§ 59-127-320 — Authority of trustees to construct, operate, and maintain improvements; limited authority to issue bonds; university authorized to apply other funds to stadium improvements.

(A) The right of the trustees to construct the improvements and then to operate and maintain them is affirmed. (B) Subject to obtaining the approval of the State Fiscal Accountability Authority or Department of Administration, as appropriate, expressed by resolution duly adopted, the trustees are authorized to issue not more than twenty million dollars of bonds for the purpose of acquiring, constructing, reconstructing, renovating, or equipping athletic facilities and for the purpose of refunding any previous series of bonds authorized by this section. Bonds issued pursuant to this section are payable from the admission fee, the special student fee, and net athletic revenues. (C) It is not intended by this article to limit the university in the construction of the improvements to the sums provided in this article, and if the university obtains funds from other sources for the purposes of enlarging and improving the football stadium, then it is empowered to apply the funds to the improvements as now contemplated or to provide further improvements for the football stadium.

Legislative History

HISTORY: 1992 Act No. 514, SECTIONS 3, 4 and 19; 1997 Act No. 103, SECTION 2.