Landmarks in Permanent Fund history: 1980 - 1990 period

1968 - 1977 / 1980 - 1990 / 1991 - 2001 / 2002 - present

1980

The Alaska Legislature: (1) creates the Alaska Permanent Fund Corporation; (2) makes a special appropriation of $900 million to the Permanent Fund; (3) increases the Permanent Fund's share of oil royalties from 25% to 50% for fields leased after 1979; and (4) approves the first Permanent Fund dividend program. (the U.S. Supreme Court later rules this program unconstitutional.)

January 22: One billionth barrel of oil passes through the trans Alaska pipeline.

Elmer Rasmuson (pictured) is elected as the first chairman of the Board of Trustees of the

Permanent Fund Corporation.

1981

Alaska Legislature approves its second special appropriation to the Permanent Fund, this time for $1.8 billion. Rep. Oral Freeman (pictured)sponsored the first two special appropriations to the Permanent Fund.

1982

The Alaska Legislature, at the request of the Board of Trustees, enacts inflation-proofing

to protect the purchasing power of Permanent Fund principal. Legislature has inflation-proofed the Fund each year since. Dave Rose becomes the Fund's first executive director.

Trustees are authorized by the legislature to begin investing a portion of the Fund in

U.S. common stocks and equity real estate.

First Permanent Fund dividend check is distributed: $1,000.00.

1983

July 6: The Permanent Fund makes its first investment in the stock market. On that

date the Standard & Poor's 500 Stock Index closed at 168.48.

October: The Permanent Fund makes its first investment in equity real estate.

1984

Permanent Fund assets reach $5 billion.

1986

Alaska Legislature approves the third special appropriation to Fund principal: $1.26 billion.

Unlike the first two deposits which were made with surplus oil revenues, this appropriation transfers undistributed Fund income to principal.

The Permanent Fund's annual net income exceeds $1 billion for the first time.

September 15: 5 billionth barrel of oil arives in Valdez.

Picture shows 1986 budget conference committee, Sen. Willie Hensley and Rep. Al Adams.

1987

The people of Alaska celebrate the Permanent Fund's 10th anniversary.

1988

Despite the stock market crash in October 1987, the Permanent Fund's

performance ranks in the top 9% of all public funds in the U.S.

Total annual throughput of oil in the trans Alaska pipeline peaks at 744 million

barrels (2 million barrels per day).

1989

Assets of the Permanent Fund reach $10 billion.

The Alaska Legislature grants the Trustees authority to invest a portion of the

Permanent Fund in non-U.S. securities.

7 billionth barrel of oil passes through the trans Alaska pipeline.

1990

April: Permanent Fund makes its first non-U.S. dollar denominated investment - in Canadian Government Treasury Bills.

November: Permanent Fund begins investing in stock and bond markets outside the U.S.