Mayor, Council endorse Amendment 1
Mayor Chris Beutler and the Lincoln City Council have endorsed Amendment 1, a proposed change to the Nebraska Constitution on the May 13 primary ballot.
The amendment would allow broader investment authority for public endowment funds, such as Lincoln’s Community Health Endowment, created from the proceeds of the sale of publicly owned Lincoln General Hospital in 1997.
The goal for the fund is to support health-related programs or projects that further the health, safety or welfare of Lincoln citizens.
The amendment would authorize investing of public endowment funds with care, skill and diligence to protect and benefit the funds.
Public endowment funds are restricted to bond investments, and investing in stocks is not an option. They earn an average of about 5 percent.
Supporters say the amendment would allow for more diversification and an average growth of about 8 percent to 9 percent.
“Right now, the Community Health Endowment funds are at risk because of a 125 year old provision in our State’s Constitution that limits the fund’s investment options. In short, our past is jeopardizing our future,” Beutler said in a news release.
City Council Chairman Dan Marvin, also a financial planner, added that Amendment 1 allows for diversification, a key concept in safeguarding investments.
The amendment would allow broader investment authority for public endowment funds, such as Lincoln’s Community Health Endowment, created from the proceeds of the sale of publicly owned Lincoln General Hospital in 1997.
The goal for the fund is to support health-related programs or projects that further the health, safety or welfare of Lincoln citizens.
The amendment would authorize investing of public endowment funds with care, skill and diligence to protect and benefit the funds.
Public endowment funds are restricted to bond investments, and investing in stocks is not an option. They earn an average of about 5 percent.
Supporters say the amendment would allow for more diversification and an average growth of about 8 percent to 9 percent.
“Right now, the Community Health Endowment funds are at risk because of a 125 year old provision in our State’s Constitution that limits the fund’s investment options. In short, our past is jeopardizing our future,” Beutler said in a news release.
City Council Chairman Dan Marvin, also a financial planner, added that Amendment 1 allows for diversification, a key concept in safeguarding investments.
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