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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 10-7-15 SO AS TO PROVIDE THAT THE BUDGET AND CONTROL BOARD MAY INSURE BUILDINGS LOCATED ON PROPERTY ON OR OFF CAMPUS OF A PUBLIC INSTITUTION OF HIGHER LEARNING OF THIS STATE WHICH ARE NOT OWNED BY THE INSTITUTION BUT IN WHICH THE INSTITUTION HAS AN "INSURABLE INTEREST" AS DETERMINED BY THE BOARD; AND TO PROVIDE THAT A WRITTEN CONTRACT NOT CONSIDERED A LEASE UNDER WHICH THE INSTITUTION ACTS AS A PROPERTY MANAGER FOR THE BUILDING OWNER FOR A SPECIFIED TERM AT THE END OF WHICH LEGAL TITLE TO THE BUILDING WILL PASS TO THE INSTITUTION CONSTITUTES AN "INSURABLE INTEREST" ON THE PART OF THE INSTITUTION FOR PURPOSES OF THE REQUIREMENTS OF THIS SECTION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 7, Title 10 of the 1976 Code is amended by adding:
"Section 10-7-15. (A) The Budget and Control Board may insure buildings located on property on or off campus of a public institution of higher learning of this State in the manner provided by this chapter which are not owned by the institution but in which the institution has an 'insurable interest' as determined by the board.
(B) A written contract not considered a lease under which the institution acts as a property manager of the building for the owner for a specified term at the end of which legal title to the building will pass to the institution constitutes an 'insurable interest' on the part of the institution for purposes of the requirements of this section.
(C) The placing with the Budget and Control Board of any insurance on the property referred to in this section is optional on the part of the institution concerned."
SECTION 2. This act takes effect upon approval by the Governor.
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