In order to avail themselves of the authorizations set forth in Sections 59-123-210 through 59-123-320, the trustees shall adopt resolutions providing for the issuance of bonds of the Medical University, within the limitations herein mentioned, which resolutions shall prescribe the tenor, terms, and conditions of such bonds. Such bonds shall be issued as serial bonds, maturing in equal or unequal amounts, at such times and on such occasions as the trustees shall determine. Provided, always, that the last maturing bonds of any issue shall be expressed to mature not later than forty years from their date, and the first maturing bonds of any issue, issued pursuant to this act, shall fall due within five years from their date. They shall bear such rates of interest, payable on such occasion, as the trustees shall prescribe, and the bonds shall be in such denominations, shall be payable in such medium of payment, and at such place as such resolutions shall prescribe. All bonds may be issued with a provision permitting their redemption on any interest payment date prior to their respective maturities as the trustees shall prescribe. Bonds made subject to redemption prior to their stated maturities may contain a provision requiring the payment of a premium for the privilege of exercising the right of redemption, in such amount or amounts as the trustees shall prescribe in the resolutions authorizing their issuance. All bonds subject to redemption shall contain a statement to that effect on the face of each bond. The resolutions authorizing their issuance shall contain provisions specifying the manner of call and the notice of call that must be given.
HISTORY: 1982 Act No. 392, Section 6.
Structure South Carolina Code of Laws
Chapter 123 - The Medical University Of South Carolina
Section 59-123-20. Acceptance of transfer of property.
Section 59-123-30. Charter confirmed.
Section 59-123-40. Composition of board of trustees.
Section 59-123-50. Election of board members; terms.
Section 59-123-70. Annual report of board.
Section 59-123-90. Board vested with power of eminent domain.
Section 59-123-95. Board may borrow to purchase diagnostic and therapeutical equipment.
Section 59-123-100. Rules governing admissions not changed.
Section 59-123-110. College of Dental Medicine established.
Section 59-123-115. Area Health Education Consortium; funding formula; expenditure of funds.
Section 59-123-125. Rural Physician Program; administration of funds; membership of managing board.
Section 59-123-230. Bonds payable from net housing revenues.
Section 59-123-240. Credit of state not to be pledged; trustees not liable on bonds.
Section 59-123-260. Form of bonds.
Section 59-123-270. Bonds and interest tax exempt.
Section 59-123-280. Bonds as legal investments for certain purchasers.
Section 59-123-290. Execution of bonds.
Section 59-123-300. Sale of bonds.
Section 59-123-310. Powers and duties of trustees with respect to bonds.