The Clemson University Board of Trustees is hereby given authority for the purchase of computer equipment to be acquired during the fiscal year beginning July 1, 1976, and to borrow money necessary for the purchase of the computer equipment and to pay for other costs incidental thereto.

The term of the loan as provided herein shall not exceed seven (7) years and the debt service shall be financed by payments for the use of said computer.

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Terms Used In South Carolina Code 59-119-150

  • Contract: A legal written agreement that becomes binding when signed.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.

Provided, Further, The Clemson University Board of Trustees is hereby given authority to enter into a contract of a duration not exceeding seven (7) years, commencing in the fiscal year beginning July 1, 1976, with the State Department of Social Services, in order to provide automatic data processing services to the Department of Social Services, and receive payment therefor.

Provided, Further, The State Board of Social Services is hereby given authority to enter into a contract of a duration not exceeding seven (7) years, with Clemson University, commencing in the fiscal year beginning July 1, 1976, in order to receive automatic data processing services from Clemson University and make payment therefor.

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