Download This Version in Microsoft Word format
TO AMEND SECTION 6-21-185 OF THE 1976 CODE, RELATING TO A SPECIAL PURPOSE DISTRICT MORTGAGE TO SECURE CERTAIN BONDS OR LOANS, TO REMOVE LIMITATIONS FROM THE AUTHORITY OF SUCH DISTRICT TO MORTGAGE ITS PROPERTY UNDER THE REVENUE BOND ACT FOR UTILITIES; TO ADD SECTION 6-17-95 TO AUTHORIZE A SPECIAL PURPOSE DISTRICT PROVIDING HOSPITAL, NURSING HOME, OR CARE FACILITIES TO BORROW MONEY IN MANNER THAT IS CONSISTENT WITH SECTION 44-7-60; TO ADD SECTION 6-11-101 TO CLARIFY THE POWERS OF HOSPITAL DISTRICTS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 6-21-185 of the 1976 Code is amended to read:
"Section 6-21-185. Under the revenue bond act for utilities in the case of a special purpose district providing hospital, nursing home, or care facilities in a county with more than fourteen million dollars in accommodations tax collections for the most recent fiscal year, the special purpose district is authorized to provide a mortgage on any real or personal property to secure its bonds or loan by any federal agency or guarantee if the federal agency provides a guarantee of any such loan securing the bonds."
SECTION 2. Chapter 17, Title 6 of the 1976 Code is amended by adding:
"Section 6-17-95. Under the revenue bond refinancing act in the case of a municipality providing hospital, nursing home, or care facilities, the municipality may utilize the provisions of Section 44-7-60 to secure payment on its bonds or loans."
SECTION 3. Chapter 11, Title 6 of the 1976 Code is amended by adding:
"Section 6-11-101. Any hospital district created by the General Assembly of South Carolina shall be authorized to own, lease, operate, maintain, convey, mortgage, sell, or otherwise dispose of 'hospital facilities' as such term is defined in item (f) of Section 44-7-1430 and as authorized by Section 6-21-100."
SECTION 4. This act takes effect upon approval by the Governor.
This web page was last updated on December 9, 2009 at 3:00 PM