GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1989

H	2 

HOUSE BILL 203*
Committee Substitute Favorable 5/10/89

Short Title:  Lowrance Sale.	(Local)
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Sponsors:
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Referred to:  
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February 13, 1989

A BILL TO BE ENTITLED
AN ACT TO PROVIDE FOR ADDITIONAL USES OF THE SPECIAL RESERVE FOR THE FUNDS RECEIVED BY IREDELL COUNTY FROM THE SALE OF LOWRANCE HOSPITAL.
The General Assembly of North Carolina enacts:
Section 1.  Section 1 of Chapter 30, Session Laws of 1987, reads as rewritten:
"Section 1.  (a)	The funds received by Iredell County from the sale of Lowrance Hospital, Inc., and interest earned thereon, shall be held by the county in a special reserve.  The reserve shall be administered generally in accordance with the procedures for capital reserve funds in Part 2 of Article 3 of Chapter 159 of the General Statutes, except as provided by this act.
(b)	Until January 2, 1991, no funds may be expended from the reserve except deductions from the sale price for contractually assumed obligations, closing costs, claims arising from the operation of the hospital prior to its sale, and the reacquisition costs in the event of default by the purchaser.  Provided, however, the Iredell County Board of Commissioners may at any time lend up to two-thirds of the accumulated principal and interest to any nonprofit corporations engaged in economic development in Iredell County, with or without collateral, and for such terms and at such interest rates as it deems appropriate.  Provided, further, up to $50,000 of the interest earned on said funds may be expended for the erection of emergency medical service facilities to be erected within the corporate limits of the Town of Mooresville.
(c)	After January 1, 1991, funds may be expended by Iredell County from the special reserve only after receipt of recommendations from a special committee comprised of five members appointed by the board of county commissioners of Iredell County as follows:
(1)	One representative from the medical staff of Lowrance Hospital to be chosen by the medical staff;
(2)	One member of the board of county commissioners of Iredell County chosen by that board;
(3)	One member of the Mooresville Town Council chosen by that council;
(4)	One member of the Lowrance Hospital Inc., Board of Directors chosen by that board; and
(5)	One representative of the Mooresville/South Iredell Chamber of Commerce to be chosen by the Mooresville/South Iredell Chamber of Commerce.
Members of the committee shall serve four-year terms, with the initial terms expiring on December 31, 1990. Vacancies shall be filled by the appointing authority for the remainder of the unexpired term.
(d)	It is intended that the funds from the sale of the Lowrance Hospital, Inc., be used for health-related purposes in the Lowrance Hospital area located within Iredell County."
Sec. 2.  This act is effective upon ratification.