§ 59-53-151 — Definitions.

As used in this article: (1) "Board" shall mean the State Board for Technical and Comprehensive Education. (2) "Bonds" shall mean the special obligation bonds of the particular technical education college or center for whom bonds are issued. (3) "Bond reserve fund" shall mean each special fund to be established which shall be in the custody of the State Treasurer and which is primarily established for the purpose of providing a reserve with which to meet the payment of the principal of and interest on bonds issued for any college in the event that payments otherwise required for the debt service fund shall be insufficient to meet the payment of such principal and interest as and when they become due and payable. Moneys in the bond reserve fund may also be used to pay costs of plant improvements for such college in accordance with the provisions of Section 59-53-164 of this article. (4) "College" shall mean each of the technical education colleges or centers. (5) "Debt service fund" shall mean each fund to be established for the payment of the principal of and interest on the bonds issued for any college. (6) "Plant improvements" shall mean the construction of and improvements to the buildings and equipment constituting facilities for any college. (7) "Special student fee" shall mean the fee authorized to be established by the board at any college to provide funds for the repayment of bonds issued for such college. (8) "Department of Administration or State Fiscal Accountability Authority, as appropriate" shall mean the State Department of Administration or State Fiscal Accountability Authority, as appropriate.

Legislative History

HISTORY: 1978 Act No. 646, SECTION 5.