§ 59-121-340 — Authorization to borrow funds and issue bonds; amount limitations.

South Carolina § 59-121-340

• Jurisdiction: South Carolina
• Title 59: EDUCATION
• Ch. 121: THE CITADEL, THE MILITARY UNIVERSITY OF SOUTH CAROLINA

Text

Upon receiving the approval of the State Fiscal Accountability Authority or Department of Administration, as appropriate, and upon review by the Joint Bond Review Committee, the visitors 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 such 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 thirty-five million dollars.

Legislative History

HISTORY: 2000 Act No. 356, SECTION 2(B). SECTION 59-121-350. Sources of funds to secure bonds; disposition of athletic facilities Bonds issued pursuant to this article are payable from the revenues or the net revenues as designated by the visitors, or from proceeds of the admissions fee and the special student fee, or from both. Bonds issued pursuant to this article may be further secured by such additional pledges of other revenues or fees of The Citadel as The Citadel may be authorized to grant pursuant to other laws of this State. The visitors may abandon the use of any portion of the athletic facilities or sell or dispose of any portion of the athletic facilities upon the receipt of a written recommendation by the chief financial officer of The Citadel to the effect that such action does not adversely affect the ability of The Citadel to discharge its obligations to the holders of bonds issued pursuant to this article and upon such further conditions as prescribed in the resolution of the visitors providing for the issuance of bonds. HISTORY: 2000 Act No. 356, SECTION 2(B); 2002 Act No. 299, SECTION 2.