South Carolina Code 59-53-164. When student fee is payable; payment of costs from reserve fund
A special student fee at any college may, in the discretion of the board, be made effective as of July 1, 1978, notwithstanding that bonds authorized by this article may not be issued for the college until some subsequent date. All moneys received therefrom prior to the issuance of the bonds shall be deposited in the bond reserve fund for the college.
Terms Used In South Carolina Code 59-53-164
- 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
- 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
Prior to the issuance of any bonds, moneys in the bond reserve fund may be used to pay costs incurred or to be incurred in connection with any plant improvements which may be acquired by the board in accordance with the provisions of § 59-53-152 and the State Treasurer may honor requisitions of the board drawn for such purposes. Subsequent to the issuance of any bonds pursuant to this article, moneys in the bond reserve fund shall be used only to meet the payment of the principal of and interest on the bonds, except that if accumulations of the bond reserve fund shall become greater than the amount prescribed by the board in the resolution adopted pursuant to 59-53-155, such excess moneys may with the permission of the State Fiscal Accountability Authority be applied to additional plant improvements.