"Hammond had a good idea, that the PF would be used as both a ‘rainy day fund’ .... This is incorrect.
1) read his book "Diapering the Devil " .. It explains the entire history of the Permanent Fund and its intent.
See:   www.cgdev.org/doc/books/GovernorsSolution/Ch2_GovernorsSolution.pdf

2) He wrote the vote "NO" position against the 1999 ballot prop. and the ballot proposition failed by 83%.. 5 to 1 in every single precinct in Alaska including Juneau and the University of Alaska campus.  In many places the opposition was far greater than 5 to 1... See: Ak. State Div. of Elections- ww.elections.alaska.gov/ei_return_1999_SPEC.php

3) There is a recording of him saying it was set up to pay DIVIDENDS not run gov.

Hope this is helpful.... wrong information is a cancer which plagues all of us.