Senate Bill sb1166

    Florida Senate - 2001                                  SB 1166

    By Senator Sebesta





    20-639-01

  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.  The

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

24  local cultural endowment program fund shall be maintained.

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

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27            *****************************************

28                          SENATE SUMMARY

29    Revises the types of instruments into which the trustee
      of a cultural endowment program may invest funds.
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CODING: Words stricken are deletions; words underlined are additions.