South Carolina § 59-127-490 - Definitions.

§ 59-127-490. Definitions.

As used in this article:

(1) "Board" means the Board of Trustees of South Carolina State University.

(2) "Equipment" means items with a useful life of at least fifteen years.

(3) "Academic and administrative buildings" means the real and personal property and equipment to be utilized by the College of Engineering, Science and Mathematics, the College of Education, Humanities and Social Science, and the College of Business and Applied Professional Sciences, whether or not the acquisition or construction of these facilities are financed from the proceeds of bonds, notes, or other indebtedness issued pursuant to the provisions of this article.

(4) "Fees and revenues" means the special student fees, auxiliary fees, and revenues derived or to be derived from the operation, sale, lease, or other disposition of the facilities.

(5) "University" means South Carolina State University.

HISTORY: 2005 Act No. 44, SECTION 1, eff May 3, 2005.

SECTION 59-127-500. Power to issue facilities improvement bonds

Subject to the approval of the Joint Bond Review Committee and the State Fiscal Accountability Authority or Department of Administration, as appropriate, by resolution adopted, the university may issue bonds, notes, or other forms of indebtedness for the purpose of financing or refinancing in whole or in part the cost of acquisition, construction, reconstruction, renovation, and improvement of land, buildings, and other improvements to real property and equipment for the purpose of providing certain academic and administrative buildings as defined in this article serving the needs of the university.

HISTORY: 2005 Act No. 44, SECTION 1, eff May 3, 2005.