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TO AMEND ACT 518 OF 1980, AS AMENDED, RELATING TO UNIVERSITY OF SOUTH CAROLINA ATHLETIC FACILITIES RESERVE BONDS, SO AS TO RAISE THE OUTSTANDING DEBT LIMIT FOR THESE BONDS FROM FORTY MILLION DOLLARS TO SIXTY MILLION DOLLARS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 9C of Act 518 of 1980, as last amended by Act 6 of 1997, is further amended to read:
"C. May Issue Bonds.
Subject to obtaining the approval of the state board expressed by resolution duly adopted, the trustees are authorized to issue from time to time not exceeding forty sixty million dollars of bonds for the purpose of acquiring, constructing, reconstructing, renovating, or equipping athletic facilities and for the purpose of refunding any previous series of bonds authorized by this section. If the trustees, in authorizing the issuance of bonds pursuant to this section, prescribe by resolution that there must be on deposit in the Bond Reserve Fund certain sums at the time of the delivery of the bonds, the trustees are empowered to utilize a portion of the proceeds of any series of bonds issued pursuant to this section in order to meet the requirement."
SECTION 2. This act takes effect upon approval by the Governor.
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