The fund was originally proposed by Governor Keith Miller on the eve of the 1969 Prudhoe Bay lease sale, out of fear that the legislature would spend the entire proceeds of the sale (which amounted to $900 million) at once.
ðə fˈʌnd wʌz ɚɹˈɪdʒɪnəli pɹəpˈoʊzd baɪ ɡˈʌvɚnɚ kˈiːθ mˈɪlɚɹ ɔnðɪ ˈiːv ʌvðə nˈaɪntiːnhˈʌndɹɪd sˈɪksti nˈaɪn pɹˈʌdhoʊ bˈeɪ lˈiːs sˈeɪl, ˌaʊɾəv fˈɪɹ ðætðə lˈɛdʒɪslətʃɚ wʊd spˈɛnd ðɪ ɛntˈaɪɚ pɹˈoʊsiːdz ʌvðə sˈeɪl wˌɪtʃ ɐmˈaʊntᵻd tə dˈɑːlɚ nˈaɪnhˈʌndɹɪd mˈɪliən ɐtwˈʌns.