Section 2 Constitution

(a) The money derived by the state from the disposition, by the state or the United States, and from the taxation of the production, of minerals, including oil and natural gas, shall constitute the Alaska Permanent Fund.

(b) Money in the fund shall be invested and reinvested, for income and capital gains, in accordance with restrictions, prescribed by law, that emphasize preservation of the fund's assets. No investment shall be made in the obligations, properties and enterprises of the state.

(c) No money, or other asset, shall be removed from the fund, except that in each fiscal year a noncumulative amount of money that does not exceed 4.60 percent of the average nominal market value of the fund's net assets at the end of each of the first six of the seven fiscal years immediately preceding may be removed to provide the state with revenue.

(d) This section shall become effective at the beginning of fiscal year 2010.

(a) The percentage prescribed in Article IX, Section 15, as amended in 2008, for determining the amount of money that may be removed from the Alaska Permanent Fund, shall not apply until fiscal year 2019. The percentage shall be 8.19 in fiscal year 2010 and, in each intermediate fiscal year, 0.938 times the percentage in the immediately preceding fiscal year.

(b) The assets of the Alaska Permanent Fund immediately before the effective date of the amendment of Article IX, Section 15 in 2008, shall continue as assets of the fund.

(c) This section shall become effective at the beginning of fiscal year 2010.

(a) The assets and liabilities of the Budget Reserve Fund, except the asset created by Article IX, Section 17(d), shall be transferred to the Alaska Permanent Fund.

(b) Article IX, Section 17 is repealed, and the Budget Reserve Fund is terminated.

(c) This section shall become effective at the beginning of fiscal year 2010.