Wording from the voter’s guide:

This bill creates a voluntary program of public funding for state election campaigns. To qualify, candidates must collect a certain number of signatures and $5 campaign contributions from voters in the area in which the candidate is running for office. Qualified candidates that agree to limits for campaign fundraising and spending may receive campaign funding from the State of Alaska based on the office sought. A qualified candidate may receive state matching funds if the candidate is opposed by a candidate that does not take part in the program.

Janeen’s summary:

This bill, dubbed “The Alaska Clean Elections Act” would allow qualified candidates to receive money from the state for their campaigns. Qualification is determined by gathering needed signatures and contibutions, and then maintaining campaign limits. The goal of the act is to reduce the ability of special interests to contribute to campaigns (and later influence legislation).

If you are in favor of the State giving aid for this purpose, you’ll want to vote YES on ballot measure 3. If you don’t agree with the conditions of the measure, or don’t feel the state should be funding campaigns, vote NO.