1999-2000 Bill 4567: Political Subdivisions, Investments Of; Principal Payment at End Of

1 BIL: 4567 2 TYP: General Bill GB 3 INB: House 4 IND: 20000208 5 PSP: Harrison 6 SPO: Harrison 7 DDN: l:\council\bills\bbm\9160htc00.doc 8 RBY: Senate 9 COM: Finance Committee 06 SF 10 LAD: 20000412 11 SUB: Political Subdivisions, investments of; principal payment at end of 12 contract, Bonds or Notes, Banks 13 14 15 16 HST: 17 18 Body Date Action Description Com Leg Involved 19 ______20 Senate 20000418 Introduced, read first time, 06 SF 21 referred to Committee 22 House 20000413 Read third time, sent to Senate 23 House 20000412 Amended, read second time 24 House 20000406 Committee report: Favorable with 30 HWM 25 amendment 26 House 20000208 Introduced, read first time, 30 HWM 27 referred to Committee 28 29 30 Versions of This Bill 31 32 33 Revised on 20000406 34 Revised on 20000412 35 36 37 TXT: 1 AMENDED 2 April 12, 2000 3 4 H. 4567 5 6 Introduced by Rep. Harrison 7 8 S. Printed 4/12/00--H. 9 Read the first time February 8, 2000. 10 11 12

1 [4567-1] 1 2 3 4 5 6 7 8 9 A BILL 10 11 TO AMEND SECTION 6-5-10, AS AMENDED, CODE OF 12 LAWS OF SOUTH CAROLINA, 1976, RELATING TO 13 AUTHORIZED INVESTMENTS FOR THE MONEY OF 14 POLITICAL SUBDIVISIONS OF THE STATE, SO AS TO 15 AUTHORIZE PRINCIPAL PROTECTED INVESTMENTS IN 16 THE FORM OF NOTES, BONDS, GUARANTEED 17 INVESTMENT CONTRACTS, DEBENTURES, OR OTHER 18 CONTRACTS WHICH PROVIDE FOR FULL PRINCIPAL 19 PAYMENT AT THE END OF A CONTRACT TERM NOT TO 20 EXCEED TWELVE YEARS ISSUED BY BANKS 21 CHARTERED IN THE UNITED STATES OR THEIR 22 AGENCIES, OTHER FINANCIAL INSTITUTIONS, 23 INSURANCE COMPANIES, OR OTHER ENTITIES HAVING 24 RECEIVED A CREDIT RATING IN ONE OF THE THREE 25 HIGHEST GENERAL RATING CATEGORIES OF SUCH 26 RATINGS BY NO FEWER THAN TWO NATIONALLY 27 RECOGNIZED CREDIT RATING ORGANIZATIONS. 28 Amend Title To Conform 29 30 Be it enacted by the General Assembly of the State of South 31 Carolina: 32 33 SECTION 1. Section 6-5-10(a) of the 1976 Code, as last amended 34 by Act 326 of 1990, is further amended by adding one new item at 35 the end to read: 36 37 “(7) A public hospital that is a political subdivision may invest 38 in principal protected investments in the form of notes, bonds, 39 guaranteed investment contracts, debentures, or other contracts 40 issued by a bank chartered in the United States or agency of a bank 41 if chartered in the United States, financial institutions, insurance 42 company, or other entity which provides for full principal payment

1 [4567] 1 1 at the end of a contract term not to exceed twelve years if the 2 issuer has received a rating in one of three highest general rating 3 categories issued by no fewer than two nationally recognized 4 credit rating organizations. Revenue realized pursuant to these 5 investments must be expended on health care services.” 6 7 SECTION 2. This act takes effect upon approval by the 8 Governor. 9 ----XX----

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