South Carolina Code 59-127-430. Disposition of monies from other sources for repayment of bonds
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Terms Used In South Carolina Code 59-127-430
- 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
- Bonds: means the Stadium Improvement Revenue Bonds of South Carolina State University authorized by this article. See South Carolina Code 59-127-310
- 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
- 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
- University: means South Carolina State University, located at Orangeburg, South Carolina. See South Carolina Code 59-127-310
Except to the extent other monies are restricted inconsistent with these provisions, the trustees are empowered to deposit, in the Debt Service Fund, before the issuance of any bonds, monies derived from other sources, including funds raised by the athletic department of the university. They also are empowered throughout the life of the bonds to make payments from these other sources to the fund, and in calculating the amount or rate of the admission fee or the special student fee, or both, for any year, they may take into account all monies then actually paid to the fund from the other sources which then are available to meet the payment of the principal and interest on the bonds for the year.