South Carolina Code 59-127-320. Authority of trustees to construct, operate, and maintain improvements; limited authority to issue bonds; university authorized to apply other funds to stadium improvements
(B) Subject to obtaining the approval of the State Fiscal Accountability Authority or Department of Administration, as appropriate, expressed by resolution duly adopted, the trustees are authorized to issue not more than twenty million dollars of bonds for the purpose of acquiring, constructing, reconstructing, renovating, or equipping athletic facilities and for the purpose of refunding any previous series of bonds authorized by this section. Bonds issued pursuant to this section are payable from the admission fee, the special student fee, and net athletic revenues.
Terms Used In South Carolina Code 59-127-320
- Admission fee: means the special fee or charge, in addition to other charges, imposed upon each person admitted to a "home" football game, except a freshman or intramural game, in Dawson Football Stadium at South Carolina State University or at any other location where a "home" game is played by the South Carolina State University varsity football team, excluding students admitted as a result of student fees paid to the institution for a regular session. See South Carolina Code 59-127-310
- Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
- Authority: means the State Fiscal Accountability Authority. See South Carolina Code 59-127-310
- Bonds: means the Stadium Improvement Revenue Bonds of South Carolina State University authorized by this article. See South Carolina Code 59-127-310
- Improvements: means the enlargement and improvements to Dawson Football Stadium, including necessary equipment. See South Carolina Code 59-127-310
- Net athletic revenues: means the entire revenues derived by the athletic department of the University for any fiscal year after payment of the operating and maintenance expenses of the department but before provision is made for depreciation, amortization, nonmandatory transfers, and interest expenses of the department for the fiscal year. See South Carolina Code 59-127-310
- Special student fee: means the fee authorized by this article to be established by the university to provide funds to assist in the repayment of bonds authorized under this article and imposed upon each person in attendance at any regular session, excluding summer sessions, of the university, who is enrolled in a sufficient number of classes or courses for which credit is given toward any degree offered by the university to be classified as a regular full-time student for the purpose of assessing other student fees. See South Carolina Code 59-127-310
- Trustees: means the Board of Trustees of South Carolina State University. See South Carolina Code 59-127-310
- University: means South Carolina State University, located at Orangeburg, South Carolina. See South Carolina Code 59-127-310
(C) It is not intended by this article to limit the university in the construction of the improvements to the sums provided in this article, and if the university obtains funds from other sources for the purposes of enlarging and improving the football stadium, then it is empowered to apply the funds to the improvements as now contemplated or to provide further improvements for the football stadium.