South Carolina Code 11-51-80. Information provided to Joint Bond Review Committee and State Budget and Control Board prior to issuance of general obligation debt
(1) a description of each research infrastructure project for which general obligation debt is requested to be issued;
Terms Used In South Carolina Code 11-51-80
- General obligation debt: means any indebtedness of the State which must be secured in whole or in part by a pledge of the full faith, credit and taxing power of the State, including, but not limited to, bonds, notes, and other evidences of indebtedness, and issued pursuant to the provisions of this chapter. See South Carolina Code 11-51-30
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- project: means a project that would advance economic development and create a knowledge based economy, thereby increasing job opportunities, or facilitate and increase externally funded research at the research universities, including, but not limited to, land acquisition, acquisition or construction of buildings, equipment, furnishings, site preparation, road and highway improvements, water and sewer infrastructure, and other things necessary or convenient to advance economic development or to facilitate and increase research at the research universities. See South Carolina Code 11-51-30
- Research Centers of Excellence Review Board: means the board created pursuant to § 2-75-10. See South Carolina Code 11-51-30
- State board: means the governing board of the State Fiscal Accountability Authority. See South Carolina Code 11-51-30
(2) a certification by the Research Centers of Excellence Review Board that the provisions of § 11-51-70 have been met, that the source of funding has been identified, and that each research infrastructure project complies with the provisions of this chapter;
(3) the total cost of each research infrastructure project and the principal amount of general obligation debt requested to be issued;
(4) a tentative time schedule setting forth the period of time during which the proceeds of the general obligation debt requested to be issued will be expended;
(5) a debt service schedule showing the annual principal and interest requirements, at a projected current rate of interest, on the requested general obligation debt;
(6) the total amount of the general obligation debt issued pursuant to this chapter; and
(7) a debt service schedule showing the principal and interest requirements for the general obligation debt outstanding and the proposed general obligation debt at a projected current rate of interest.