South Carolina Code 59-107-70. Governor and State Treasurer empowered to authorize issuance of bonds
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Terms Used In South Carolina Code 59-107-70
- 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.
It shall be the duty of the Governor and the State Treasurer to examine the request mentioned in § 59-107-60, and if they shall jointly approve it, and, for themselves, determine that the schedule of tuition fees in force at such state institution will, upon the basis of the sum received by such state institution from tuition fees for the fiscal year preceding the fiscal year in which the application made pursuant to § 59-107-40, produce funds sufficient to meet the principal and interest requirements on the proposed bonds and on all outstanding state institution bonds issued for such state institution, and provide the margin for such principal and interest requirements to the extent required by paragraph (3) of § 59-107-50, they shall be empowered to provide for the issuance of state institution bonds in the amount approved by the State Fiscal Accountability Authority.