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Bill Number: 194 Ratification Number: 167 Act Number 120 Introducing Body: Senate Subject: Governing body of Lander College to issue certain student and faculty housing revenue bonds
(A120, R167, S194)
AN ACT TO AMEND ACT 1305 OF 1974, AS AMENDED, RELATING TO THE AUTHORIZATION OF THE STATE COLLEGE BOARD OF TRUSTEES AS THE GOVERNING BODY OF LANDER COLLEGE TO ISSUE CERTAIN STUDENT AND FACULTY HOUSING REVENUE BONDS AND RELATED MATTERS, SO AS TO RESTATE THE GENERAL ASSEMBLY'S PREVIOUS FINDINGS SO AS TO INDICATE THAT THE TRUSTEES SHOULD BE AUTHORIZED TO ISSUE ADDITIONAL STUDENT AND FACULTY HOUSING REVENUE BONDS, RATHER THAN THE STATED AMOUNT OF THREE MILLION DOLLARS OF SUCH BONDS, IN ORDER TO FINANCE ADDITIONAL STUDENT AND FACULTY HOUSING FACILITIES, TO ALLOW THE TRUSTEES TO BORROW FROM TIME TO TIME SUCH AMOUNTS AS MAY BE NECESSARY SO LONG AS THERE ARE NOT OUTSTANDING AT ANY ONE TIME BONDS ISSUED PURSUANT TO THIS ACT IN EXCESS OF FIVE MILLION DOLLARS, RATHER THAN TO BORROW NOT EXCEEDING THE AGGREGATE PRINCIPAL AMOUNT OF THREE MILLION DOLLARS, AND TO PROVIDE FOR A CHANGE IN THE SOURCE OR SOURCES FROM WHICH THE BONDS ISSUED PURSUANT TO THIS ACT ARE PAYABLE.
Be it enacted by the General Assembly of the State of South Carolina:
Findings of General Assembly
SECTION 1. Section 1 of Act 1305 of 1974, as last amended by Act 322 of 1975, is further amended to read:
"Section 1. The General Assembly finds that by Act 1393 of 1972, now codified as Section 59-101-30 of the 1976 Code, the State of South Carolina was authorized to acquire the properties of Lander College and to operate Lander College as a state-supported institution of higher learning and that the State College Board of Trustees was established as the governing body of Lander College upon such acquisition.
The General Assembly also finds that under the authority of item (19) of Section 4 of Act 353 of 1969, now codified as item (19) of Section 59-105-40 of the 1976 Code, the State College Board of Trustees is authorized to issue revenue bonds as provided in Article 5 of Chapter 119 of Title 59 of the 1976 Code, on behalf of the state-supported colleges under its jurisdiction.
The General Assembly further finds that Lander College is in need of additional student and faculty housing facilities and therefore is now minded to authorize the State College Board of Trustees to issue additional student and faculty housing revenue bonds in order to finance additional student and faculty housing facilities at the college."
Amounts trustees may borrow; limitation
SECTION 2. Section 3 of Act 1305 of 1974, as last amended by Act 322 of 1975, is further amended to read:
"Section 3. To the end that the trustees may acquire such additional student and faculty housing facilities, the trustees are permitted to borrow, from time to time, such amounts as may be necessary so long as there are not outstanding at any one time bonds issued pursuant to this act in excess of five million dollars. The proceeds of the loans herein authorized must be used in the acquisition, construction, reconstruction, renovating, and equipping of dormitories and buildings designed for student and faculty housing and auxiliary and related facilities to be located on lands owned by the State or to be acquired by the State. Such buildings when acquired or constructed, reconstructed, renovated, or equipped must be used for the purpose of providing housing and auxiliary and related facilities for students and faculty at Lander College."
Sources of payment
SECTION 3. Section 4 of Act 1305 of 1974, as last amended by Act 322 of 1975, is further amended to read:
"Section 4. All bonds issued pursuant to this act are payable from the entire rental revenues derived from all student and faculty housing facilities and, where applicable, all revenue from auxiliary and related facilities now and hereafter owned by the trustees at Lander College."
SECTION 4. This act takes effect upon approval by the Governor.