Senate Bill sb1166e1

    SB 1166                                  First Engrossed (ntc)



  1                      A bill to be entitled

  2         An act relating to the Cultural Endowment

  3         Program; amending s. 265.606, F.S.; revising

  4         the types of instruments into which the

  5         trustees may invest, to include any

  6         investment-quality financial instruments;

  7         providing an effective date.

  8

  9  Be It Enacted by the Legislature of the State of Florida:

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11         Section 1.  Subsection (6) of section 265.606, Florida

12  Statutes, is amended to read:

13         265.606  Cultural Endowment Program; administration;

14  qualifying criteria; matching fund program levels;

15  distribution.--

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

17  each endowment shall be the primary investment constraint upon

18  the trustee.

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

20  preserve the principal amount of each endowment while

21  maximizing current income through the use of

22  investment-quality financial fixed income instruments of the

23  types set forth in rules promulgated by the State Board of

24  Administration.  The market value of $600,000 for each

25  individual endowment in a local cultural endowment program

26  fund shall be maintained.

27         Section 2.  This act shall take effect July 1, 2001.

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CODING: Words stricken are deletions; words underlined are additions.