| The Alaska Permanent Fund was founded in 1976 as a basin to hold “at least 25 percent of all mineral lease rentals, royalties, royalty sales proceeds, federal mineral revenue-sharing payments and bonuses received by the state.” Its beneficiaries, according to the state constitution, were to be “Alaska and all present and future generations of Alaskans.”
Each year, about one-quarter of the oil production tax flows into the fund’s coffers. And even though production in Alaska has fallen over time, the elevated price of oil has kept the volume of revenues high. In 2013, some $840 million flowed into the fund...............................................Full Article: Source
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