History of Actions | Background | Title |
Description: Hospitals, community; must give part of profit to owner for paying outstanding indebtedness.
| 1 | 01/07/97 | (H) | Referred To Public Health and Welfare | |
| 2 | 02/04/97 | (H) | Died In Committee |
| Effective date | July 1, 1997 | |
| Disposition | Dead | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| 3/5ths vote required | Yes |
House Committee:
Principal Author: Guice
Code Sections: A 041-0013-0035, A 041-0013-0023
Title: AN ACT TO AMEND SECTION 41-13-35, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT IF ANY COMMUNITY HOSPITAL MAKES A PROFIT DURING ANY FISCAL YEAR, AND THERE IS ANY OUTSTANDING INDEBTEDNESS ISSUED BY THE OWNER OR OWNERS OF THE HOSPITAL FOR THE BENEFIT OF THE HOSPITAL THAT IS SECURED BY THE FULL FAITH AND CREDIT OF THE OWNER OR OWNERS, THE OWNER OR OWNERS OF THE HOSPITAL HAVING THE OUTSTANDING INDEBTEDNESS MAY REQUEST THAT THE BOARD OF TRUSTEES OF THE HOSPITAL TRANSFER A PORTION OF THE HOSPITAL'S PROFIT TO THE OWNER OR OWNERS, NOT EXCEEDING A TOTAL OF 50% OF THE HOSPITAL'S PROFIT; TO REQUIRE THE BOARD OF TRUSTEES OF THE HOSPITAL TO TRANSFER TO THE HOSPITAL OWNER OR OWNERS THE RESPECTIVE AMOUNTS OF THE HOSPITAL'S PROFIT THAT ARE REQUESTED BY THE OWNER OR OWNERS; TO REQUIRE EACH OF THE OWNERS RECEIVING THE FUNDS TO USE THE TRANSFERRED FUNDS FOR THE REPAYMENT OF THE OUTSTANDING INDEBTEDNESS ISSUED BY THE OWNER FOR THE BENEFIT OF THE HOSPITAL THAT IS SECURED BY THE FULL FAITH AND CREDIT OF THE OWNER; TO AMEND SECTION 41-13-23, MISSISSIPPI CODE OF 1972, TO REQUIRE OWNERS OF COMMUNITY HOSPITALS THAT RECEIVE A PORTION OF THE HOSPITAL'S PROFIT UNDER THE PRECEDING SECTION IN ANY FISCAL YEAR TO REDUCE THE RATE OF THE AD VALOREM TAX REQUIRED TO BE LEVIED FOR REPAYMENT OF OUTSTANDING INDEBTEDNESS ISSUED BY THE OWNER FOR THE BENEFIT OF THE HOSPITAL BY AN AMOUNT THAT WOULD PRODUCE THE SAME AMOUNT OF FUNDS RECEIVED BY THE OWNER UNDER THE PRECEDING SECTION; AND FOR RELATED PURPOSES.
End Of Document
1997/History/HB\HB0551.htm