Medical Society of South Carolina Meeting Minutes: 1981

              Special Meeting, Medical Society of South Carolina
7:30 A.M., Monday, January 19, 1981, Dixon Auditorium, Roper Hsopital

Call to Order.
Special meeting to consider interim financing for bldg. program. 

A special meeting of the Medical Society of South Carolina was 
called to order at 7:35 A.M. by the President, Dr. R. Randolph Bradham.
The special meeting had been called by Dr. Bradham to consider interim
financing for the building program.

No roll call was taken but a quorum was present.

The following was prepared by the attorneys to expedite the financial 
transactions. 

The President of the Medical Society of south Carolina (the 
Corporation) explained that arrangements had been made for ht eissuance 
and sale of not exceeding $6,000,000.00 Charleston County, South Carolina,
Hospital Facilities Revenue Bonds, to pay the cost of additional 
Hospital Facilities (the Project). Such Bonds will be in addition to 
the $12,500,000.00 Charleston county , South Carolina Hospital Facilities
Revenue Bonds, Series 1979 (The Series 1979 Bonds). The President then 
stated that the Corporation has made diligent efforts to sell approximately 
$6,000,000.0 of Hospital Facilities Revenue Bonds, but has met
with no success because of the extraordinarily unsettled condition of 
the Natinal Bond Market. It has been ascertained, however, that it is 
able to sell to First National Bank of South Carolina (the Bank) an 
unsecured Charleston County Note in the principal amount of $2,400,000.00
maturing one year after date and bearing interest at the rate of 9 1/2%
per annum. While the money so raised will not pay the entire cost of 
the Project, the Corporation will use other monies for that purpose, if 
during the term of the Note, it is unable to sell the bonds which the 
county has agreed to issue. The proceeds derived from the sale of the 
County has agreed to issue. The proceeds derived from the sale of the Note
will be deposited in the Construction Fund established by the Trust 
Agreement dated September 1, 1979, between Charleston County and First 
National Bank of Charleston as Trustee securing the series 1979 Bonds.

The President stated that teh Corporation will request the County 
at a later date to effect the issuance of not exceeding $6,000,000.00
of Hospital bonds whose proceeds will be used to pay the Note and to 
pay the other costs of the Project not paid for the proceeds of 
the Note.

The President further stated that the Note will be issued ppursuant 
to a loan agreement dated January 20, 1981, between Charleston County 
and the Medical Society of South Carolina (the Loan Agreement) under 
which the Corporation will pay to the Bank for the account of the county 
the amounts required to pay the principal and interest of the Note as 
and when the same become due. The Note will constitute Nonparity Debt
as defined in teh 1979 Loan Agreement between county and the Medical 
Society of South Carolina. The obligations of the Corportation under
the Loan Agreement will be junior and subordinate to the obligations 
of the Corporation under the 1979 Loan Agreement.

Special 1/19/81
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