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COMMITTEE REPORT
April 6, 2000
H. 4567
S. Printed 4/6/00--H.
Read the first time February 8, 2000.
To whom was referred a Bill (H. 4567), to amend Section 6-5-10, as amended, Code of Laws of South Carolina, 1976, relating to authorized investments for the money of political subdivisions of the State, etc., respectfully
That they have duly and carefully considered the same, and recommend that the same do pass with amendment:
Amend the bill, as and if amended, by striking SECTION 1 in its entirety and inserting:
/SECTION 1. Section 6-5-10(a) of the 1976 Code, as last amended by Act 326 of 1990, is further amended by adding one new item at the end to read:
(7) A public hospital that is a political subdivision may invest in principal protected investments in the form of notes, bonds, guaranteed investment contracts, debentures, or other contracts issued by a bank chartered in the United States or agency of a bank if chartered in the United States, financial institutions, insurance company, or other entity which provides for full principal payment at the end of a contract term not to exceed twelve years if the issuer has received a rating in one of three highest general rating categories issued by no fewer than two nationally recognized credit rating organizations. Revenue realized pursuant to these investments must be expended on health care services." /
Renumber sections to conform.
Amend title to conform.
ROBERT W. HARRELL, JR., for Committee.
TO AMEND SECTION 6-5-10, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO AUTHORIZED INVESTMENTS FOR THE MONEY OF POLITICAL SUBDIVISIONS OF THE STATE, SO AS TO AUTHORIZE PRINCIPAL PROTECTED INVESTMENTS IN THE FORM OF NOTES, BONDS, GUARANTEED INVESTMENT CONTRACTS, DEBENTURES, OR OTHER CONTRACTS WHICH PROVIDE FOR FULL PRINCIPAL PAYMENT AT THE END OF A CONTRACT TERM NOT TO EXCEED TWELVE YEARS ISSUED BY BANKS CHARTERED IN THE UNITED STATES OR THEIR AGENCIES, OTHER FINANCIAL INSTITUTIONS, INSURANCE COMPANIES, OR OTHER ENTITIES HAVING RECEIVED A CREDIT RATING IN ONE OF THE THREE HIGHEST GENERAL RATING CATEGORIES OF SUCH RATINGS BY NO FEWER THAN TWO NATIONALLY RECOGNIZED CREDIT RATING ORGANIZATIONS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 6-5-10(a) of the 1976 Code, as last amended by Act 326 of 1990, is further amended by adding a new item at the end to read:
"(7) Principal protected investments in the form of notes, bonds, guaranteed investment contracts, debentures, or other contracts issued by a bank chartered in the United States or agency of a bank if chartered in the United States, financial institution, insurance company, or other entity which provides for full principal payment at the end of a contract term not to exceed twelve years if the issuer has received a rating in one of three highest general rating categories issued by no fewer than two nationally recognized credit rating organizations."
SECTION 2. This act takes effect upon approval by the Governor.
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