South Carolina General Assembly
105th Session, 1983-1984

Bill 81

                    Current Status

Bill Number:               81
Ratification Number:       9
Act Number                 193
Introducing Body:          Senate
Subject:                   The enlargement of Memorial Stadium at
                           Clemson
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A193, R9, S81)

AN ACT TO AUTHORIZE THE BOARD OF TRUSTEES OF CLEMSON UNIVERSITY TO BORROW NOT EXCEEDING TEN MILLION DOLLARS TO PAY THAT PORTION OF THE COST OF THE ENLARGEMENT OF MEMORIAL STADIUM AT CLEMSON UNIVERSITY FOR WHICH FUNDS HAVE NOT BEEN PREVIOUSLY DONATED AND TO PRESCRIBE THE TERMS AND CONDITIONS UNDER WHICH SUCH BORROWING MAY BE UNDERTAKEN.

Be it enacted by the General Assembly of the State of South Carolina:

Clemson Board of Trustees authorized to borrow funds

SECTION 1. In order to finance that portion of the cost of constructing enlargements and improvements to Memorial Stadium at Clemson University for which funds have not been previously donated, the Board of Trustees of Clemson is authorized and empowered to borrow from one or more banking institutions not exceeding ten million dollars for such period of time not exceeding ten years and upon such terms and conditions as the trustees, with the approval of the State Budget and Control Board, shall agree upon.

Revenues to be pledged

SECTION 2. For the payment of such loan and the interest thereon, there shall be pledged all revenues derived from the use of the stadium not presently pledged to the payment of Stadium Revenue Bonds issued pursuant to Act 1277 of 1970 and all donations and revenues made available to Clemson by IPTAY for this purpose, IPTAY being a not-for-profit corporation organized for the furtherance of scholastic and athletic activities at Clemson.

Borrowing evidenced by notes

SECTION 3. Such borrowing shall be evidenced by one or more notes of Clemson payable as to both principal and interest solely from the revenues to be pledged therefor as above authorized.

Form of notes

SECTION 4. Such notes shall be in such form and of such tenor as shall be approved by the trustees subject to the limitations of this act.

Tax exempt status of notes

SECTION 5. The notes and the interest to become due thereon shall have the tax exempt status prescribed by Section 12-1-60, Code of Laws of South Carolina, 1976.

Time effective

SECTION 6. This act shall take effect upon approval by the Governor.