News From Senator Rick Halford

Wendy Lindskoog, Senate Majority Press Secretary
State Capitol
Juneau, AK 99801-1182
Phone: 907/465-4582
http://www.akrepublicans.org
Broadcast Actualities: 800/478-6540

For Immediate Release: February 26, 1997 Contact: Senator Rick Halford 907/465-4958

Senator Rick Halford Announces the Republican-led Majority’s Commitment to Protect the Integrity of the Permanent Fund

Juneau -- Marking the 20th anniversary of the first deposit of oil revenues into the Permanent Fund, Senator Rick Halford announced Wednesday the Republican-led Majority’s ongoing commitment to protect the integrity of the Permanent Fund for future generations of Alaskans.

Senator Halford noted that since the Permanent Fund’s inception in 1976, the Alaska State Legislature has contributed to its rapid growth by depositing $5.8 billion in special legislative appropriations back into the principal of the Fund.

"As we reflect on our accomplishments in the Legislature over the years, we can be proud we passed on a substantial portion of our one-time oil wealth to our children and our children’s children."

Halford noted that the Permanent Fund Dividend program, which has poured billions into the Alaska economy, is the most egalitarian program the nation has ever witnessed.

"The dividend payments have benefited all Alaskans, regardless of age, gender, economic status or region of the state one calls home," said Halford. "Last year alone, the dividend put $613 million into our resident’s hands and our state’s economy."

"Through responsible resource development, sound financial management, strong leadership and most importantly, through the commitment of Alaskans to maintain the integrity of the Fund, together we have built a significant financial trust for generations to come," Halford said.

Over the last twenty years, Alaska’s "savings account" has grown to 20 billion dollars and paid out $5.8 billion in dividends. The total amount deposited into the Permanent Fund since 1978 has been $16.142 Billion. The breakdown of deposits follow:

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