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Section 59-127-580. Revenue sources for payment; liability of board members.

SC Code § 59-127-580 (2019) (N/A)
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The bonds, notes, and other forms of indebtedness must be made payable only from all or the portion of the fees and revenues as the university in its discretion may designate pursuant to the authorizing resolution and also from other available funds of the university designated by the university pursuant to the authorizing resolution except funds of the university derived from appropriations received from the General Assembly and tuition funds pledged to the repayment of state institution bonds, notes, and other forms of indebtedness. The use of academic fees must be approved by the university's board. The bonds, notes, and other forms of indebtedness are not general obligations of the State. Neither the members of the board nor a person signing the bonds, notes, and other forms of indebtedness is liable personally for the bonds, notes, and other forms of indebtedness. Bonds, notes, and other forms of indebtedness may not be issued pursuant to the provisions of this article unless an identified source of revenue is designated for the repayment of the bonds, notes, and other forms of indebtedness.

HISTORY: 2005 Act No. 44, Section 1, eff May 3, 2005.

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