Any accrued interest received by The Citadel from the initial purchasers of the bonds must be used to pay the first maturing installment of interest on the bonds. The proceeds from the sale of bonds must be applied solely to the following:

(1) all costs incurred in connection with the issuance and sale of the bonds, including, but not limited to, any fees and expenses of any counsel or financial advisors, printing and rating agency costs, and the fees and expenses of any paying agent, fiduciary, registrar, or similar agent;

Terms Used In South Carolina Code 59-122-30

  • bonds: means any note, bond, installment contract, or other evidence of indebtedness issued pursuant to this chapter. See South Carolina Code 59-122-10
  • Facilities: means student and faculty housing auxiliary facilities or either of them. See South Carolina Code 59-122-10
  • Fiduciary: A trustee, executor, or administrator.

(2) all costs of acquiring or renovating any facilities, including, but not limited to, any architectural, design, engineering survey, or planning costs and any charges for the construction or acquisition of facilities, including, but not limited to, any necessary licenses, insurance, or bonding in connection with it; and

(3) interest on the bonds and other carrying charges until the facilities being acquired or renovated are placed in service.

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