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 59-133-340(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 Francis Marion 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: 2008 Act No. 355, Section 8, eff June 25, 2008.
Structure South Carolina Code of Laws
Chapter 133 - Francis Marion University
Section 59-133-10. Board of Trustees.
Section 59-133-15. Francis Marion College changed to Francis Marion University.
Section 59-133-20. Compensation of board members.
Section 59-133-30. Powers of board.
Section 59-133-40. Meetings of board.
Section 59-133-50. Authority to sell or lease donated real property.
Section 59-133-60. Student housing facilities; ground lease agreements with private entities.
Section 59-133-220. Definitions.
Section 59-133-230. Authority to acquire, construct, and equip athletic facilities.
Section 59-133-240. Authority to borrow; bonding limit.
Section 59-133-250. Repayment of bonds; abandonment or sale of facility.
Section 59-133-260. Full faith and credit of State.
Section 59-133-270. Adoption of resolutions providing for issuance of bonds; provisions.
Section 59-133-280. Tax exempt status.
Section 59-133-290. Authority to invest in bonds.
Section 59-133-300. Execution of bonds and coupons; seal of Francis Marion University.
Section 59-133-310. Disposition of bonds; private sales; discounts and premiums.
Section 59-133-320. Delivery of proceeds to State Treasurer; withdrawals from fund.
Section 59-133-340. Powers and duties of trustees as to issuance and repayment of bonds.
Section 59-133-350. Authorizations granted by article to remain in full force and effect.