Sectional Analysis for HJR 60

"Proposing amendments to the Constitution of the State of Alaska relating to the community dividend fund, the permanent fund and the budget reserve fund"

Section 1: Establishes a Community Dividend Fund as a dedicated fund within the state treasure. Allows for appropriations to be made to the fund, but prohibits appropriations from the fund’s principal. Money in the fund is to be invested to yield competitive market rates. Specifies that the prohibition of dedicated funds does not apply to the Community Dividend Fund

Specifies that the income from the fund will be distributed to organized boroughs and cities in a manner set out by statute.

Section 2: Adds a transitional section to Article XV of the constitution specifying that the fund will consist of an initial deposit of $750 million transferred from the Budget Reserve Fund. In addition, two percent of the permanent fund income earned each fiscal year from FY 1999 to FY 2018 will deposited into the principal of the community dividend fund.

Section 3: Provides for a vote on this constitutional amendment at the next (1998) general election.