South Carolina § 59-122-20 - Authority to acquire, maintain, or rehabilitate student and faculty housing; authority to incur debt and issue bonds.

§ 59-122-20. Authority to acquire, maintain, or rehabilitate student and faculty housing; authority to incur debt and issue bonds.

(A) The board is authorized to acquire and maintain, by construction and purchase, such student and faculty housing and auxiliary facilities as it determines to be necessary, appropriate, or convenient to assist in the proper and efficient operation of The Citadel. The board is further authorized to undertake the renovation, refurbishment, or rehabilitation of any of its student and faculty housing and auxiliary facilities as it considers appropriate. In connection with this acquisition or renovation, the board also is authorized to acquire equipment, furnishings, and machinery as are necessary or desirable for the efficient and proper use of the facilities.

(B) To provide the money necessary to pay the costs incurred in the exercise of its powers, the board is authorized to incur indebtedness, the principal amount outstanding at any time may not exceed twenty-five million dollars and to apply the proceeds in accord with Section 59-122-30 of this chapter. The board is authorized to issue bond anticipation notes as provided in Chapter 17 of Title 11 and to refund or advance refund any bonds issued pursuant to this at such terms and under such conditions as it considers appropriate, with State Fiscal Accountability Authority or the Department of Administration, as appropriate, approval, following review by the Joint Bond Review Committee.

HISTORY: 1989 Act No. 102, SECTION 2.