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Bill Number: 720 Ratification Number: 177 Act Number 211 Introducing Body: Senate Subject: Issuance of student and faculty housing revenue bonds of the College of Charleston
(A211, R177, S720)
AN ACT TO AMEND ACT 1281 OF 1970, AS AMENDED, RELATING TO AUTHORIZING THE ISSUANCE OF STUDENT AND FACULTY HOUSING REVENUE BONDS OF THE COLLEGE OF CHARLESTON, SO AS TO AUTHORIZE THE ISSUANCE OF ADDITIONAL BONDS, INCLUDING REFUNDING BONDS, AND PROVIDE FOR APPLICATION OF THE PROCEEDS OF REFUNDING BONDS, INCLUDING PRINCIPAL, PREMIUM, AND INTEREST, TO THE PURPOSE FOR WHICH THE BONDS ARE ISSUED.
Be it enacted by the General Assembly of the State of South Carolina:
Issuance of bonds for additional facilities and to refund bonds
SECTION 1. Section 2(b) of Act 1281 of 1970, as last amended by Act 653 of 1978, is further amended to read:
"(b) To the end that the trustees may acquire additional student and faculty housing facilities and refund in whole or in part bonds issued pursuant to this act, the trustees are permitted to borrow, not exceeding in the aggregate principal amount, the sum of eighteen million dollars. However, no bonds may be issued pursuant to this act unless the State Budget and Control Board first has approved by resolution the issuance of the bonds. The proceeds of the bonds authorized in this section must be applied in accordance with the resolution authorizing their issuance to refund bonds issued pursuant to this act or to defray costs incurred in the acquisition, construction, reconstruction, equipping, and renovating of dormitories and buildings designed for student and faculty housing and auxiliary and related facilities to be located on lands owned or acquired by the State, or both. The buildings, when constructed, acquired, or renovated must be used for the purpose of providing housing and auxiliary and related facilities for students and faculty of the College of Charleston."
Issuance of additional bonds
SECTION 2. Act 1281 of 1970, as amended, is further amended by adding a new Section 2A to read:
"Section 2A. In addition to the bonds authorized in subsection (b) of Section 2 and subject to obtaining the approval of the state board expressed by adopted resolution, the trustees are also authorized to issue bonds pursuant to the authorization and subject to the conditions and limitations of this act to refund and advance refund bonds issued pursuant to this act and the proceeds of such refunding bonds must be applied to the purpose for which the refunding bonds are issued, including principal, premium, if any, and interest to maturity or redemption date, as the case may be, together with the cost of issuance."
SECTION 3. This act takes effect upon approval by the Governor.