The Alaska Permanent Fund is a constitutionally authorized appropriation of oil revenues, established by voters in 1976 to manage a surplus in state petroleum revenues from oil, largely in anticipation of the recently constructed Trans-Alaska Pipeline System. The fund was originally proposed by Governor Keith Miller on the eve of the 1969 Prudhoe Bay lease sale, out of fear that the legislature would spend the entire proceeds of the sale (which amounted to $900 million) at once. It was later championed by Governor Jay Hammond and Kenai state representative Hugh Malone. It has served as an attractive political prospect ever since, diverting revenues which would normally be deposited into the general fund. COUNT 5
QSN1 What is the Alaska Permanent Fund? ANS1 constitutionally authorized appropriation of oil revenues QSN2 In what year was the Alaska Permanent Fund established? ANS2 1976 QSN3 Why was the Alaska Permament Fund established? ANS3 to manage a surplus in state petroleum revenues from oil QSN4 Who originally proposed the Alaska Permanent Fund? ANS4 Governor Keith Miller QSN5 Why did Governor Keith Miller propose the Alaska Permanent Fund before the Prudhoe Bay sale? ANS5 fear that the legislature would spend the entire proceeds of the sale (which amounted to $900 million) at once