In 1969 the state auctioned off 164 areas of land in Prudhoe Bay. The oil companies with the highest bid would get the right to drill. These companies then had to pay the state of Alaska $900 million in 1969. Then Alaska became partners with the oil companies. Alaska owned the land and the companies had the equipment. The government debated whether the money should be saved or spent. Then two programs were started with some of the money. The student Loan Program and the Longevity Bonus Program. The Citizens in the Alaska didn't see the money was directed towards their needs. They felt it was wasted Alaska is so big that $900 million was not enough.

More money was coming in from Prudhoe Bay due to the development of the Trans-Alaska Pipeline which began transporting oil in 1977. This brought in a large amount of money for Alaska. The benefits of Alaska's natural resources seemed to be helping people living outside of Alaska. In 1955-56 a constitution was made for Alaska . It said that all resources should be put towards people in Alaska , this includes oil and the permanent funds. At least 25% of the money would be put into a savings and invested.

• 1959 Alaska became the 49th state.
• 1969 Alaska received $9 million from Prudhoe Bay lease on September 10th; the population at the time was 295,000.
• 1974 Trans-Alaskan pipelines begins to be built.
• 1976 Voters voted for the establishing of the permanent fund the vote was 76,588 to 38,518.
• 1977 $734,000 was the first deposit on February 28th Oil started flowing into the Valdez after 39 months. A debate between the public lasted 4 years if the permanent fund should be a public trust or an economic development.
• 1980 the legislature raised the permanent funds share from 25% to 50%. Approved the first of the permanent fund dividend.
• 1981 The legislature passed the second appropriation for $1.8 billion
• 1982 The permanent fund made an investment on stock on July 6th. In October real estate investments were made.
• 1982 First permanent fund dividend check: $1000
• 1983 Permanent fund dividend check: $386
• 1984 Permanent fund dividend check: $333
• 1985 Permanent fund dividend check: $404
• 1986 The net income went up to $1 billion for the first time.The legislature raised the 3rd appropriation for $1.264 billion.The 5 billionth barrel of oil passed though.
• 1986 Permanent fund dividend check: $556
• 1987 Permanent fund dividend check: $708
• 1988 Permanent fund dividend check: $826
• 1989 The permanent fund raised to $10 billion.The legislature gave permission to invest a part of the money.
• 1989 Permanent fund dividend check: $873
• 1990 The permanent fund invested $25 million in Canadian Treasury Bills
• 1990 Permanent fund dividend check: $952
• 1991 Permanent fund dividend check: $931
• 1993 The permanent funds assets went to $15 billion.
• 1995 The investments in stock reached $7 billion.The fund had shares with 1,419 companies in 33 different countries.
• 1996 The permanent fund gave each Alaskans a divident of over $1,130 -- the highest dividend yet.