(A) No later than June 30, 1995, the Budget and Control Board shall issue state institution bonds pursuant to Title 59, Chapter 107, on behalf of Coastal Carolina University to refund and defease all state institution bonds issued on behalf of the University of South Carolina which are the Series 1991B and Series 1992C State Institution Bonds. That portion of the State Institution Bonds to be refunded which was used to provide facilities at Coastal Carolina University shall be refunded by a series of state institution bonds issued on behalf of Coastal Carolina University and secured by pledge of the tuition fees from Coastal Carolina University. The remaining state institution bonds to be refunded shall be refunded from the proceeds of state institution bonds issued on behalf of the University of South Carolina and secured by pledge of tuition fees collected at the University of South Carolina.

(B) On or before June 30, 1995, Coastal Carolina University shall issue its revenue bonds to refund the Student and Faculty Housing Revenue Bonds, Series 1987, issued by the University of South Carolina and Student and Faculty Housing Revenue Bond Anticipation Notes, the proceeds of which were used to provide facilities at Coastal Carolina University. The proceeds from the refunding revenue bonds shall be applied to defease and refund the outstanding Series 1987 Bonds and Notes. On and after the date of issuance of all refunding bonds, the pledge of revenues derived from the operation of dormitory facilities at Coastal Carolina University shall be released from the pledge securing other student and faculty housing revenue bonds issued by the University of South Carolina.

(C) Pending the issuance of the bonds described in subsections (A) and (B) above, the Budget and Control Board and the State Treasurer shall take all action necessary to continue the application of tuition fees and dormitory revenues derived by Coastal Carolina University to satisfy all obligations of the University of South Carolina with respect to bonds issued to provide facilities at Coastal Carolina University.

(D) For purposes of § 59-107-10, Coastal Carolina University is also considered an institution on behalf of which state institution bonds may be issued thereunder. The purposes for which state institution bonds may be issued on behalf of Coastal Carolina University shall include the refunding of state institution bonds issued on behalf of the University of South Carolina to provide facilities at Coastal Carolina University.