South Carolina Code 59-133-230. Authority to acquire, construct, and equip athletic facilities
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Terms Used In South Carolina Code 59-133-230
- Athletic facilities: means all facilities designated by the trustees as intercollegiate athletic facilities now owned or which may be acquired by Francis Marion University. See South Carolina Code 59-133-220
- Bond reserve fund: means the special fund which may be established by the trustees 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 59-133-220
- bonds: means any note, bond, installment contract, or other evidence of indebtedness issued pursuant to this article. See South Carolina Code 59-133-220
- Trustees: means the Board of Trustees of Francis Marion University or any successor body. See South Carolina Code 59-133-220
The trustees 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 trustees 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 § 59-133-340(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 trustees.