South Carolina Code 59-53-165. Board’s power regarding resolutions authorizing bond issues
(1) To covenant that the bond reserve fund for such college shall be maintained throughout the life of the bonds.
Terms Used In South Carolina Code 59-53-165
- 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
- Contract: A legal written agreement that becomes binding when signed.
- Debt service fund: shall mean each fund to be established for the payment of the principal of and interest on the bonds issued for any college. 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
(2) To covenant and agree throughout the life of any bonds issued pursuant to this article that the special student fee for such college shall be imposed, maintained and revised when necessary, in such amount, without limitation as to rate, as shall be sufficient to meet the payment of the principal and interest of the bonds as they become due and to maintain the bond reserve fund to the extent provided for therein.
(3) To establish the debt service fund which shall be maintained in the hands of the State Treasurer.
(4) To covenant that all revenues derived from the special student fee shall be paid into the bond reserve fund or the debt service fund.
(5) To establish appropriate rules requiring the prompt payment of the special student fee.
(6) To covenant as to the use of the proceeds of the sale of the bonds.
(7) To provide for the terms, forms, registration, exchange, execution and authentication of bonds and for the replacement of lost, destroyed or mutilated bonds.
(8) To covenant for the mandatory redemption of bonds on such terms and conditions as the resolutions authorizing the bonds may prescribe.
(9) To prescribe the procedure by which the terms of the contract with the bondholders may be amended, the number of bonds whose holders must consent thereto and the manner in which the consent shall be given.
(10) To covenant to insure any plant improvements paid for with the proceeds of the bonds against loss by fire, or other casualty.
(11) To prescribe the events of default and the terms and conditions upon which all or any bonds shall become or may be declared due before maturity, and the terms and conditions upon which such declaration and its consequences may be waived.
(12) To reserve the right to issue additional bonds, payable from the special student fee to the extent to which the board may hereafter become authorized to issue additional bonds, either pursuant to this section or pursuant to other legislation hereafter enacted, and to prescribe the conditions under which such bonds may be issued.
(13) To make such further covenants and agreements as may be necessary or desirable in order to market the bonds.