(A) The General Assembly finds that it is desirable to provide continuing and general statutory authority for the University of South Carolina to incur debt for, among other things, the purposes of providing funds to acquire, construct, renovate, and equip certain revenue-producing auxiliary facilities, which debt is secured by a pledge of the revenues derived from the operation of some or all of the facilities. The University of South Carolina has demonstrated need for additional funds to provide for acquisition, construction, renovation, and equipping of these 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 University of South Carolina will be enhanced for the benefit of present and potential students at the University of South Carolina.

(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 University to acquire, construct, renovate, and equip additional facilities and to incur indebtedness for these purposes which is payable from the revenues derived from the operation of these facilities to the extent and under the conditions provided for in this article.