SJR 36: Proposing amendments to the Constitution of the State of Alaska relating to the senior benefit fund.
00SENATE JOINT RESOLUTION NO. 36 01 Proposing amendments to the Constitution of the State of Alaska relating to the 02 senior benefit fund. 03 BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. Article IX, Constitution of the State of Alaska, is amended by adding a new 05 section to read: 06 SECTION 18. SENIOR BENEFIT FUND. (a) There is established as a 07 separate fund in the State treasury the senior benefit fund. Money in the fund shall 08 be invested so as to yield competitive market rates to the fund. Only income from the 09 investments may be appropriated, and appropriations may be made only in accordance 10 with (b) and (c) of this section. 11 (b) A longevity bonus program shall be established by law to provide for 12 monthly bonus payments to residents of the State who are 65 years of age or older. 13 Income from the senior benefit fund shall be appropriated for the bonus payments. 14 (c) The Alaska Commission on Aging shall be established by law in the
01 executive branch. Income of the senior benefit fund that is not needed to fully fund 02 the longevity bonus program for a fiscal year may be appropriated during that same 03 fiscal year for services to residents of the State who are 65 years of age or older. 04 Before an appropriation is made under this subsection, the legislature shall consult with 05 the Alaska Commission on Aging and consider recommendations of the commission 06 for use of the available income. 07 * Sec. 2. Article XV, Constitution of the State of Alaska, is amended by adding a new 08 section to read: 09 SECTION 29. PRINCIPAL OF THE SENIOR BENEFIT FUND. 10 $300,000,000 shall be transferred from the income of the permanent fund (art. IX, 11 sec. 15) to the principal of the senior benefit fund (art. IX, sec. 18) on the last day of 12 each of fiscal years 1997, 1998, and 1999. Notwithstanding Section 18 of Article IX, 13 income earned by the senior benefit fund before July 1, 1999, shall be transferred to 14 the principal of that fund and may not be appropriated. Section 7 of Article IX does 15 not apply to transfers made under this section. 16 * Sec. 3. The amendments proposed by this resolution shall be placed before the voters of 17 the state at the next general election in conformity with art. XIII, sec. 1, Constitution of the 18 State of Alaska, and the election laws of the state.