The Citadel may pledge any part or all of the revenues or net revenues derived or to be derived from any or all of the facilities as security for the payment of any bonds. In addition, The Citadel may pledge any gifts, donations, and funds, other than appropriated state funds, and the income from those sources to which The Citadel is entitled, as security for the payment of any bonds. As additional security, The Citadel may establish a reserve fund, which may be funded from the proceeds of the bonds, to provide for payment on the bonds.
HISTORY: 1989 Act No. 102, Section 2.
Structure South Carolina Code of Laws
Chapter 122 - The Citadel Housing Revenue Bonds
Section 59-122-10. Definitions.
Section 59-122-30. Disposition of proceeds from sale of bonds.
Section 59-122-40. Requirements for issuance of bonds.
Section 59-122-50. Security for payment of bonds.
Section 59-122-70. Issuance of bonds.
Section 59-122-90. Bonds and interest exempt from taxation.
Section 59-122-100. Investment in bonds by fiduciaries permitted.
Section 59-122-110. Sale of bonds by board; notice.