Ravenous wolves are circling our Stash of Cash.
En garde mes Amis, Protect our P.F.D.
“Quite a trick to blow through Alaska’s savings, then propose a dividend cap.” Clem Tillion, ADN Jan. 25th 2016 You Agree? They have spent over twice the value of our fund and now want to spend even more. They do not know when, or how to stop spending. Starting with OUR Dividends they want access to our Permanent Fund itself. What?
“Alaskans beware: Government will never defund itself.” Jim Crawford ADN Feb. 6th 2016. He goes on to write; “Don’t fix the public budget by breaking the backs of Alaska families. A bloated bureaucracy won’t sustain Alaska’s economy. A stable and private sector will.”
Gov. Bill Walker himself says that it is time for us all to pull together to raid the People’s fund. Ref: ADN Friday, Jan. 21st 2016. Yes, Bob Kaufman, you and all the others, are all Thieves, Robbers and Rapists. Having, down the years, overspent our oil income $Billions, would you now rob the Peoples Permanent Fund too? It is time to become aware that our minds are being pre-conditioned, by one commentator after another. We are being brainwashed, Herr Gobbles style, by lying propaganda published regularly via the ADN and other local media into accepting the idea that we must allow our state access to our Pot of Gold, Our Permanent Fund. En garde mes Amis, Protect Your P.F.D. from the ravenous wolves who greedily circle our Stash of Cash. Frau McGuire is even better than Herr Gobbles. See ADN Sunday March 6, 2016 “There’s a way to keep PFDs, balance our budget, limit government.” Is that so? Well, I may be Irish, but my eyes are not green.
The Dirty Bastards club is very strong here in Alaska. First they had to rid us of Alaska’s Leading Lady, our ex-Governor Sarah Palin. Then that traitor in our midst, Sean Parnell, helped get rid of ACES and gave the $Billions we were getting as our clear and equitable share of oil taxes, to the oil companies. We need her back to lead us forward. Come back Sarah Palin to Alaska, your home. Come fill our coffers again, with $Billions as you formerly did, when you gave us ACES, before you were driven out of here, by the Dirty Bastards, who hate your guts. They hate our guts too and will gladly shear us naked. We need you again to subvert those treacherous Bastards. They will ignore the law, avoid putting the matter to the people and raid our fund. They will not contain their spending within the limits already allowed by the fund. They now want a percentage of the very fund itself, not just the earnings reserve account.
ALASKA CONSTITUTION ARTICLE VIII – NATURAL RESOURCES
Section 1. Statement of Policy. It is the policy of the State to encourage the settlement of its land and the development of its resources by making them available for maximum use consistent with the public interest.
Section 2. General Authority. The legislature shall provide for the utilization, development, and conservation of all natural resources belonging to the State, including land and waters, for the maximum benefit of its people.
All monies produced from our Natural Resources, belongs to the State of Alaska. Therefore the legislature shall provide for the utilization, development, and conservation of all natural resources belonging to the State, including land and waters, for the maximum benefit of its people.
The Permanent Fund does not belong to our State Government. It belongs to the People of Alaska State. All this propaganda babble is just that. Babble. We The People, can of course, lend money from the Fund to the State against receipt of Non-Redeemable, Tax Free State Bonds @ let’s say 10%. These bonds could be issued to the Permanent Fund Corporation who could hold them on behalf of a citizen or they could distribute them to each citizen, who can then sell them on the bond market if desired. Once sold however, they would become taxable.
Borrowing fund monies can and must be done at commercial rates beneficial to the Fund.
Herr Kaufman is correct, in that small cuts in the budget are not going to make any difference to our state expenditures. So then, Privatize Education. Wow. Have you got the guts to face the music? Privatize the city police forces. Privatize the fire brigades. Privatize our jail system. It is way past time to get rid of SB21 and bring back our ACES form of taxation on oil. It is time to get rid of all Oil Tax Credits. The privatization of Govt. services will eliminate the need for taxes.
No pressure should ever be brought to bear by any government officials upon the Permanent Fund Trustees to buy or sell any investments. The Trustees need to be able to act totally independent of government interference to make good financial decisions.
It’s no secret that most of the politicians in Juneau look longingly at the Alaska Permanent Fund to solve the current budget crisis. The reality is that politicians whose election campaigns are paid for by the wealthy few don’t represent the folks for whom the PFD is such an important, even critical part of a family budget. Thank you Governor Hammond. Our Governor now, needs to obey our Alaska Constitution and the people of Alaska who have already voted by an almost 90% vote on this PFD matter.
That’s one reason Gov. Jay Hammond wanted a dividend. Defending that dividend means defending the fund. Rally Rround and Roar at the Robbers who would Raid our Stash of Cash.
Now the introduction of a sales tax at just 3%, while maintaining all other taxes as they are, is a No Deal. Ist nicht gut, mein Herr, nein, nein, nein. No new taxes to rape and rob the people. The Fund can lend the State money against 10% tax free bonds. Most of us have to pay much more than 10% ON OUR CREDIT CARDS. If the State wishes to spend money it does not have, then it too like unto us, should have to pay for the privilege. Yes Governor, let’s all pull together, but let’s not destroy the People’s Fund. We the people will gladly lend you money to keep you financially viable against the security of AK State Bonds @ 10% interest, non redeemable. All you have to do is make a profit by charging for your services and pay the interest due on the bonded loan, Or Rescind SB21 and Re-enact our ACES Tax act.
John J Kiernan Goldbeard84@gmail.com Cell# 907-441-2964
Thursday, April 27, 2017
Tuesday, April 4, 2017
Re-enact ACES Taxes. Rescind SB 21.
Give away of Our ACES Oil Tax Revenue?
Then as a Budget Solution, attempt a PFD Theft!
Wolves are howling Folks. Rally round and protect our Fund.
Our AK Permanent Fund is not a part of the Constitutional Budget Reserve Fund. It never was. The two funds are totally separate. One provides for State Government expenses. The other provides a Nest Egg for all of the People of Alaska, both current and future residents. We the People own all of Alaska's resource wealth. Our AK constitution says so.
Our AK Permanent Fund is not a part of the Constitutional Budget Reserve Fund. It never was. The two funds are totally separate. One provides for State Government expenses. The other provides a Nest Egg for all of the People of Alaska, both current and future residents. We the People own all of Alaska's resource wealth. Our AK constitution says so.
Republican Governor Wally Hickel coined the term, "Owner State" inspired by our state constitution and in particular two of its provisions:
Article 1, Section 1: Inherent Rights. This constitution is dedicated to the principles that all persons have a natural right to life, liberty, the pursuit of happiness, and the enjoyment of the rewards of their own industry; that all persons are equal and entitled to equal rights, opportunities, and protection under the law; and that all persons have corresponding obligations to the people and to the state. [emphasis added]
Article 8, Section 1: Natural Resources, Statement of Policy. It is the policy of the State to encourage the settlement of its land and the development of its resources by making them available for the maximum use consistent with the public interest.
The Owner State model was born out of Alaska’s colonial roots; Our resources being extracted by outside fishing interests. That evolved into a flimsy protection holding the line against the oil companies today.
“[R]esources must be used for the maximum benefit of the people,” Wally Hickel’s son, Jack, told Anchorage Daily News columnist Shannyn Moore in 2012. “Not for the maximum benefit of an oil company or for a government official, but for the maximum benefit of you and me, equally.”
No one has the legal authority to take money from the Alaska Peoples Permanent Fund without a referendum vote from “WE the People”.
The Fund was set up in 1976 by an amendment to our constitution not by the Legislature, but by a public vote of “We the people”, as the Alaska Permanent fund. Then in 1980, the current dividend program was created by statute, mandating roughly 50% of the earnings from the fund be distributed to all Alaskans Annually. 50% of the Fund’s earnings, were legally mandated by Statute, to be paid out to the people. The other 50% has been yearly re-invested in the fund to counteract inflation. This 50% could simply be invested in 10% Ten year Tax exempt AK State bonds and thus while continuing to counteract inflation, yet provide the Governor with emergency, budget funds, if needed.
When in 1989, then governor Tony Knowles asked permission of the people to use money from the fund for government expenses, 84% of the people roared NO!
Since then our really excellent Ex-Governor Sarah Palin filled our coffers to overflowing with our new ACES form of oil tax revenue. To get rid of ACES, Sarah Palin had to be driven out of Alaska. The dirty oil bastards club members saw to that. Sean McCain too was also instrumental. Then treacherous Sean Parnell almost immediately had
ACES replaced with SB 21, and thus the state is almost bankrupt.
Having been elected Governor on the promise that he would not touch the Permanent Fund, in June of 2016 Governor Walker illegally used his veto powers to overrule laws already legally enacted in 1976 and 1980, to cap the fall’s dividend at $1000. Essentially (he says) saving the fund $666 million in dividend payouts. He took $1000 from many poor Alaskan’s, and again in 2017 and again in 2018 he imposed a capitation tax on monies all legally mandated to be paid out. The Governor has broken our 1980 State Law without authority from Congress or the Public. He has broken State Law. His veto power does not extend to enacting a new law. He is our elected governor, not our King, nor Dictator. Congress alone has authority to Enact new law. He should obey all State laws already passed, and obey Article 1 Section 9 of the USA constitution which reads: “No Capitation, or other direct, Tax shall be laid”. By Governor’s edict, he has applied a direct Capitation tax to everyone in AK and stands in contempt of our USA constitution.
1. Now, with ACES and Governor Sarah Palin out of the way, he wants the Fund to pay $700 million back to the oil companies. We can’t afford those oil tax credits now on SB 21 tax revenue, AND HE JUST HASN’T GOT THE GUTS TO VETO THEM OUT OF EXISTENCE AND CANCEL THEM ENTIRELY. He wants you and me to pay for them out of the Fund, no less. Why are we continuing to pay Oil Tax Credits?
We will take most unkindly to theft from our fund. We did not elect a gang of Mafia Robbers to the legislature. We elected Senators and Representatives most of whom instead of representing us, have betrayed us by giving away our ACES income form of taxation to the oil company giants. Let us no longer continue to subsidize those Giants with Oil Tax Credits and only obtain reduced taxes under SB 21? When SB 21 was being promoted by then Governor Parnell, all sorts of oil production promises were made which have failed to materialize. Very well then, they failed to keep their promises, so the simple solution to our Alaskan financial situation is to rescind SB 21 and re-enact ACES, automatically backdating it to the implementation of SB 21. If those Oil companies cannot work without State Welfare Tax Credit subsidies, then Goodbye folks! All others welcome. Do not re-introduce those Oil Tax subsidies.
Now the state Legislature and our Governor are looking around in desperation, they only have a small Constitutional Budget Reserve backup fund with less than $5 Billion. From over $20 billion to less than $5. Where did that money go? When will they ever learn to stop spending OTHER PEOPLE'S MONEY? Before their oil revenue in the CBRF is exhausted they are attempting to attack our Permanent fund.
Article 1, Section 1: Inherent Rights. This constitution is dedicated to the principles that all persons have a natural right to life, liberty, the pursuit of happiness, and the enjoyment of the rewards of their own industry; that all persons are equal and entitled to equal rights, opportunities, and protection under the law; and that all persons have corresponding obligations to the people and to the state. [emphasis added]
Article 8, Section 1: Natural Resources, Statement of Policy. It is the policy of the State to encourage the settlement of its land and the development of its resources by making them available for the maximum use consistent with the public interest.
The Owner State model was born out of Alaska’s colonial roots; Our resources being extracted by outside fishing interests. That evolved into a flimsy protection holding the line against the oil companies today.
“[R]esources must be used for the maximum benefit of the people,” Wally Hickel’s son, Jack, told Anchorage Daily News columnist Shannyn Moore in 2012. “Not for the maximum benefit of an oil company or for a government official, but for the maximum benefit of you and me, equally.”
No one has the legal authority to take money from the Alaska Peoples Permanent Fund without a referendum vote from “WE the People”.
The Fund was set up in 1976 by an amendment to our constitution not by the Legislature, but by a public vote of “We the people”, as the Alaska Permanent fund. Then in 1980, the current dividend program was created by statute, mandating roughly 50% of the earnings from the fund be distributed to all Alaskans Annually. 50% of the Fund’s earnings, were legally mandated by Statute, to be paid out to the people. The other 50% has been yearly re-invested in the fund to counteract inflation. This 50% could simply be invested in 10% Ten year Tax exempt AK State bonds and thus while continuing to counteract inflation, yet provide the Governor with emergency, budget funds, if needed.
When in 1989, then governor Tony Knowles asked permission of the people to use money from the fund for government expenses, 84% of the people roared NO!
Since then our really excellent Ex-Governor Sarah Palin filled our coffers to overflowing with our new ACES form of oil tax revenue. To get rid of ACES, Sarah Palin had to be driven out of Alaska. The dirty oil bastards club members saw to that. Sean McCain too was also instrumental. Then treacherous Sean Parnell almost immediately had
ACES replaced with SB 21, and thus the state is almost bankrupt.
Having been elected Governor on the promise that he would not touch the Permanent Fund, in June of 2016 Governor Walker illegally used his veto powers to overrule laws already legally enacted in 1976 and 1980, to cap the fall’s dividend at $1000. Essentially (he says) saving the fund $666 million in dividend payouts. He took $1000 from many poor Alaskan’s, and again in 2017 and again in 2018 he imposed a capitation tax on monies all legally mandated to be paid out. The Governor has broken our 1980 State Law without authority from Congress or the Public. He has broken State Law. His veto power does not extend to enacting a new law. He is our elected governor, not our King, nor Dictator. Congress alone has authority to Enact new law. He should obey all State laws already passed, and obey Article 1 Section 9 of the USA constitution which reads: “No Capitation, or other direct, Tax shall be laid”. By Governor’s edict, he has applied a direct Capitation tax to everyone in AK and stands in contempt of our USA constitution.
1. Now, with ACES and Governor Sarah Palin out of the way, he wants the Fund to pay $700 million back to the oil companies. We can’t afford those oil tax credits now on SB 21 tax revenue, AND HE JUST HASN’T GOT THE GUTS TO VETO THEM OUT OF EXISTENCE AND CANCEL THEM ENTIRELY. He wants you and me to pay for them out of the Fund, no less. Why are we continuing to pay Oil Tax Credits?
We will take most unkindly to theft from our fund. We did not elect a gang of Mafia Robbers to the legislature. We elected Senators and Representatives most of whom instead of representing us, have betrayed us by giving away our ACES income form of taxation to the oil company giants. Let us no longer continue to subsidize those Giants with Oil Tax Credits and only obtain reduced taxes under SB 21? When SB 21 was being promoted by then Governor Parnell, all sorts of oil production promises were made which have failed to materialize. Very well then, they failed to keep their promises, so the simple solution to our Alaskan financial situation is to rescind SB 21 and re-enact ACES, automatically backdating it to the implementation of SB 21. If those Oil companies cannot work without State Welfare Tax Credit subsidies, then Goodbye folks! All others welcome. Do not re-introduce those Oil Tax subsidies.
Now the state Legislature and our Governor are looking around in desperation, they only have a small Constitutional Budget Reserve backup fund with less than $5 Billion. From over $20 billion to less than $5. Where did that money go? When will they ever learn to stop spending OTHER PEOPLE'S MONEY? Before their oil revenue in the CBRF is exhausted they are attempting to attack our Permanent fund.
As the dividends increase each year there would be more and even more money available to purchase new State Bonds. Government budgeting expenditures plus interest payments on bonds already issued, would just need to be limited to 50% of the PFD's earnings related account within the Fund. Thus we’d have an endless supply of cash serving the Government and the public. The money just needs to be passed around as planned and paid for, by 10% Tax exempt State bonds.
If the Government fails to pay interest due on the Bonds, the fund could simply refuse all further government loan applications. Thus our fund needs to function totally independent of the Governor and the State Legislature and we could thus place a limit on Government spending. The Fund need not be robbed, but its purpose, in fact, enhanced.
If the Governor needs money desperately, then let him issue 10% Tax Exempt State Bonds which will enhance the fund and help it counter inflation. Rescind SB21 and Re-Enact the ACES oil taxes system. Stop giving away our tax revenues to rich Oil companies. Remember the original deal was 1/3 of net revenue to each of Big oil, the FEDS, and AK.
Our AK Permanent Fund is not part of the constitutional Budget Reserve Fund. You've had your Constitutional Budget Reserve Fund and your 75% share of the revenue. We the People, have our Permanent Fund and our 25% share. Our Permanent Fund monies belong to “We the People” of Alaska. Let’s keep it that way. Pay the People their due dividends as legally enacted. Pay Up. Obey all laws as enacted. Let us all remain a law abiding people. Alaska will thus grow from a well off, to an extremely wealthy State of the Union.
But this DBC club based upon, you scratch my back and I'll scratch yours and the secret good-fellow handshake has to be ended. M.AK.G.A. Bring back ACES.
If the Government fails to pay interest due on the Bonds, the fund could simply refuse all further government loan applications. Thus our fund needs to function totally independent of the Governor and the State Legislature and we could thus place a limit on Government spending. The Fund need not be robbed, but its purpose, in fact, enhanced.
If the Governor needs money desperately, then let him issue 10% Tax Exempt State Bonds which will enhance the fund and help it counter inflation. Rescind SB21 and Re-Enact the ACES oil taxes system. Stop giving away our tax revenues to rich Oil companies. Remember the original deal was 1/3 of net revenue to each of Big oil, the FEDS, and AK.
Our AK Permanent Fund is not part of the constitutional Budget Reserve Fund. You've had your Constitutional Budget Reserve Fund and your 75% share of the revenue. We the People, have our Permanent Fund and our 25% share. Our Permanent Fund monies belong to “We the People” of Alaska. Let’s keep it that way. Pay the People their due dividends as legally enacted. Pay Up. Obey all laws as enacted. Let us all remain a law abiding people. Alaska will thus grow from a well off, to an extremely wealthy State of the Union.
But this DBC club based upon, you scratch my back and I'll scratch yours and the secret good-fellow handshake has to be ended. M.AK.G.A. Bring back ACES.
John J Kiernan 907-441-2964 Goldbeard84@gmail.com
3550 W Dimond Blvd, No. 211 Anchorage AK 99502-1555
Sunday, March 26, 2017
Why Sean, Why did you sink that knife so deep?
Way up north, there once was a star.
That lit up the sky, both near and far.
She showed us the way. Yet we all went astray.
That lit up the sky, both near and far.
She showed us the way. Yet we all went astray.
How indeed could that ever happen?
We're floating in $Dollars from shore to shore!
So why now, are we desperately grasping for more?
We're floating in $Dollars from shore to shore!
So why now, are we desperately grasping for more?
The State’s so full of crooks;
We can’t even balance our books.
Who now can we trust, to cease taxing us more?
We can’t even balance our books.
Who now can we trust, to cease taxing us more?
With so many Billons still available to spend
still sitting there in our Constitutional Budget Reserve fund
Can we really trust our lawmakers, now our worst lawbreakers?
still sitting there in our Constitutional Budget Reserve fund
Can we really trust our lawmakers, now our worst lawbreakers?
Governed and led by one such as Walker, who's never read:
or ignores Article 1 Section 9; No Capitation or other Direct Taxes.
and is himself, our Chief Permanent Fund Stalker?
What is mankind to do? Cut spending? No NEVER!
Get lots of little fish, to fill up our dish with taxes.
Allow Whales and Sharks to swim free in Alaska's oily waters.
Get lots of little fish, to fill up our dish with taxes.
Allow Whales and Sharks to swim free in Alaska's oily waters.
With SR21 they've wiped ACES out.
Yes we were promised, the economy would recover.
But for now, just replace those taxes.
But for now, just replace those taxes.
Bleed the People, make the little Suckers pay.
Ha! Ha! we just did it, you lout.
Thank God, Sarah Palin's no where, about.
Ha! Ha! we just did it, you lout.
Thank God, Sarah Palin's no where, about.
But there’s no hiding from Alaska’s Fiscal
Reality.
Those Taxes must indeed be paid, as you say.
So, Bleed the People. Make the little Suckers Pay.
Those Taxes must indeed be paid, as you say.
So, Bleed the People. Make the little Suckers Pay.
That's the Dirty Bastards suggestion,
So the Elite Can Enjoy More Freely,
Alaska’s Wealth and Fiscal Realty.
So the Elite Can Enjoy More Freely,
Alaska’s Wealth and Fiscal Realty.
What Does The Alaska Constitution Say?
AK resources shall be developed and extractors Shall pay Taxes
Upon their net profits, for, for the benefit of the people.
AK resources shall be developed and extractors Shall pay Taxes
Upon their net profits, for, for the benefit of the people.
Yes my friend, go read it. Come explain what
it says.
Then together let's, ask; Traitor Parnell
Why Sean, Why did you sink that knife so deep?
Then together let's, ask; Traitor Parnell
Why Sean, Why did you sink that knife so deep?
Any extra tax on the People is double taxation.
Forbidden via our USA Constitution.
Monday, March 20, 2017
Ravenous Wolves are Circling Our Stash of Cash. Protect Our P.F.D.
Ravenous wolves are circling our Stash of Cash. En garde mes Amis, Protect Our P.F.D.
“Quite a trick to blow through Alaska’s savings, then propose a dividend cap.” Clem Tillion, ADN Jan. 25th 2016 You Agree? They have spent over twice the value of our fund and now want to spend even more. They do not know when, or how to stop spending. Starting with OUR Dividends they want access to our Permanent Fund itself. What?
“Alaskans beware: Government will never defund itself.” Jim Crawford ADN Feb. 6th 2016. He goes on to write; “Don’t fix the public budget by breaking the backs of Alaska families. A bloated bureaucracy won’t sustain Alaska’s economy. A stable and private sector will.”
Gov. Bill Walker himself says that it is time for us all to pull together and use the People’s Permanent fund. Ref: ADN Friday, Jan. 21st 2016. Gov. Tony Knowles honestly asked the people and was resoundingly told NO by an 84% referendum vote in 1999. Yes, Bob Kaufman, you and many others, are all Thieves, Robbers and Fund Rapists. Having, down the years, overspent our oil income $Billions, would you now rob the Peoples Permanent Fund too?
It is time to become aware that our minds are being pre-conditioned, by one commentator after another. We are being brainwashed, Herr Gobbles style, by lying propaganda published regularly via the ADN and other local media into accepting the idea that we must allow our state access to our Pot of Gold, Our Permanent Fund. En garde mes Amis, Protect Your P.F.D. from the ravenous wolves who greedily circle our Stash of Cash. Frau McGuire is even better than Herr Gobbles. See ADN Sunday, March 6, 2016 “There’s a way to keep PFDs, balance our budget, limit government.” Is that so? Well, I may be Irish, but my eyes are not green.
The Dirty Bastards club is very strong here in Alaska. First they had to rid us of Alaska’s Leading Lady, our ex-Governor Sarah Palin. Then that traitor in our midst, Sean Parnell, helped get rid of ACES and gave the $Billions we were getting as our clear and equitable share of oil taxes, to the oil companies. We need her back to lead us forward. Come back Sarah Palin to Alaska, your home. Come fill our coffers again, with $Billions as you formerly did, when you gave us ACES, before you were driven out of here, by the Dirty Bastards, who so hate your guts. They hate our guts too and will gladly shear us and leave us stand naked in ice and snow. We need you again to subvert those treacherous Bastards. They will totally ignore the laws already enacted, avoid putting the matter to the people and raid our fund. They will not contain their spending within the limits already allowed by the fund.
ALASKA CONSTITUTION ARTICLE VIII – NATURAL RESOURCES
Section 1. Statement of Policy. It is the policy of the State to encourage the settlement of its land and the development of its resources by making them available for maximum use consistent with the public interest.
Section 2. General Authority. The legislature shall provide for the utilisation, development, and conservation of all natural resources belonging to the State, including land and waters, for the maximum benefit of its people.
All monies produced from our Natural Resources belongs to the State of Alaska. Therefore the legislature shall provide for the utilisation, development, and conservation of all natural resources belonging to the State, including land and waters, for the maximum benefit of its people.
The Permanent Fund does not belong to our State Government. It belongs to the People of Alaska State. All this propaganda babble is just that. Babble. We The People, can of course, lend money from the Fund to the State against receipt of Non-Redeemable, Tax-Free State Bonds @ let’s say 10%. These bonds could be issued to the Permanent Fund Corporation who could hold them on behalf of a citizen or they could distribute them to each citizen, who can then sell them on the bond market if desired. Once sold however, they would become immediately taxable as income via the IRS.
Borrowing fund monies can and must be done at commercial rates beneficial to the Fund.
Herr Kaufman is correct, in that small cuts in the budget are not going to make any difference to our state expenditures. So then, Privatise Education. Wow. Have you got the guts to face the music? Privatise the city police forces. Privatise the fire brigades. Privatise our jail system. It is way past time to get rid of SB21 and bring back our ACES form of taxation on oil. It is time to get rid of all Oil Tax Credits. The privatisation of services will eliminate the need for much of our taxes.
No pressure should ever be brought to bear by any government officials upon the Permanent Fund Trustees to buy or sell any investments. The Trustees need to be able to act totally independent of government interference to make good financial decisions.
It’s no secret that most of the politicians in Juneau look longingly at the Alaska Permanent Fund to solve the current budget crisis. The reality is that politicians whose election campaigns are paid for by the wealthy few don’t represent the folks for whom the PFD is such an important, even critical part of a family budget. Thank you, Governor Hammond. Our Governor now needs to obey our Alaska Constitution and the people of Alaska who have already voted by an almost 84% vote on this PFD matter in 1999. Gov. Jay Hammond wanted a dividend. Defending that dividend means defending the fund. The Fund can lend the State money against 10% tax-free Non-Redeemable AK state bonds. Most of us have to pay much more than 10% ON OUR CREDIT CARDS. If the State wishes to spend money it does not have, then it too like unto us, should have to pay for the privilege. Yes, Governor, let’s all pull together, but let’s not destroy the People’s, Fund. We the people will gladly lend you money to keep you financially viable against the security of AK State Bonds @ 10% interest, non-redeemable. All you have to do is make a profit by charging for your services and pay the interest due on the bonded loan from our PPFD. Fellow Alaskans, rally round and roar at the robbers who would raid our Stash of Cash.
John J Kiernan Goldbeard84@gmail.com Cell# 907-441-2964
“Quite a trick to blow through Alaska’s savings, then propose a dividend cap.” Clem Tillion, ADN Jan. 25th 2016 You Agree? They have spent over twice the value of our fund and now want to spend even more. They do not know when, or how to stop spending. Starting with OUR Dividends they want access to our Permanent Fund itself. What?
“Alaskans beware: Government will never defund itself.” Jim Crawford ADN Feb. 6th 2016. He goes on to write; “Don’t fix the public budget by breaking the backs of Alaska families. A bloated bureaucracy won’t sustain Alaska’s economy. A stable and private sector will.”
Gov. Bill Walker himself says that it is time for us all to pull together and use the People’s Permanent fund. Ref: ADN Friday, Jan. 21st 2016. Gov. Tony Knowles honestly asked the people and was resoundingly told NO by an 84% referendum vote in 1999. Yes, Bob Kaufman, you and many others, are all Thieves, Robbers and Fund Rapists. Having, down the years, overspent our oil income $Billions, would you now rob the Peoples Permanent Fund too?
It is time to become aware that our minds are being pre-conditioned, by one commentator after another. We are being brainwashed, Herr Gobbles style, by lying propaganda published regularly via the ADN and other local media into accepting the idea that we must allow our state access to our Pot of Gold, Our Permanent Fund. En garde mes Amis, Protect Your P.F.D. from the ravenous wolves who greedily circle our Stash of Cash. Frau McGuire is even better than Herr Gobbles. See ADN Sunday, March 6, 2016 “There’s a way to keep PFDs, balance our budget, limit government.” Is that so? Well, I may be Irish, but my eyes are not green.
The Dirty Bastards club is very strong here in Alaska. First they had to rid us of Alaska’s Leading Lady, our ex-Governor Sarah Palin. Then that traitor in our midst, Sean Parnell, helped get rid of ACES and gave the $Billions we were getting as our clear and equitable share of oil taxes, to the oil companies. We need her back to lead us forward. Come back Sarah Palin to Alaska, your home. Come fill our coffers again, with $Billions as you formerly did, when you gave us ACES, before you were driven out of here, by the Dirty Bastards, who so hate your guts. They hate our guts too and will gladly shear us and leave us stand naked in ice and snow. We need you again to subvert those treacherous Bastards. They will totally ignore the laws already enacted, avoid putting the matter to the people and raid our fund. They will not contain their spending within the limits already allowed by the fund.
ALASKA CONSTITUTION ARTICLE VIII – NATURAL RESOURCES
Section 1. Statement of Policy. It is the policy of the State to encourage the settlement of its land and the development of its resources by making them available for maximum use consistent with the public interest.
Section 2. General Authority. The legislature shall provide for the utilisation, development, and conservation of all natural resources belonging to the State, including land and waters, for the maximum benefit of its people.
All monies produced from our Natural Resources belongs to the State of Alaska. Therefore the legislature shall provide for the utilisation, development, and conservation of all natural resources belonging to the State, including land and waters, for the maximum benefit of its people.
The Permanent Fund does not belong to our State Government. It belongs to the People of Alaska State. All this propaganda babble is just that. Babble. We The People, can of course, lend money from the Fund to the State against receipt of Non-Redeemable, Tax-Free State Bonds @ let’s say 10%. These bonds could be issued to the Permanent Fund Corporation who could hold them on behalf of a citizen or they could distribute them to each citizen, who can then sell them on the bond market if desired. Once sold however, they would become immediately taxable as income via the IRS.
Borrowing fund monies can and must be done at commercial rates beneficial to the Fund.
Herr Kaufman is correct, in that small cuts in the budget are not going to make any difference to our state expenditures. So then, Privatise Education. Wow. Have you got the guts to face the music? Privatise the city police forces. Privatise the fire brigades. Privatise our jail system. It is way past time to get rid of SB21 and bring back our ACES form of taxation on oil. It is time to get rid of all Oil Tax Credits. The privatisation of services will eliminate the need for much of our taxes.
No pressure should ever be brought to bear by any government officials upon the Permanent Fund Trustees to buy or sell any investments. The Trustees need to be able to act totally independent of government interference to make good financial decisions.
It’s no secret that most of the politicians in Juneau look longingly at the Alaska Permanent Fund to solve the current budget crisis. The reality is that politicians whose election campaigns are paid for by the wealthy few don’t represent the folks for whom the PFD is such an important, even critical part of a family budget. Thank you, Governor Hammond. Our Governor now needs to obey our Alaska Constitution and the people of Alaska who have already voted by an almost 84% vote on this PFD matter in 1999. Gov. Jay Hammond wanted a dividend. Defending that dividend means defending the fund. The Fund can lend the State money against 10% tax-free Non-Redeemable AK state bonds. Most of us have to pay much more than 10% ON OUR CREDIT CARDS. If the State wishes to spend money it does not have, then it too like unto us, should have to pay for the privilege. Yes, Governor, let’s all pull together, but let’s not destroy the People’s, Fund. We the people will gladly lend you money to keep you financially viable against the security of AK State Bonds @ 10% interest, non-redeemable. All you have to do is make a profit by charging for your services and pay the interest due on the bonded loan from our PPFD. Fellow Alaskans, rally round and roar at the robbers who would raid our Stash of Cash.
John J Kiernan Goldbeard84@gmail.com Cell# 907-441-2964
Re-Enact ACES Oil Tax.
Alaska's oil production tax is broken
· Updated: 1 day ago
· Published 2 days ago: ADN March 2017
First of two parts
As owners, we Alaskans are entitled to one-third of the gross revenues from the sale of our oil. We realize our fair share through a combination of revenues from a production tax, royalty payments, income taxes and real property taxes. Production taxes are the most critical. In 2012, for example, production revenues were responsible for $6.1 billion (60 percent of total petroleum revenues).
Our production tax is broken and no longer helps us realize our fair share as owners. In 2017, production revenues will be only $0.1 billion (8 percent of total petroleum revenues). This article will discuss our current production tax, how to fix it and how to test if it is working.
Constitutional obligation
Article 8, Section 2 of the Alaska Constitution provides, "The legislature shall provide for the utilisation, development, and conservation of all natural resources belonging to the State, including land and waters, for the maximum benefit of its people." Thus, our Legislature has a constitutional duty to provide the maximum benefit for all Alaskans from our oil. The production tax is the primary manner in which the Legislature has historically undertaken to fulfil this constitutional duty.
The deal
The late Jay Hammond was our governor from 1974 through 1982 — the period when the Trans-Alaska Pipeline System and much of the infrastructure for the production of our major legacy fields were built. Hammond was perhaps the single person most familiar with the original deal under which our oil resources came into production.
Hammond was clear what portion of our oil resources represented our fair share as owners. To quote him directly from the chapter "A Broken Bargain" from his book "Diapering the Devil," "When I was in office, the state, the oil companies, and the federal government agreed to split the oil wealth pie roughly one-third, one-third, and one-third."
When Alaskans received less than one-third of the gross value for our oil, Gov. Hammond believed Alaskans were being "shortchanged hundreds of millions of dollars each year for the past several years and will continue to be denied what was once agreed to be our 'fair share.' " The year he said Alaskans were being "shortchanged" was 2004, a year when he calculated Alaskans received only 27 percent of the gross revenues from the sale of our oil.
The production tax is the primary means through which we are able to realise our fair share as owners. When considered with the other mechanisms for the recovery of our fair share, the production tax should be adjusted so the total net petroleum revenues equal one-third the gross market value of our oil.
History of petroleum revenues
Since 1978, Alaska has exported crude oil with a gross market value of $527 billion and received $141 billion in petroleum revenue — or 27 percent of gross revenue. Stated differently, from 1978 to date, we have under-collected our one-third ownership share by $35 billion — or 6 percent of gross revenue. This overall under-collection was what Hammond was referring to when he said Alaskans were being "shortchanged." This under-collection is primarily due to the failure of the production taxes to recover our fair share as owners.
Collapse of petroleum revenues
Our petroleum revenues have completely collapsed, and Alaskans are getting less for their petroleum resources than at any time in our history. Total net petroleum revenues from all sources have collapsed from $9.2 billion (2012) to $0.8 billion (2017) — or by 91 percent. The total net unrestricted petroleum revenues (which may be more readily used to reduce the massive current deficit) have similarly collapsed from $8.1 billion (2012) to $0.2 billion (2017) — or by 98 percent.
Failure of the production tax
A primary reason for this collapse in petroleum revenues is the failure of the production tax to realise our fair share as owners. Total petroleum revenues under our production tax have collapsed from $6.1 billion (2012) to $0.1 billion (2017) — or by 98 percent. Net petroleum revenues under our production tax have collapsed even more, from $5.4 billion (2012) to -$0.5 billion (2017) — or by 109 percent. This decline in net petroleum revenues under the production tax is illustrated in the chart below:
For the first time in our history, Alaskans are paying the producers to produce our crude oil under our production tax. Our production tax is not even bringing in sufficient net revenues to timely pay the petroleum credits we are incurring under it.
Some choose to attribute this entire revenue collapse to the decline in the price of crude oil. As the price of crude oil declines so will gross revenues and our fair share of those gross revenues. Unfortunately, revenues under the production tax declined much more than the decline in the price of crude oil. Our net production tax revenues declined from $5.4 billion (2012) to -$0.5 billion (2017) — or by 109 percent while the price of crude oil only declined from $112.65 per barrel (2016) to $43.18 per barrel — or by 62 percent. If our net production tax revenues had declined proportionally to the decline in the price of crude oil, the $5.7 billion in net production tax revenues would have declined 62 percent to $2.2 billion rather than to -$0.5 billion.
In 2016, Alaska produced 531,500 barrels per day at an average price of $43.18 per barrel (ANS West Coast) — or $8.4 billion in total gross market revenues. Our share of this $8.4 billion should have been one-third of the gross market value — or $2.8 billion. Instead, we recovered a net of $0.9 billion (total petroleum revenues from all sources less credits incurred) — or $1.9 billion less than our fair share as owners. Stated differently, collecting one-third of the gross market value for our crude oil through an appropriate production tax would have increased our petroleum revenues by $1.9 billion and cut our deficit roughly in half.
How best to fix the production tax
There are several ways to improve our current production tax, and I have detailed them in prior articles and testimony.
In general, going to a simple progressive gross-market tax with adjustments upward for the lower-cost major legacy fields and downward for the higher-cost minor fields would be the best solution.
If the Legislature is unable to adopt the best solution, the existing production tax could be improved through simply (1) raising the minimum tax for the Prudhoe and Kuparuk fields; (2) hardening the minimum floor so credits, new oil designations and loss carry-forwards may not avoid it; (3) restricting the definition of new oil and eliminating Point Thompson from the definition, (4) requiring and resourcing timely audits coupled with appropriate interest on underpayments, and (5) eliminating unnecessary credits while paying the necessary credits. That said, Alaskans have always gotten and will always get the short end of the stick under the complex revenue system we have in place today.
Alaska's oil production tax is broken, Part 2
· Updated: 1 day ago
· Published 4 days ago: ADN March 20th 2017
Second of two parts
In Part 1 of this commentary, I explained the collapse of our production tax structure and suggested ways to correct and test it to be sure it is working. Here in Part 2, I will directly address the primary arguments suggesting we should take less than our fair share.
Inefficient state spending
Some suggest we should take less because the state government is spending wastefully. Alaskans should disagree. As the owners of our oil, we should recover our fair share whether the state spends wisely or foolishly.
Over-taxation
Some suggest the oil industry is being overtaxed. Alaskans should disagree. Alaskans are entitled to a one-third fair share as owners of the oil ‒ getting our share is not a taxation issue but a question of ownership and stewardship.
Health of the major producers
Some suggest we take less for the health of three major producers. Alaskans should disagree. The three major producers have made and are continuing to make substantial profits from our oil while we forgo billions of our fair share as owners and spend billions of our savings. It is time for our primary concern to turn to the health of the state, the economy, independent producers, and other industries.
Moreover, property-related taxes, such as a production tax, should be paid regardless of claimed profitability. This is why every other oil state has a production tax based on gross revenues rather than on net revenues.
We also need sufficient petroleum revenues to efficiently support a viable and competitive oil industry with independent producers. Currently, our revenues used to give the oil industry incentive are being massively misallocated ‒ we need more support for independent producers willing to explore for additional resources and less support for the three major producers harvesting Prudhoe and Kuparuk.
Finally, there is a natural evolution of an oil-producing region such as the North Slope. Major producers with higher cost structures often build out the initial infrastructure and capture the largest fields in an oil region. Over time, as field economics become more challenging, there is a natural progression to producers with lower cost structures. We should not have a net production tax that discourages this natural evolution and rewards the highest-cost majors for indefinitely harvesting our major legacy fields to fund projects outside of Alaska.
High costs of production
Some suggest we should take less because the cost of production in Alaska is too high. Alaskans should disagree. Alaskans should not take the risks associated with the three major producers' costs. The major producers are best able to manage their own costs and should bear the risks of not managing them prudently. Further, the three major producers are among the highest cost-producers in the world. Alaskans should not take less due to their inefficient spending.
In addition, the major producers' claimed costs are not reliable. Their claimed costs have not been audited; they average costs, which shields the true profitability of the low-cost major legacy fields such as Prudhoe and Kuparuk; and their claimed costs include substantial costs that are improper.
Additionally, their claimed costs include excessive and noncompetitive payments to their own profit centers. For example, they deduct the payments to themselves for the transportation of our oil through their pipelines and tankers. These payments to themselves are excessive and noncompetitive. To give one of many possible examples, the Regulatory Commission of Alaska has held that from 1977 through 1996, the major producers over-collected $13.5 billion in excess profits. This entire $13.5 billion in excess profits was claimed as costs of production and improperly deducted from their production taxes. Such excessive and noncompetitive payments by the three majors to themselves should not be deducted from their production taxes. In short, Alaskans need to understand that costs are not always costs, but are often additional profits, when dealing with the three major integrated producers.
Benefits of SB21
Some suggest we should take less because of the benefits of Senate Bill 21, the current tax regime. Some suggest this year SB21 is bringing in $100 million more than ACES, the previous tax regime. Alaskans should disagree.
For different reasons, neither SB21 nor ACES perform well at lower oil prices. Both would have to be significantly modified to realize our fair share under lower oil prices. Further, while ACES brings in a little less than SB21 during periods of lower oil prices, ACES brings in a lot more than SB21 during periods of higher oil prices. Comparing the revenues that would have been generated under SB21 and ACES from 2007 to date reveals ACES would have collected $11 billion more. Essentially, for every $1 more in revenue SB21 is bringing in this year, it will cost us $100 in revenue over time.
Some suggest SB21 has resulted in more production. But SB21 is not the cause of increased production ‒ the gain of a few thousand barrels per day is the result of projects under development for years if not decades before SB21 passed into law.
Alaskans voted
Some suggest we should take less because Alaskans voted not to repeal SB21. Alaskans should disagree. The vote came before the price of oil declined and it became obvious how poorly SB21 performs in periods of lower oil prices.
The vote was also based upon representations of new jobs and substantially increased production. Neither of those representations has proven true. Jobs have substantially declined, and SB21 has had no significant impact on production.
Under SB21, we are forgoing several billion dollars of our fair share in annual revenues to incentivize the three majors to do what they are already legally obligated to do under their leases ‒ develop and produce our oil. Instead, Alaskans should demand they honor their lease commitments. Ironically, we are doing such a poor job of incentivizing additional investment that we would be much better off to simply get our fair share and give all of it back to the oil industry for capital projects in Alaska. This would be much better than allowing billions to simply leave Alaska in the hope the majors will leave some part of our fair share in Alaska.
Finally, we simply cannot do any worse at protecting our interests. If the Legislature is unable to find the political will to pass a reasonable production tax, perhaps it is time for Alaskans to vote again. This vote should be first on Alaskans' legislators and second on whether to adopt a simple progressive production tax based on our fair share of one-third of the gross market sales.
Conclusion
Alaskans need to be clear ‒ there are only three potential sources of revenues to close our massive annual $3.5 billion deficit: 1. three major international producers (through an increased production tax); 2. us (through an income tax, sales tax, user fees, and reduced dividends); or 3. our children (through the Permanent Fund). While we may need some combination of these three sources, Alaskans should be clear that recovering our fair share should be the first place we look, not the last.
Former Gov. Jay Hammond anticipated this dilemma and was also clear that before Alaskans should agree to user fees or a broad-based sales or income tax (much less use the Permanent Fund earnings or dividends), we should first ensure we are recovering one-third of the gross value for our oil. Specifically, he stated, "(F)irst, oil taxes should be adjusted to redeem the State's initially agreed upon one-third share. Only then should user fees or a broad based sales or income tax be imposed if we lack sufficient revenues to fund essential government services." Alaskans should agree.
Robin Brena is a longtime oil and gas attorney who recently was called to testify on petroleum revenue issues before the state House Resources Committee. He was the chair of the Oil and Gas Subcommittee for Gov. Bill Walker's transition team.
Monday, March 6, 2017
Wild Wolves are Howling!
So Rally Round Our
Fund folks!
Alaska Must Resolve the Budget Gap. But, Beware of the Snare. We Must NOT let Wild Wolves Raid Our Permanent FUND. There is No shortage of Dough in AK. They must just pay for what they need.
Our AK Permanent Fund is not now and never was part of the Constitutional Budget Reserve Fund. It is a separate fund from which no one has the legal authority to take money without a referendum vote from “We the People”. Congress seems to think otherwise.
Though our Ex-governor Sarah Palin filled our tax coffers, our Constitutional Budget Reserve Fund to overflowing ($20 Billion), our elected Representatives who apparently really represent the oil companies, have turned around and given away Alaska’s Clear and Equitable Share of our oil Revenue to those oil giants as urged to do so, by our traitor Oil Governor Sean Parnell. We were promised then, that if SB 21 did not work out for us, we could change it. Instead of rescinding SB 21 and Re-enacting ACES, our current leaders suggest a raid upon our PFD Fund. It matters not at all what we the people said, in 1989 with an "84% No" vote. Congress has given away our oil tax revenue to their buddies in the Dirty Bastards club. Why should the oil companies continue to fund Alaska when they can cleverly make the people pay from our wealthy savings fund.? Those Oil companies now want to make us, the Alaska public pay, so that they don't have to.
Joseph Goebbels set the principle that: If You Tell a Lie Big Enough and Keep Repeating It, People and even you yourself, Will Eventually Come to Believe It. They’ll never quit lying to us the Public.
Yes, Alaska is
overflowing in wealth. But it is the profit made from this wealth that needs to
be taxed.
1st,
No Personal Income Tax can ever be justified in a state which abounds in so
much wealth. None! Ever! So stop giving away our wealth.
2nd When a company pays its employees and deducts their wages and salaries as business expenses and thereafter pays tax on its profits. Tax is fully paid on that source of revenue. No further taxation should be required from that one source of revenue, None! Ever! It is Double Taxation. No Government, Socialist or otherwise has the right to interfere in wage or salary agreements.
Whether it be the lowly floor cleaner, the company Chairman or its President, no one should have their income subject to Double Taxation. Personal income tax is Double taxation. Businesses are best equipped with accountants to deal with the IRS, not so the private individual. Local municipalities likewise only should be allowed to collect Sales taxes, totally In Lieu, of Property taxes. When a property is purchased a sales tax is paid by the purchaser. The local Municipality does not own the property and has no right to impose a rental charge and call it property tax, They are not elected to act as a Local Mafia gang of thieves.
Yes, Alaska abounds in wealth. Our permanent Fund does too. Is it any wonder our former Governor and the local congress wanted to use our fund monies. The Oil companies pointed in our direction. They don’t want to pay their clear and equitable share of our taxes. That is why they pushed for the SB 21 tax act. Re-enact ACES as of the date of SB 21. Collect the back taxes due thereunder.
I was going to suggest the Fund purchase 5 billion worth of 10 yr. AK 10% tax-exempt State bonds. But the State could not pony up the interest due each year. It has given away Alaska’s oil revenue. Well, now here’s the rub. I wouldn’t lend the state one copper cent from the permanent fund. The State is just not credit worthy. It has given away most of its income to the oil magnates. Too bad, And they may object to paying 10%. Good luck. Then let them go issue their bonds for sale on the open market. And see what response they get being so uncreditworthy.
Our AK Permanent Fund is not part of the Constitutional Budget Reserve Fund. You have your Fund, We the People, Have Ours! Obey the 1980 Statute. Pay Us our dividends. Respect all our laws, lead by example and obey them. Otherwise why should we?
You can borrow
from the fund with 10% AK tax-exempt State Bonds as Security. There is no shortage of Dough here in AK.
Just pay for what you need. Rescind SB 21 and Re-enact ACES as of the enactment date of SB 21. Collect the back taxes due thereunder and then you can
afford to pay us the interest due on any bonds purchased.
We will not suffer any interference with our Permanent Fund. Guillotines from France need not be imported to ensure a French style revolution, we ourselves have more modern methods, which are much more efficient to get the job done.
Instead of impeding the will of our good Governor Dunleavy, who desires to pay us our dividends, look you towards your own safety, and cease to run rampant over the will of the people who elected you to office. Obey the 1980 law as already enacted. Let us all obey the law.
NO
EXCEPTIONS.
Now, Wild Wolves are Howling! So Rally Round Our Fund folks!
Have we forgotten that we the people voted to abolish all income tax here in Alaska?
The right to veto new law before it is enacted, does not extend to making of new law against the will of the people and does not allow a veto of existing law. Unless of course one has dictatorial authority.
The USA constitution, which Alaska has had to ratify to become a State of the Union, Article 1 Section 9 reads; "No capitation, or other direct, Tax shall be laid." Taking any part of our Permanent Fund Dividend is 1, a direct tax and 2, a Capitation tax. Our former Governor Walker needs to be held accountable because he has not only broken the US constitution, which he swore to uphold, but totally ignored our own Alaska law. We need to take this matter before the United States Supreme Court, not just the AK State High court which gave him approval.
Our AK Permanent Fund is not and was never a part of the Constitutional Budget Reserve Fund. It is a separate fund from which no one has the legal authority to take money without a referendum vote from “We the People”.
Though our ex-governor Sarah Palin filled our tax coffers with over $20 Billion to overflowing. Our elected Representatives who now really represent the oil companies have turned around and given away Alaska’s Clear and Equitable Share of our oil income to those oil giants as urged to do so, by our traitor Oil Governor Sean Parnell. We were promised then, that if SB 21 did not work out for us, we could change it. Now instead of changing it by rescinding SB 21 and Re-enacting ACES, our current congress leaders suggest a raid upon our PFD Fund. It matters not at all, what we the people said, in 1989 with an "84% No" vote. Congress has given away our tax revenue to their oil buddies in the Dirty Bastards club. Why should the oil companies continue to fund Alaska when they can cleverly MANIPULATE Congress and make the people pay from our wealthy savings fund? Now they want to make the Alaska public pay, so that they don't have to. If they can make all of us Alaskan Suckers pay, then they then can enjoy more clearly of our Fiscal Reality, (our oil wealth profit among themselves).
Joseph Goebbels set forth the principle that: "Truth is the enemy of the State". and "If You Tell a Lie Big Enough and Keep Repeating It, People Will Eventually Come to Believe It". So will they ever quit lying to us, the Public? Depend upon it, they will never cease lying.
Continue to pay out our PFD's from the 50% of the Fund's Earnings Related account as legally stipulated in 1980.
Our AK Permanent Fund is not part of the Constitutional Budget Reserve Fund. You have your Fund, We the People, Have Ours! Obey the 1980 Statute. Pay Us our dividends. You can then, and only then, borrow from the fund with 10% AK tax-exempt State Bonds as Security. There is no shortage of Dough here in AK. Just pay as you go, for what you want, and the fund itself will continue to grow.
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