South Carolina Code 59-125-350. Securement of repayment
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Terms Used In South Carolina Code 59-125-350
- bonds: means any note, bond, installment contract, or other evidence of indebtedness issued pursuant to this chapter. See South Carolina Code 59-125-320
- Facilities: means any or all of the following facilities operated to provide for the students, faculty, or staff at Winthrop: dining or food service facilities; laundry facilities; canteen facilities; vending machines; convenience stores; any other facilities for the sale of sundry items; health services; book stores, parking lots and vehicle registration; and all furniture, furnishings, and equipment in them, which are now owned by Winthrop, or which may be acquired by Winthrop for any of these purposes. See South Carolina Code 59-125-320
- Net revenues: means these receipts reduced by the necessary expenses for operation and maintenance of the facilities. See South Carolina Code 59-125-320
- Trustees: means the Board of Trustees of Winthrop or any successor body. See South Carolina Code 59-125-320
- Winthrop: means Winthrop University. See South Carolina Code 59-125-320
Bonds issued pursuant to this article must be payable from the revenues or the net revenues derived by Winthrop from these facilities as designated by the trustees with respect to the bonds. The trustees may abandon the use of any portion of the facilities or sell or dispose of any portion of the facilities upon receipt of a written recommendation by the chief financial officer of Winthrop to the effect that the action shall not adversely affect the ability of Winthrop to discharge its obligations to the holders of bonds issued pursuant to this article and upon the further conditions as prescribed in the resolution of the trustees providing for the issuance of bonds. The bonds issued pursuant to this article may be further secured by the additional pledges of other revenues or fees of Winthrop as it may be authorized to grant pursuant to other laws of this State.