South Carolina Code 59-121-330. Visitors authorized to acquire, construct, renovate, and equip athletic facilities; bond management costs
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 59-121-330
- 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
- Bond reserve fund: means the special fund which may be established by the visitors pursuant to this article, which must be in the custody of the State Treasurer or its corporate trust designee 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 in the event that payments otherwise required from the debt service fund are insufficient to meet the payment of the principal and interest as and when they become due and payable. 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
- Visitors: means the Board of Visitors of The Citadel or any successor body. See South Carolina Code 59-121-320
The visitors are authorized to acquire, construct, and equip additional athletic facilities and to improve, renovate, and equip existing athletic facilities to the extent they shall determine to be necessary, and the proceeds of bonds authorized by this article are made available for that purpose. The visitors also are authorized to refund bonds that may from time to time be outstanding pursuant to this article by exchange, or otherwise. A portion of the proceeds of bonds issued for any of the above purposes also may be used to fund, establish, or replenish any bond reserve fund, to pay interest on the bonds as provided in § 59-121-440(1), or to pay costs of issuance of the bonds or of any credit enhancement for the bonds as may be deemed necessary by the visitors.