South Carolina Code 59-117-250. Funding of bonds; security, generally
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Terms Used In South Carolina Code 59-117-250
- bonds: means any note, bond, installment contract, or other evidence of indebtedness issued pursuant to this article. See South Carolina Code 59-117-220
- Facilities: means any or all of the following facilities operated to provide for the students, faculty, or staff at the University: dining or food service facilities; laundry facilities; canteen facilities; vending machines; convenience stores; any other facilities for the sale of sundry items; health services; book stores; parking lots and vehicle registration; and all furniture, furnishings and equipment in them, which are now owned by the University, or which may be acquired by the University for any of these purposes. See South Carolina Code 59-117-220
- Trustees: means the Board of Trustees of the University or any successor body. See South Carolina Code 59-117-220
- University: means the University of South Carolina. See South Carolina Code 59-117-220
Bonds issued pursuant to this article must be payable from the revenues or the net revenues derived by the University from these facilities as designated by the trustees with respect to the bonds. The trustees may abandon the use of any portion of the facilities or sell or dispose of any portion of the facilities upon receipt of a written recommendation by the chief financial officer of the University to the effect that the action will not adversely affect the ability of the University to discharge its obligations to the holders of bonds issued pursuant to this article and upon the further conditions as prescribed in the resolution of the trustees providing for the issuance of bonds. The bonds issued pursuant to this article may be further secured by the additional pledges of other revenues or fees of the University as it may be authorized to grant pursuant to other laws of this State.