Terms Used In South Carolina Code 59-147-20

• board: means the board of trustees of the university;
  
  (2) "equipment" means items with a useful life of at least fifteen years;
  
  (3) "facilities" means the real and personal property and equipment specified in § 59-147-20(2) of this chapter whether or not the acquisition or construction thereof is financed from the proceeds of bonds issued pursuant to this chapter;
  
  (4) "revenues" means the revenues derived or to be derived from the operation, sale, lease, or other disposition of the facilities; and
  
  (5) "university" means all research and four-year public institutions of higher education. See South Carolina Code 59-147-20
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Personal property: All property that is not real property.