South Carolina § 59-147-110 Sources of revenue or funds for payment of bonds; liability of signers.

South Carolina Statutes

§ 59-147-110 — Sources of revenue or funds for payment of bonds; liability of signers.

South Carolina·Title 59 EDUCATION·Ch. 147 HIGHER EDUCATION REVENUE BOND ACT

The bonds must be made payable solely from all or such portion of the revenues as the university in its discretion may designate pursuant to the authorizing resolution and also from any other available funds of the university designated by the university pursuant to the authorizing resolution except funds of the university derived from appropriations received from the General Assembly and any tuition funds pledged to the repayment of state institution bonds. The use of academic fees must be approved by the university's board. The bonds are not general obligations of the State. Neither the members of the board nor any person signing the bonds shall be personally liable for the bonds. No bonds may be issued pursuant to this chapter unless an identified source or sources of revenue are design

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The bonds must be made payable solely from all or such portion of the revenues as the university in its discretion may designate pursuant to the authorizing resolution and also from any other available funds of the university designated by the university pursuant to the authorizing resolution except funds of the university derived from appropriations received from the General Assembly and any tuition funds pledged to the repayment of state institution bonds. The use of academic fees must be approved by the university's board. The bonds are not general obligations of the State. Neither the members of the board nor any person signing the bonds shall be personally liable for the bonds. No bonds may be issued pursuant to this chapter unless an identified source or sources of revenue are designated for the repayment of the bonds.

South Carolina § 59-147-110 (Sources of revenue or funds for payment of bonds; liability of signers.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.