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H. 3156
STATUS INFORMATION
General Bill
Sponsors: Reps. Harrell, Leach, Bailey, Scarborough and Clark
Document Path: l:\council\bills\bbm\10470mm05.doc
Introduced in the House on January 11, 2005
Introduced in the Senate on April 20, 2005
Currently residing in the Senate Committee on Finance
Summary: Issuance of hospital revenue bonds upon approval of Budget and Control Board
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 12/15/2004 House Prefiled 12/15/2004 House Referred to Committee on Ways and Means 1/11/2005 House Introduced and read first time HJ-104 1/11/2005 House Referred to Committee on Ways and Means HJ-104 4/13/2005 House Committee report: Favorable Ways and Means HJ-8 4/19/2005 House Read second time HJ-26 4/20/2005 House Read third time and sent to Senate HJ-23 4/20/2005 Senate Introduced and read first time SJ-6 4/20/2005 Senate Referred to Committee on Finance SJ-6
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COMMITTEE REPORT
April 13, 2005
H. 3156
Introduced by Reps. Harrell, Leach, Bailey, Scarborough and Clark
S. Printed 4/13/05--H.
Read the first time January 11, 2005.
To whom was referred a Bill (H. 3156) to amend Section 59-123-60, Code of Laws of South Carolina, 1976, relating to powers of the Medical University Hospital Authority, so as to provide for, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
ROBERT W. HARRELL, JR. for Committee.
EXPLANATION OF IMPACT:
A review of this bill by both the State Budget and Control Board and the Medical University of South Carolina indicates there will be no impact on the General Fund of the State, or on federal and/or other funds.
Approved By:
Don Addy
Office of State Budget
TO AMEND SECTION 59-123-60, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO POWERS OF THE MEDICAL UNIVERSITY HOSPITAL AUTHORITY, SO AS TO PROVIDE FOR THE ISSUANCE OF HOSPITAL REVENUE BONDS IN AN AMOUNT UP TO FIVE MILLION DOLLARS ONLY UPON RESOLUTION OF APPROVAL BY THE STATE BUDGET AND CONTROL BOARD, AND NOT PURSUANT TO OTHER APPROVAL PROCEDURES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 59-123-60(E)(3)(d) of the 1976 Code is amended to read:
"(d) for the purpose of effectuating the provisions of issuance of bonds pursuant to subitem (c) above, utilize all provisions of the Hospital Revenue Bond Act. The issuance by the authority of any the bonds, notes, or other obligations or indebtedness, except as provided in this subitem, shall be is subject to the approval thereof by resolution of the State Budget and Control Board. Except for such that approving resolution, the requirements of Section 44-7-1590 of the Hospital Revenue Bond Act shall be are not applicable to obligations issued by the authority; except that a capital lease purchase of equipment with cost in excess of five million dollars requires prior approval by the State Budget and Control Board. The authority, with approval of the State Budget and Control Board, may issue revenue anticipation notes and such the notes shall must have a maturity of not exceeding more than six months from date of issuance and shall may not exceed, in the aggregate, ten percent of the net patient service revenue for the fiscal year of the authority preceding the fiscal year in which such the obligations are issued. A capital lease purchase for a single piece of equipment with cost in excess of five million dollars requires prior approval by the State Budget and Control Board;"
SECTION 2. This act takes effect upon approval by the Governor.
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