South Carolina Code 59-53-166. State Treasurer may accept custody of receipts from special student fee
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Terms Used In South Carolina Code 59-53-166
- Board: shall mean the State Board for Technical and Comprehensive Education. See South Carolina Code 59-53-151
- Bond reserve fund: shall mean each special fund to be established which shall be in the custody of the State Treasurer 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 issued for any college in the event that payments otherwise required for the debt service fund shall be insufficient to meet the payment of such principal and interest as and when they become due and payable. See South Carolina Code 59-53-151
- Bonds: shall mean the special obligation bonds of the particular technical education college or center for whom bonds are issued. See South Carolina Code 59-53-151
- Debt service fund: shall mean each fund to be established for the payment of the principal of and interest on the bonds issued for any college. See South Carolina Code 59-53-151
- Special student fee: shall mean the fee authorized to be established by the board at any college to provide funds for the repayment of bonds issued for such college. See South Carolina Code 59-53-151
The State Treasurer may accept custody of receipts and revenues derived from any special student fee, to deposit them in the applicable debt service fund and in the applicable bond reserve fund and to utilize the proceeds of the debt service fund and the bond reserve fund for the payment of the principal of and interest on bonds, as and when they become due and payable. It shall be the duty of the board to make provision for the transmission of the proceeds of each special student fee to the State Treasurer. Moneys in the debt service fund and the bond reserve fund may be invested and reinvested in obligations of the United States or any agency thereof with maturities consonant with the need for funds to meet the payment of the principal of and interest on the bonds.