Terms Used In South Carolina Code > Title 59 > Chapter 147 - Higher Education Revenue Bond Act

• Aquaculture: means controlled cultivation of an aquatic species in confinement. See South Carolina Code 50-18-210
• Aquacultured product: means any living or nonliving form, part, or portion of an aquatic species spawned, raised, or produced by means of aquaculture, including an egg or offspring thereof. See South Carolina Code 50-18-210
• 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
• Commercial purpose: means the culture, processing, purchase, sale, transfer, exchange, or the offer or exposure for sale, transfer, or exchange of a product, or engaging in aquaculture or aquaculture business in order to derive income or other consideration. See South Carolina Code 50-18-210
• Contract: A legal written agreement that becomes binding when signed.
• convicted: means adjudication at trial or civil hearing and includes the entry of a plea of guilty, or nolo contendere, or the forfeiture of bail or collateral deposited to secure a defendant's appearance in court. See South Carolina Code 50-5-15
• Conviction: A judgement of guilt against a criminal defendant.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Department: means the South Carolina Department of Natural Resources unless otherwise stated. See South Carolina Code 50-5-15
• Fish: means finfish, shellfish including mollusks, crustaceans, horseshoe crabs, whelks (conchs), turtles, and terrapin or products thereof. See South Carolina Code 50-5-15
• Joint resolution: A legislative measure which requires the approval of both chambers.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Nonindigenous species: means a species, strain, or variety not native to this State and not established in the wild in this State. See South Carolina Code 50-18-210
• Owner: means a person, other than a lienholder, who claims lawful possession of a vessel or outboard motor by virtue of legal title or equitable interest in it which entitled him to possession. See South Carolina Code 50-21-10
• Person: means an individual, firm, corporation, association, partnership, club, private body, or other entity. See South Carolina Code 50-18-210
• Personal property: All property that is not real property.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Trustee: A person or institution holding and administering property in trust.
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
• Use: means operate, navigate, or employ. See South Carolina Code 50-21-10
• Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.