The Board of Trustees of the University of South Carolina with the approval of the Department of Administration or State Fiscal Accountability Authority, as appropriate, may enter into lease agreements with a private entity whereby the private entity will provide all services necessary for the creation and operation of student housing facilities at the University of South Carolina-Spartanburg including, but not limited to, ground leasing, financing, designing, construction, managing, operating, maintaining, and related services. Upon expiration of the agreement term, the private entity shall surrender to the University of South Carolina-Spartanburg, such premises with the existing buildings, other structures and improvements constructed and located thereon and therein, in the same condition as when the construction of the buildings, other structures, and improvements were completed, only natural and normal wear and tear excepted. The Department of Administration or State Fiscal Accountability Authority, as appropriate, first must approve all agreement terms and conditions including the consideration involved, and the full faith and credit of the State toward the lease obligations must not be pledged, and any statement to the contrary is deemed null and void as a matter of public policy. The private entity may be a nonprofit organization. The Department of Administration or State Fiscal Accountability Authority, as appropriate, approval required shall be in lieu of or a substitute for any other approval required by any other provision of law or regulation in connection with the undertaking of the private entity and the University of South Carolina-Spartanburg; however, the private entity and the University of South Carolina-Spartanburg shall adhere to fire, life, and safety codes as required by the Office of State Engineer.
Neither this section, nor the approval required by this section, exempts any transaction or entity from complying with Chapter 35 of Title 11.
HISTORY: 2001 Act No. 63, Section 5; 2008 Act No. 275, Section 3, eff June 5, 2008.
Effect of Amendment
The 2008 amendment added the undesignated paragraph at the end relating to compliance with the Procurement Code.
Structure South Carolina Code of Laws
Chapter 117 - University Of South Carolina
Section 59-117-10. Composition of board of trustees of the University of South Carolina.
Section 59-117-20. Terms of members of board.
Section 59-117-30. Vacancies; compensation.
Section 59-117-40. Board constituted body corporate and politic; powers.
Section 59-117-50. Meetings of board; quorum.
Section 59-117-60. Property and rights vested in University.
Section 59-117-65. Authority to enter ground lease agreements.
Section 59-117-70. Right of condemnation by board.
Section 59-117-80. Board authorized to lease or sell real property donated during fund campaign.
Section 59-117-85. Faculty participation in school's practice plan; handling of generated funds.
Section 59-117-90. Closing of streets bordered by University property.
Section 59-117-100. President shall not be atheist or infidel.
Section 59-117-110. Prior authorization for campus closing.
Section 59-117-210. Purpose; authorization.
Section 59-117-220. Definitions.
Section 59-117-230. Trustees authorization; acquisition of facilities; bond refunds.
Section 59-117-240. Issuance of bonds; limit.
Section 59-117-250. Funding of bonds; security, generally.
Section 59-117-260. Bonds not guaranteed by State; trustees not personally liable.
Section 59-117-270. Bond specifications; issuing resolutions.
Section 59-117-280. Tax exempt status.
Section 59-117-290. Who may invest in bonds.
Section 59-117-300. Execution of bonds and coupons; registration as to principal and interest.
Section 59-117-310. Sale; advertisement; discounts.
Section 59-117-320. Trustees' powers for purposes of securing principal and interest of bonds.