South Carolina Statutes
§ 11-51-60 — Research infrastructure project used for unapproved purpose; reimbursement of debt service to State.
In the event a research infrastructure project is used for a purpose other than as approved by the Research Centers of Excellence Review Board pursuant to Section 11-51-80(2), the research university for which the research infrastructure project was originally established shall reimburse the State a percentage of debt service on the general obligation debt issued to finance the debt, the percentage to be equal to the percentage of the research infrastructure project which is used for an unapproved purpose. Amounts reimbursed to the State pursuant to this section must be applied, as directed by the state board, to the debt service on the applicable general obligation debt, either currently or by way of defeasance, or to the general fund of the State.
Free access — add to your briefcase to read the full text and ask questions with AI
South Carolina § 11-51-60 (Research infrastructure project used for unapproved purpose; reimbursement of debt service to State.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 2004 Act No. 187, SECTION 9.
Nearby Sections
15
§ 11-51-10
Short title.§ 11-51-110
Resolution by State Budget and Control Board authorizing issuance of general obligation debt.§ 11-51-120
Maturity, payment, and interest rates.§ 11-51-20
Legislative findings and purpose.§ 11-51-200
Construction of Chapter.§ 11-51-30
Definitions.