South Carolina Code 59-53-163. Bond reserve fund and student fee
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To the end that provision be made for the adequate payment of the principal of and interest on the bonds, the board shall be empowered as follows:
(1) To immediately establish a bond reserve fund for the college for whom bonds are to be issued.
Terms Used In South Carolina Code 59-53-163
- 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
- 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) To impose a special student fee, in addition to all other fees and charges, upon each person at such college under such conditions as the board shall determine.