Supplement 8H Consent 2013 0506 - Laserfiche WebLink

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line 1 of construction proposed. In those cases where this procedure line 2 reveals that the cost of acquisition exceeds the current value of a line 3 facility, including improvements, then the acquisition cost shall line 4 be deemed in excess of fair market value. line 5 (m) Notwithstanding subdivision (i), any loan in the amount of line 6 ten million dollars ($10,000,000) or less may be insured up to 95 line 7 percent of the total construction cost. line 8 In determining financial feasibility of projects of counties line 9 pursuant to this section, the office shall take into consideration line 10 any assistance for the project to be provided under Section 14085.5 line 11 of the Welfare and Institutions Code or from other sources. It is line 12 the intent of the Legislature that the office endeavor to assist line 13 counties in whatever ways are possible to arrange loans that will line 14 meet the requirements for insurance prescribed by this section. line 15 (n) The project’s level of financial risk meets the criteria in line 16 Section 129051. line 17 SEC. 6. Section 214 of the Revenue and Taxation Code is line 18 amended to read: line 19 214. (a) Property used exclusively for religious, hospital, line 20 scientific, or charitable purposes owned and operated by line 21 community chests, funds, foundations, limited liability companies, line 22 or corporations organized and operated for religious, hospital, line 23 scientific, or charitable purposes is exempt from taxation, including line 24 ad valorem taxes to pay the interest and redemption charges on line 25 any indebtedness approved by the voters prior to July 1, 1978, or line 26 any bonded indebtedness for the acquisition or improvement of line 27 real property approved on or after July 1, 1978, by two-thirds of line 28 the votes cast by the voters voting on the proposition, if: line 29 (1) The owner is not organized or operated for profit. line 30 (A) In the case of hospitals, the organization shall not be deemed line 31 to be organized or operated for profit if, during the immediately line 32 preceding fiscal year, operating revenues, exclusive of gifts, line 33 endowments, and grants-in-aid, did not exceed operating expenses line 34 by an amount equivalent to 10 percent of those operating expenses. line 35 As used herein, operating expenses include depreciation based on line 36 cost of replacement and amortization of, and interest on, line 37 indebtedness. line 38 (B) In the case of hospitals, the organization shall be rebuttably line 39 presumed to be organized or operated for profit if, during the line 40 immediately preceding fiscal year, operating revenues, exclusive 96 — 18 —AB 975