South Carolina Code 59-127-440. Powers of trustees in authorizing issuance of bonds
(1) covenant and agree throughout the life of the bonds that the admission fee or the special student fee, or both, are imposed, maintained, and revised when necessary, in an amount, without limitation as to rate, as is sufficient, when added to net athletic revenues in any year, to meet the payment of the principal and interest for the bonds as they become due, and to create a cushion or reserve fund as the trustees consider prudent. The cushion or reserve must be used only to meet the payment of the principal and interest on the bonds under the conditions as the trustees prescribe and must be maintained in a manner as to insure its availability for repayment;
Terms Used In South Carolina Code 59-127-440
- Admission fee: means the special fee or charge, in addition to other charges, imposed upon each person admitted to a "home" football game, except a freshman or intramural game, in Dawson Football Stadium at South Carolina State University or at any other location where a "home" game is played by the South Carolina State University varsity football team, excluding students admitted as a result of student fees paid to the institution for a regular session. See South Carolina Code 59-127-310
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Bonds: means the Stadium Improvement Revenue Bonds of South Carolina State University authorized by this article. See South Carolina Code 59-127-310
- Contract: A legal written agreement that becomes binding when signed.
- Debt Service Fund: means the fund established by this article for the payment of the principal and interest on the bonds. See South Carolina Code 59-127-310
- Net athletic revenues: means the entire revenues derived by the athletic department of the University for any fiscal year after payment of the operating and maintenance expenses of the department but before provision is made for depreciation, amortization, nonmandatory transfers, and interest expenses of the department for the fiscal year. See South Carolina Code 59-127-310
- Special student fee: means the fee authorized by this article to be established by the university to provide funds to assist in the repayment of bonds authorized under this article and imposed upon each person in attendance at any regular session, excluding summer sessions, of the university, who is enrolled in a sufficient number of classes or courses for which credit is given toward any degree offered by the university to be classified as a regular full-time student for the purpose of assessing other student fees. See South Carolina Code 59-127-310
- Trustees: means the Board of Trustees of South Carolina State University. See South Carolina Code 59-127-310
(2) establish the Debt Service Fund, which must be maintained at the hands of the State Treasurer;
(3) covenant that all revenues derived from the admission fee or the special student fee, or both, are paid to the State Treasurer for deposit in the fund in a manner prescribed by the State Treasurer;
(4) establish appropriate rules requiring the payment of the admission fee or the special student fee, or both;
(5) covenant as to the use of the proceeds of the sale of the bonds;
(6) provide for the terms, form, registration, exchange, execution and authentication of bonds, and for the replacement of lost, destroyed, or mutilated bonds;
(7) covenant for the mandatory redemption of bonds on terms and conditions as the resolutions authorizing the bonds prescribe;
(8) prescribe the procedure, if any, by which the terms of the contract with the bondholders may be amended, the number of bonds whose holders must consent to amendment, and the manner in which the consent is given;
(9) covenant to insure the football stadium against loss by fire or other casualty;
(10) operate and maintain the football stadium in good repair;
(11) prescribe the events of default and the terms and conditions upon which all or any bonds are or may be declared due before maturity, and the terms and conditions upon which the declaration and its consequences may be waived;
(12) reserve the right to issue additional bonds payable from the sources provided in this article for the payment of the bonds pursuant to § 59-127-460 or to the extent to which the trustees may become authorized to issue additional bonds by legislation enacted, if it is necessary in the future to further enlarge or improve the football stadium and to prescribe the conditions under which additional bonds may be issued; and
(13) make further covenants and agreements as necessary or desirable in order to market the bonds.