South Carolina Code 59-147-110. Sources of revenue or funds for payment of bonds; liability of signers
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Terms Used In South Carolina Code 59-147-110
- board: means the board of trustees of the university;
(2) "equipment" means items with a useful life of at least fifteen years;
(3) "facilities" means the real and personal property and equipment specified in § 59-147-20(2) of this chapter whether or not the acquisition or construction thereof is financed from the proceeds of bonds issued pursuant to this chapter;
(4) "revenues" means the revenues derived or to be derived from the operation, sale, lease, or other disposition of the facilities; and
(5) "university" means all research and four-year public institutions of higher education. See South Carolina Code 59-147-20
The bonds must be made payable solely from all or such portion of the revenues as the university in its discretion may designate pursuant to the authorizing resolution and also from any other available funds of the university designated by the university pursuant to the authorizing resolution except funds of the university derived from appropriations received from the General Assembly and any tuition funds pledged to the repayment of state institution bonds. The use of academic fees must be approved by the university’s board. The bonds are not general obligations of the State. Neither the members of the board nor any person signing the bonds shall be personally liable for the bonds. No bonds may be issued pursuant to this chapter unless an identified source or sources of revenue are designated for the repayment of the bonds.