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Mayor, Council endorse Amendment 1

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By the Lincoln Journal Star

Monday, May 05, 2008 - 03:57:08 pm CDT

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.

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Mayor Chris Beutler

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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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hh wrote on May 5, 2008 5:09 pm:
" if the pols endorse it then it must be a BAD idea! "

 Jan wrote on May 5, 2008 7:03 pm:
" Bonds are not risky. In fact they are very safe. So should we trade safe for an extra 3 percent. I don't think so. "

 Lincoln Guy wrote on May 5, 2008 7:47 pm:
" What the heck. Vote For. If it fails the man will do what it wants anyway. "

 Glad they agree wrote on May 5, 2008 8:12 pm:
" For all the naysayers who write on this blog complaining about politicians.......don't you ever get tired of whining that everything they are trying to do is wrong? I, for one, am glad that they agree on this issue and are willing to say it publicly. I'll vite yes. "

 Disagree wrote on May 5, 2008 8:13 pm:
" You are wrong in saying that bonds are so safe - ever heard of junk bonds? Ever heard of Orange County? Diversification is the right way to go and I'll be voting YES. "

 Remember folks wrote on May 6, 2008 4:11 am:
" These same people will be asking you to vote for an Arena, that we do not need right now. Plus these same people will be raising your taxes. "

 I saw this on the news last night wrote on May 6, 2008 7:54 am:
" Jon Camp and Chris Beutler were on the same page which doesn't happen often. Public endowments allow money to be spent on community projects and not a dime of it is tax money! This doesn't have to do anything with an arena or taxes or anything else. I'll be voting yes! "

 Remember what folks wrote on May 6, 2008 7:57 am:
" Most of us under the age of 65 will be voting FOR the arena, tax-raise or not. Some of us recognize growth and improvement, and that doesn't mean building more retirement homes. I think AZ and FL are calling you... "

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