§ 59-125-350 — Securement of repayment.

Bonds issued pursuant to this article must be payable from the revenues or the net revenues derived by Winthrop from these facilities as designated by the trustees with respect to the bonds. The trustees may abandon the use of any portion of the facilities or sell or dispose of any portion of the facilities upon receipt of a written recommendation by the chief financial officer of Winthrop to the effect that the action shall not adversely affect the ability of Winthrop to discharge its obligations to the holders of bonds issued pursuant to this article and upon the further conditions as prescribed in the resolution of the trustees providing for the issuance of bonds. The bonds issued pursuant to this article may be further secured by the additional pledges of other revenues or fees of Winthrop as it may be authorized to grant pursuant to other laws of this State.

Legislative History

HISTORY: 1996 Act No. 399, SECTION 2.