SENATE AMENDMENT

    Bill No. CS for SB's 2422 & 1952

    Amendment No.    

                            CHAMBER ACTION
              Senate                               House
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11  Senators King and Dyer moved the following substitute for

12  amendment (383072):

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14         Senate Amendment 

15         On page 4, lines 21-27, delete those lines

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17  and insert:

18         (b)  The endowment shall be managed as an annuity. The

19  investment objective shall be long-term preservation of the

20  real value of the principal and a specified regular annual

21  cash outflow for appropriation, as nonrecurring revenue. The

22  schedule of annual cash outflow shall be included within the

23  investment plan adopted pursuant to paragraph (a).

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