House Bill hb0333c1

    Florida House of Representatives - 2001              CS/HB 333

        By the Council for Competitive Commerce and Representative
    Kosmas





  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

  6         investment-quality financial instruments as

  7         established by rule of the Department of State;

  8         providing an effective date.

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

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

13  Statutes, is amended to read:

14         265.606  Cultural Endowment Program; administration;

15  qualifying criteria; matching fund program levels;

16  distribution.--

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

18  each endowment shall be the primary investment constraint upon

19  the trustee.

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

21  preserve the principal amount of each endowment while

22  maximizing current income through the use of

23  investment-quality financial fixed income instruments of the

24  types set forth in rules promulgated by the department.  The

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

26  local cultural endowment program 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.