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.