Two politicians and a banker turned out Tuesday to show their support of a proposed change to the Nebraska constitution. Nebraska Attorney General Jon Bruning, Lincoln Sen. DiAnna Schimek and Cornhusker Bank chairman
JoANNE YOUNG / Lincoln Journal Star | Posted: Monday, April 28, 2008 7:00 pm
Two politicians and a banker turned out Tuesday to show their support of a proposed change to the Nebraska constitution.
Nebraska Attorney General Jon Bruning, Lincoln Sen. DiAnna Schimek and Cornhusker Bank chairman emeritus Alice Dittman held a news conference to urge voters to mark yes on their ballots beside Amendment 1.
U.S. Sen. Ben Nelson is also a co-chairman of Amendment 1 with Bruning.
The amendment, on the May 13 primary election ballot, 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.
Dittman said the amendment would allow for more diversification, and an average growth of around 8 to 9 percent.
Over 20 years, she said, that could mean 80 percent more money for community needs.
North Platte also has a public endowment that would benefit from the amendment. That endowment was established by farmer John Newburn, who died in 1987 and left his property to the city, requesting the money be used for park improvements.
A similar amendment was on the ballot in 2006 and failed. Bruning said it failed “because of the company it kept.”
At the same time on that ballot were a highly contested Senate race, a gambling amendment and a spending lid.
“It was so far down the list of interesting things to consider,” he said.
Schimek said the Legislature overwhelmingly supported the amendment because it makes sense.
“Amendment 1 is a winner for everyone,” she said.
Reach JoAnne Young at 473-7228 or jyoung@journalstar.com.