The board may issue bonds of any college payable from the special student fee imposed at such college in such amounts as may from time to time be determined by the board to be necessary to meet the cost of plant improvements at such college but only under the following conditions:

(1) The approval of the State Fiscal Accountability Authority or the Department of Administration, as appropriate, expressed by resolution duly adopted, shall be obtained. Such approval is hereby declared a condition precedent to the issuance of bonds pursuant to this article, and no bonds shall be issued without such approval.

Terms Used In South Carolina Code 59-53-153

  • Board: shall mean the State Board for Technical and Comprehensive Education. See South Carolina Code 59-53-151
  • Bond reserve fund: shall mean each special fund to be established which shall be in the custody of the State Treasurer and which is primarily established for the purpose of providing a reserve with which to meet the payment of the principal of and interest on bonds issued for any college in the event that payments otherwise required for the debt service fund shall be insufficient to meet the payment of such principal and interest as and when they become due and payable. See South Carolina Code 59-53-151
  • Bonds: shall mean the special obligation bonds of the particular technical education college or center for whom bonds are issued. See South Carolina Code 59-53-151
  • College: shall mean each of the technical education colleges or centers. See South Carolina Code 59-53-151
  • Plant improvements: shall mean the construction of and improvements to the buildings and equipment constituting facilities for any college. See South Carolina Code 59-53-151
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • Special student fee: shall mean the fee authorized to be established by the board at any college to provide funds for the repayment of bonds issued for such college. See South Carolina Code 59-53-151

(2) Notwithstanding any other provisions of this article, there must not be outstanding at any time bonds issued pursuant to this section for any college in excess of four million dollars.

(3) No bonds may be issued unless there is on deposit in the bond reserve fund for such college a sum equal to the lesser of (a) ten percent of the principal of all bonds then outstanding, or (b) the maximum reserve prescribed by the applicable regulations of the United States Treasury Department relating to arbitrage bonds.

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