SENATE AMENDMENT

    Bill No. CS/HB 1457

    Amendment No.    

                            CHAMBER ACTION
              Senate                               House
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11  Senator Silver moved the following amendment:

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13         Senate Amendment (with title amendment) 

14         On page 4, between lines 20 and 21,

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16  insert:

17         Section 2.  Subsection (6) of section 265.606, Florida

18  Statutes, is amended to read:

19         265.606  Cultural Endowment Program; administration;

20  qualifying criteria; matching fund program levels;

21  distribution.--

22         (6)(a)  Preservation of the $600,000 capital value of

23  each endowment shall be the primary investment constraint upon

24  the trustee.

25         (b)  The investment objectives of the trustee are to

26  preserve the principal amount of each endowment while

27  maximizing current income through the use of

28  investment-quality financial fixed income instruments.  The

29  market value of $600,000 for each individual endowment in a

30  local cultural endowment program fund shall be maintained.

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                                                  SENATE AMENDMENT

    Bill No. CS/HB 1457

    Amendment No.    





 1  (Redesignate subsequent sections.)

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 4  ================ T I T L E   A M E N D M E N T ===============

 5  And the title is amended as follows:

 6         On page 1, line 17, after the semicolon

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 8  insert:

 9         amending s. 265.606, F.S.; revising the types

10         of instruments into which the trustees may

11         invest, to include any investment-quality

12         financial instruments;

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