South Carolina § 59-119-520 - Authorization shall be by resolution; contractual provisions.

§ 59-119-520. Authorization shall be by resolution; contractual provisions.

Revenue bonds issued under this article shall be authorized by a resolution or resolutions of the board of trustees of the university. Any such resolution of the university may, in the discretion of the board, contain provisions, which shall be a part of the contract between the university and the several holders of such bonds, as to any of the following:

(1) The custody, security, use, expenditure or application of the proceeds of the bonds;

(2) The construction and completion of the building or buildings for which the bonds are issued;

(3) The use, regulation, operation, maintenance, insurance or disposition of the building or buildings for which the bonds are issued or restrictions on the exercise of the powers of the board of trustees to dispose of or to limit or regulate the use of such building or buildings;

(4) The payment of the principal of or interest on the bonds and the sources and methods thereof, the rank or priority of any such bonds as to any lien or security or the acceleration of the maturity of any such bonds;

(5) The use and disposition of the revenues derived or to be derived from the operation of such building or buildings;

(6) The pledging, setting aside, depositing or trusteeing of the revenues from which the bonds are made payable to secure the payment of the principal of and interest on the bonds or the payment of expenses of operation and maintenance of such building or buildings;

(7) The setting aside out of such revenues of reserves or sinking funds and the source, custody, security, regulation and disposition thereof;

(8) The determination of the definition of such revenues or of the expenses of operation and maintenance of the building or buildings for which the bonds are issued;

(9) The rentals, fees or other charges from students, faculty members and others using or being served by, or having the right to use or be served by, the building or buildings for which the bonds are issued and any parts, extensions, replacements or improvements thereof thereafter constructed or acquired and the fixing, establishment, collection and enforcement thereof, the amount or amounts of revenues to be produced thereby and the disposition and application of the amounts charged or collected;

(10) Limitations on the issuance of additional bonds or any other obligations or the incurrence of indebtedness payable from the same revenues from which the bonds are payable;

(11) Parietal rules to insure the use of such building or buildings by students or members of the faculty of the university to the maximum extent to which such building or buildings is capable of serving such students or faculty members;

(12) The procedure, if any, by which the terms of any covenant or contract with, or duty to, the holders of such bonds may be amended or abrogated, the amount of bonds the holders of which must consent thereto and the manner in which such consent may be given or evidenced; and

(13) Any other matter or course of conduct which, by recital in the resolution or resolutions authorizing or providing for the bonds, is declared to further secure the payment of the principal of or interest on the bonds.

HISTORY: 1962 Code SECTION 22-272; 1952 Code SECTION 22-272; 1950 (46) 2662.