolution 19 Sponsors: Sen. Georgianna Lincoln, D-Rampart, and Sen. Johnny Ellis, D-Anchorage The proposal would constitutionally protect the dividend formula of the permanent fund and requires inflation-proofing of the fund. *Requires a constitutional amendment.

• Constitutional protection: Senate Joint Resolution 24 Sponsor: Sen. Scott Ogan, R-Palmer, Sen. Lyda Green, R-Wasilla, Sen. Tom Wagoner, R-Kenai The proposal would constitutionally protect dividends but is contingent on implementation of a state spending cap. *Requires a constitutional amendment.

• Percent of market value: Senate Joint Resolution 18 Sponsor: Senate Rules Committee The percent-of-market-value proposal would change the permanent fund dividend to an endowment, cap spending at 5 percent of the entire value of the fund and inflation-proof the entire fund. *Requires a constitutional amendment.

• Permanent fund for state government: Senate Joint Resolution 32 Sponsor: Sen. Kim Elton, D-Juneau The proposal would send at least 80 percent of the earnings of the permanent fund to dividends and 20 percent of state government. *Requires a constitutional amendment.



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