South Carolina Code 59-53-155. Bond issues; resolutions by board; limitations
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Terms Used In South Carolina Code 59-53-155
- Board: shall mean the State Board for Technical and Comprehensive Education. 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
- 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
In order to utilize the authorizations of this article, the board on behalf of any college may adopt resolutions providing for the issuance of bonds for the college within the limitations herein mentioned, and by such resolution shall prescribe the tenor, terms and conditions of the bonds and the obligations of the college incurred in connection with their issuance. The bonds for any college may be issued either as a single issue or from time to time as several separate issues. In the event that the bonds for any college shall be issued as two or more issues, then notwithstanding, all bonds for such college shall be on a parity in all respects inter sese and shall be equally and ratably entitled to payment from the special student fee imposed at the college; provided, that in instances where an area commission is in charge of the operations of any college, the approval of the area commission to the action of the board authorized by this section shall be first obtained.