South Carolina § 59-53-153 - Bond issues.
Full text of South Carolina South Carolina Code of Laws § 59-53-153 — Bond issues., with citation guidance and answers to common questions.
§ 59-53-153. Bond issues.
The board may issue bonds of any college payable from the special student fee imposed at such college in such amounts as may from time to time be determined by the board to be necessary to meet the cost of plant improvements at such college but only under the following conditions:
(1) The approval of the State Fiscal Accountability Authority or the Department of Administration, as appropriate, expressed by resolution duly adopted, shall be obtained. Such approval is hereby declared a condition precedent to the issuance of bonds pursuant to this article, and no bonds shall be issued without such approval.
(2) Notwithstanding any other provisions of this article, there must not be outstanding at any time bonds issued pursuant to this section for any college in excess of four million dollars.
(3) No bonds may be issued unless there is on deposit in the bond reserve fund for such college a sum equal to the lesser of (a) ten percent of the principal of all bonds then outstanding, or (b) the maximum reserve prescribed by the applicable regulations of the United States Treasury Department relating to arbitrage bonds.
HISTORY: 1978 Act No. 646, SECTION 5; 1988 Act No. 638, SECTION 7(B).
Source: official South Carolina text · Last verified 2026-08-27
Frequently Asked Questions About South Carolina § 59-53-153
What does South Carolina Code of Laws § 59-53-153 cover?
Section 59-53-153 ("Bond issues.") is part of the South Carolina Code of Laws, the codified statutory law of South Carolina. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite South Carolina § 59-53-153?
A common citation format is "South Carolina Code of Laws § 59-53-153" (South Carolina). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of South Carolina law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the South Carolina official source linked on this page or consult a licensed South Carolina attorney.
How does South Carolina § 59-53-153 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in South Carolina can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in South Carolina.