To the end that provisions be made for the adequate payment of the principal of and interest on the bonds:
(1)(a) The trustees shall maintain in full force and effect any necessary admissions 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 59-125-640(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 Winthrop 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 trustees 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 trustees shall prescribe. The special student fee may, in the discretion of the trustees, be included as a part of any other fee. The trustees 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 trustees 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 1.
Structure South Carolina Code of Laws
Chapter 125 - Winthrop University
Section 59-125-10. Establishment of Winthrop College.
Section 59-125-15. Winthrop College changed to Winthrop University.
Section 59-125-20. Composition of board of trustees.
Section 59-125-30. Election of board members; terms; vacancies.
Section 59-125-40. Compensation of board members.
Section 59-125-60. Meetings of board; quorum; effect of failure to attend.
Section 59-125-70. Board created body corporate; powers.
Section 59-125-80. Powers of board in educational matters.
Section 59-125-90. President, professors, and other officers.
Section 59-125-95. Availability of graduate-level in-state tuition to North Carolina residents.
Section 59-125-100. Division into departments.
Section 59-125-110. Use of Clara Barrett Strait art objects and scholarship fund.
Section 59-125-120. Degrees and diplomas.
Section 59-125-130. Board authority to enter ground lease agreements.
Section 59-125-320. Definitions.
Section 59-125-330. Acquisition and improvement of facilities.
Section 59-125-340. Authority to bond.
Section 59-125-350. Securement of repayment.
Section 59-125-360. Faith and credit of State.
Section 59-125-370. Tenor, terms, and conditions of bonds.
Section 59-125-380. Tax-exempt status.
Section 59-125-390. Lawful investment.
Section 59-125-400. Form of bonds.
Section 59-125-410. Disposal of bonds.
Section 59-125-420. Procedures and covenants for repayment.
Section 59-125-430. Time limit.
Section 59-125-520. Definitions.
Section 59-125-540. Authorization to borrow funds and issue bonds; amount limitations.
Section 59-125-550. Sources of funds to secure bonds; disposition of athletic facilities.
Section 59-125-570. Resolutions for issuance of bonds; contents and conditions.
Section 59-125-580. Tax exempt status.
Section 59-125-590. Fiduciaries as authorized investors.
Section 59-125-610. Disposition of bonds; private sale; discounts or premiums.
Section 59-125-630. Provisions for adequate payment of principal and interest on bonds.
Section 59-125-640. Powers vested in trustees to secure payment of principal and interest on bonds.
Section 59-125-650. Duration of authorizations granted by article; time limit for issuance of bonds.