South Carolina § 59-119-940 Borrowings; limitations on bonds.

South Carolina Statutes

§ 59-119-940 — Borrowings; limitations on bonds.

South Carolina § 59-119-940

Title 59EDUCATION

Ch. 119CLEMSON UNIVERSITY

This text of South Carolina § 59-119-940 (Borrowings; limitations on bonds.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 59-119-940 (2026).

Text

Upon receiving the approval of the State Fiscal Accountability Authority or the Department of Administration, as appropriate, and upon review by the Joint Bond Review Committee, the trustees may from time to time borrow such sums as necessary to accomplish the purpose of this article and to evidence such borrowings by bonds issued pursuant to this article in the aggregate principal amount as they determine, except that other provisions of this article to the contrary notwithstanding, there must not be outstanding at any time bonds issued pursuant to this article in the aggregate principal amount as they determine, except that other provisions of this article to the contrary notwithstanding, there must not be outstanding at any time bonds issued pursuant to this article in excess of five hu

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Upon receiving the approval of the State Fiscal Accountability Authority or the Department of Administration, as appropriate, and upon review by the Joint Bond Review Committee, the trustees may from time to time borrow such sums as necessary to accomplish the purpose of this article and to evidence such borrowings by bonds issued pursuant to this article in the aggregate principal amount as they determine, except that other provisions of this article to the contrary notwithstanding, there must not be outstanding at any time bonds issued pursuant to this article in the aggregate principal amount as they determine, except that other provisions of this article to the contrary notwithstanding, there must not be outstanding at any time bonds issued pursuant to this article in excess of five hundred million dollars.

Legislative History

HISTORY: 1997 Act No. 144, SECTION 1; 2004 Act No. 198, SECTION 1, eff April 26, 2004; 2007 Act No. 17, SECTION 1, eff May 8, 2007; 2024 Act No. 214 (S.314), SECTION 5.A, eff July 2, 2024. Effect of Amendment The 2004 amendment substituted "in the aggregate" for "in such aggregate" in two places and substituted "sixty million dollars" for "forty million dollars". The 2007 amendment substituted "two hundred" for "sixty" million dollars. 2024 Act No. 214, SECTION 5.A, substituted "five hundred million dollars" for "two hundred million dollars".