South Carolina § 59-107-60 - Request for issuance of state institution bonds.

§ 59-107-60. Request for issuance of state institution bonds.

Upon making the finding required of it by Section 59-107-50, the State Fiscal Accountability Authority shall transmit to the Governor and to the State Treasurer a request for the issuance of State institution bonds. Such request shall set forth:

(1) The name of the State institution seeking funds, the amount of its application, and the annual principal and interest requirements on all outstanding State institution bonds issued for such State institution;

(2) A statement that the State Fiscal Accountability Authority has made the findings required of it by Section 59-107-50, and the extent to which it has approved or modified the original application;

(3) The proposed maturity schedule of the bonds;

(4) The anticipated interest cost for each year during the life of the bonds;

(5) The anticipated aggregate annual principal and interest requirements for the bonds;

(6) The numbers and maturity dates of the bonds which shall be subject to redemption prior to their stated maturities;

(7) The proposed redemption premium schedule;

(8) The sum received by such state institution from tuition fees for the fiscal year preceding the fiscal year in which the application was made pursuant to Section 59-107-40; and

(9) The tuition fee schedule in effect at such State institution.

HISTORY: 1962 Code SECTION 22-26; 1953 (48) 169; 1966 (54) 2263; 1991 Act No. 65, SECTION 3.