As used in this chapter:

(1) "board" means the board of trustees of the university;

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In South Carolina Code 59-147-20

  • board: means the board of trustees of the university;

    (2) "equipment" means items with a useful life of at least fifteen years;

    (3) "facilities" means the real and personal property and equipment specified in § 59-147-20(2) of this chapter whether or not the acquisition or construction thereof is financed from the proceeds of bonds issued pursuant to this chapter;

    (4) "revenues" means the revenues derived or to be derived from the operation, sale, lease, or other disposition of the facilities; and

    (5) "university" means all research and four-year public institutions of higher education. See South Carolina Code 59-147-20
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Personal property: All property that is not real property.

(2) "equipment" means items with a useful life of at least fifteen years;

(3) "facilities" means the real and personal property and equipment specified in § 59-147-20(2) of this chapter whether or not the acquisition or construction thereof is financed from the proceeds of bonds issued pursuant to this chapter;

(4) "revenues" means the revenues derived or to be derived from the operation, sale, lease, or other disposition of the facilities; and

(5) "university" means all research and four-year public institutions of higher education.