Amendment 1 appears headed for victory
Voters appeared to approve a state constitutional amendment Tuesday that would give cities broader investment strategies for endowment funds.
Amendment 1, put on the ballot by the Legislature, will allow city leaders to invest endowment funds in the stock market. They are currently limited to bond investments.
Two years ago, voters defeated a similar amendment. This year, supporters orchestrated educational and advertising campaigns to convince voters this was a worthy idea.
Two political foes, Democratic Sen. Ben Nelson and Republican Attorney General Jon Bruning, appeared together on a television spot, praising Amendment 1.
The television ad was part of an educational effort, supported by Lincoln’s Community Health Endowment and several hospitals, according to Lori Seibel, director of the Community Health Endowment.
In addition, an issue-oriented group, “Yes on 1,” spent more than $37,000 on mail and print advertising encouraging Nebraskans to vote yes on the amendment, based on the group’s latest report to the state’s Accountability and Disclosure Commission.
The proposal will directly benefit Lincoln, where the interest earned on the Community Health Endowment fund is used to fund health programs. The endowment came from the sale of Lincoln General Hospital.
Other cities considering endowments may benefit in the future, said Gary Krumland, with the League of Nebraska Municipalities, which donated $15,000 to the Yes on 1 committee.
Only cities with populations of more than 5,000 will be able to use the new investment rules for endowments, he said.
Reach Nancy Hicks at 473-7250 or nhicks@journalstar.com.
Amendment 1, put on the ballot by the Legislature, will allow city leaders to invest endowment funds in the stock market. They are currently limited to bond investments.
Two years ago, voters defeated a similar amendment. This year, supporters orchestrated educational and advertising campaigns to convince voters this was a worthy idea.
Two political foes, Democratic Sen. Ben Nelson and Republican Attorney General Jon Bruning, appeared together on a television spot, praising Amendment 1.
The television ad was part of an educational effort, supported by Lincoln’s Community Health Endowment and several hospitals, according to Lori Seibel, director of the Community Health Endowment.
In addition, an issue-oriented group, “Yes on 1,” spent more than $37,000 on mail and print advertising encouraging Nebraskans to vote yes on the amendment, based on the group’s latest report to the state’s Accountability and Disclosure Commission.
The proposal will directly benefit Lincoln, where the interest earned on the Community Health Endowment fund is used to fund health programs. The endowment came from the sale of Lincoln General Hospital.
Other cities considering endowments may benefit in the future, said Gary Krumland, with the League of Nebraska Municipalities, which donated $15,000 to the Yes on 1 committee.
Only cities with populations of more than 5,000 will be able to use the new investment rules for endowments, he said.
Reach Nancy Hicks at 473-7250 or nhicks@journalstar.com.
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