FIFTY-SECOND LEGISLATURESJR 3/a
SECOND SESSION, 2016
February 12, 2016
Mr. President:
Your FINANCE COMMITTEE, to whom has been referred
SENATE JOINT RESOLUTION 3
has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:
1. On page 1, lines 12 and 13, strike "INCREASE THE AMOUNT OF THE ANNUAL DISTRIBUTIONS FROM THE PERMANENT FUNDS" and insert in lieu thereof "PROVIDE FOR AN ADDITIONAL ANNUAL DISTRIBUTION OF THE PERMANENT FUNDS FROM JANUARY 1, 2017 THROUGH DECEMBER 31, 2026 IF THE MINIMUM BALANCE OF THE PERMANENT FUNDS IS AT LEAST TWELVE BILLION DOLLARS ($12,000,000,000)".
2. On page 2, line 25 and page 3, line 1, remove the brackets and line through "Except as provided in Subsection G of this section" and on page 3, line 1, strike "The" and insert in lieu thereof ", the".
3. On page 3, line 2, strike the underscored language.
4. On page 3, between lines 4 and 5, insert the following new subsection:
"G. If the average of the year-end market values of the fund for the immediately preceding five calendar years is at least twelve billion dollars ($12,000,000,000), an additional annual distribution shall be made, from January 1, 2017 through December 31, 2026, of eight-tenths percent of the average of the year-end market values of the fund for the immediately preceding five calendar years.".
___________________________________
John Arthur Smith, Chairman
Adopted_______________________ Not Adopted_______________________
(Chief Clerk) (Chief Clerk)
Date ________________________
The roll call vote was 5 For 3 Against
Yes: 5
No: Beffort, Burt, Neville
Excused: Leavell, Morales
Absent: None
SJR03FC1.wpd .204067.2