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Current Status Bill Number:View additional legislative information at the LPITS web site.4567 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:20000208 Primary Sponsor:Harrison All Sponsors:Harrison Drafted Document Number:l:\council\bills\bbm\9160htc00.doc Residing Body:Senate Current Committee:Finance Committee 06 SF Date of Last Amendment:20000412 Subject:Political Subdivisions, investments of; principal payment at end of contract, Bonds or Notes, Banks History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 20000418 Introduced, read first time, 06 SF referred to Committee House 20000413 Read third time, sent to Senate House 20000412 Amended, read second time House 20000406 Committee report: Favorable with 30 HWM amendment House 20000208 Introduced, read first time, 30 HWM referred to Committee Versions of This Bill Revised on April 6, 2000 - Word format Revised on April 12, 2000 - Word format
AMENDED
April 12, 2000
H. 4567
S. Printed 4/12/00--H.
Read the first time February 8, 2000.
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.
Amend Title To Conform
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 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."
SECTION 2. This act takes effect upon approval by the Governor.
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