South Carolina General Assembly
116th Session, 2005-2006

Download This Version in Microsoft Word format

Bill 3156

Indicates Matter Stricken
Indicates New Matter


(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

Indicates Matter Stricken

Indicates New Matter

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.

            

THE COMMITTEE ON WAYS AND MEANS

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

REPORT:

That they have duly and carefully considered the same and recommend that the same do pass:

ROBERT W. HARRELL, JR. for Committee.

            

STATEMENT OF ESTIMATED FISCAL IMPACT

ESTIMATED FISCAL IMPACT ON GENERAL FUND EXPENDITURES:

$0 (No additional expenditures or savings are expected)

ESTIMATED FISCAL IMPACT ON FEDERAL & OTHER FUND EXPENDITURES:

$0 (No additional expenditures or savings are expected)

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

A BILL

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.

----XX----

This web page was last updated on Tuesday, June 23, 2009 at 2:18 P.M.