No city, county, town, precinct, municipality, or other subdivision of the state shall
ever become a subscriber to the capital stock, or owner of such stock, or any portion
or interest therein of any railroad, or private corporation, or association, except
that, notwithstanding any other provision of this Constitution, the Legislature may
authorize the investment of public endowment funds by any city which is authorized
by this Constitution to establish a charter, in the manner required of a prudent investor
who shall act with care, skill, and diligence under the prevailing circumstance and
in such investments as the governing body of such city, acting in a fiduciary capacity
for the exclusive purpose of protecting and benefiting such investment, may determine,
subject to such limitations as the Legislature may by statute provide.
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