To the end that provisions be made for the adequate payment of the principal of and interest on the bonds:
(1)(a) The visitors shall maintain in full force and effect any necessary admission fees or special student fee on a basis and in such amounts as will be sufficient, after taking into account net revenues and any other funds pledged to the payment of the bonds as provided under Section 59-121-440(4), to provide for the payment of the principal of and interest on the bonds as the same mature and to provide the required reserve therefor in any bond reserve fund. It is the duty of The Citadel to calculate the debt service requirements of the bonds not less frequently than annually and, if required at such time, appropriate revisions of any admissions fees or special student fee must be made by the visitors if such revisions are required, after taking into account net revenues for the year, to make adequate provisions for the payment of the principal of and interest on the bonds and the maintenance of any required reserve in a bond reserve fund.
(b) The admissions fees and the special student fee, if any, must bear such nomenclature as the visitors shall prescribe. The special student fee may, in the discretion of the visitors, be included as a part of any other fee. The visitors shall account for the receipt from any admissions fees and special student fee to the State Treasurer, for deposit by the State Treasurer in the debt service fund.
(2) The visitors shall cause to be established with the State Treasurer or its corporate trust designee on or before the occasion of the delivery of any bonds pursuant to this article, a debt service fund into which must be deposited annually sufficient funds as provided in this article to meet the payment of principal of and interest on the bonds for such year.
HISTORY: 2000 Act No. 356, Section 2(B).
Structure South Carolina Code of Laws
Chapter 121 - The Citadel, The Military University Of South Carolina
Section 59-121-10. Board of visitors; composition.
Section 59-121-15. Authority to change title of The Citadel; conditions.
Section 59-121-20. Terms of board members.
Section 59-121-30. Election of board members; age limit.
Section 59-121-40. Board created body corporate and politic; general powers.
Section 59-121-50. Powers of board in educational matters.
Section 59-121-60. Quorum at special meeting of board.
Section 59-121-70. Annual report of board.
Section 59-121-80. Burial of past presidents and their wives.
Section 59-121-320. Definitions.
Section 59-121-340. Authorization to borrow funds and issue bonds; amount limitations.
Section 59-121-350. Sources of funds to secure bonds; disposition of athletic facilities
Section 59-121-370. Resolutions for issuance of bonds; contents and conditions.
Section 59-121-380. Tax exempt status.
Section 59-121-390. Fiduciaries as authorized investors.
Section 59-121-410. Disposition of bonds; private sale; discounts or premiums.
Section 59-121-430. Provisions for adequate payment of principal and interest on bonds.
Section 59-121-440. Powers vested in visitors to secure payment of principal and interest on bonds.
Section 59-121-450. Duration of authorizations granted by article; time limit for issuance of bonds.