South Carolina Code 59-122-50. Security for payment of bonds
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 59-122-50
- bonds: means any note, bond, installment contract, or other evidence of indebtedness issued pursuant to this chapter. See South Carolina Code 59-122-10
- Facilities: means student and faculty housing auxiliary facilities or either of them. See South Carolina Code 59-122-10
- Revenues: means receipts of The Citadel from the operation of any of the facilities. See South Carolina Code 59-122-10
The Citadel may pledge any part or all of the revenues or net revenues derived or to be derived from any or all of the facilities as security for the payment of any bonds. In addition, The Citadel may pledge any gifts, donations, and funds, other than appropriated state funds, and the income from those sources to which The Citadel is entitled, as security for the payment of any bonds. As additional security, The Citadel may establish a reserve fund, which may be funded from the proceeds of the bonds, to provide for payment on the bonds.