South Carolina Code 59-121-310. Purpose
Current as of: 2023 | Check for updates
|
Other versions
(A) The General Assembly finds that it is desirable to provide continuing and general statutory authority for The Citadel to incur debt for the purpose of, among other things, acquiring, constructing, renovating, and equipping certain athletic facilities, which debt is secured by a pledge of the revenues derived from the operation of the athletic department of The Citadel or by the proceeds of certain related admissions fees and special fees charged to students enrolled at The Citadel, or by both. The Citadel has demonstrated need for additional funds to provide for acquisition, construction, renovation, and equipping of such facilities. These facilities are needed to replace or renovate aging facilities and to provide additional facilities all to the end that the educational environment at The Citadel will be enhanced for the benefit of present and future students at The Citadel.
(B) Consideration has been given to this need and to the methods of funding it. It has been determined to be in the best interests of the people of this State to authorize The Citadel to acquire, construct, renovate, and equip additional such facilities and to incur indebtedness for these purposes which is payable from the revenues derived from the operation of these facilities or from related fees to the extent and under the conditions provided for in this article, or from both. It is specifically provided that the visitors are authorized to pledge the proceeds of the admissions fee and the special student fee as security for the bonds without pledging the revenue derived from the operation of the athletic department.
Terms Used In South Carolina Code 59-121-310
- Admissions fee: means the specially designated admissions fee or charge which may, in addition to other charges, be imposed by the visitors upon persons admitted to any event held at an athletic facility, for the purpose of providing funds to assist in the repayment of bonds. See South Carolina Code 59-121-320
- Athletic department: means the athletic department of The Citadel. See South Carolina Code 59-121-320
- Athletic facilities: means all facilities designated by the visitors as intercollegiate athletic facilities now owned or hereafter acquired by The Citadel. See South Carolina Code 59-121-320
- Authority: means the State Fiscal Accountability Authority. See South Carolina Code 59-121-320
- bonds: means any note, bond, installment contract, or other evidence of indebtedness issued pursuant to this article. See South Carolina Code 59-121-320
- Citadel: means The Citadel, the Military College of South Carolina. See South Carolina Code 59-121-320
- Revenues: means all revenues or other income, including investment income, received by the athletic department from the operation of the athletic department and the athletic facilities, and all gifts, bequests, contributions, and donations received by the visitors or The Citadel from any persons, including from any athletic booster organization, for use in connection with the operations of the athletic department, plus any other unrestricted revenues of the athletic department not otherwise pledged that may be made applicable by the visitors to the payment of the principal and interest of the bonds, including such revenues which may fall into the category of nonmandatory transfers as such term is used in generally accepted accounting principles, but excluding:
(i) gifts, bequests, contributions, and donations restricted to a particular purpose inconsistent with their use for the payment of the principal, premium, or interest on any obligations of the visitors or The Citadel;
(ii) the proceeds of any borrowings;
(iii) state appropriations of any sort; and
(iv) revenues, income, receipts, and money received by the visitors or The Citadel for purposes other than those related to the athletic department. See South Carolina Code 59-121-320 - Special student fee: means the fee authorized by this article to be established by the visitors and which may be imposed upon persons in attendance at any academic session of The Citadel in order to provide funds to assist in the repayment of bonds. See South Carolina Code 59-121-320
- Visitors: means the Board of Visitors of The Citadel or any successor body. See South Carolina Code 59-121-320