House Bill 1167
Introduced House Bill (H)
DIGEST
Proceeds of sale of a capital asset. Authorizes a nonprofit foundation established by a county to hold proceeds from the sale of capital assets to include in the foundation's investment policy statement a formal spending policy for: (1) a spending rate of up to 5% multiplied by a five year moving average of quarterly market values with the distributable amount for each year determined on a specified date; or (2) in the case of a foundation that was established less than 10 years ago, an interim spending rate of up to 5% multiplied by a moving average consisting of all
Proceeds of sale of a capital asset. Authorizes a nonprofit foundation established by a county to hold proceeds from the sale of capital assets to include in the foundation's investment policy statement a formal spending policy for: (1) a spending rate of up to 5% multiplied by a five year moving average of quarterly market values with the distributable amount for each year determined on a specified date; or (2) in the case of a foundation that was established less than 10 years ago, an interim spending rate of up to 5% multiplied by a moving average consisting of all
available quarterly market values since the date the foundation was established.
... View more
1
The document is not available in the context of this page. It might be accessible at the following URL: URL