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Section 59-131-30. Bonds payable solely from revenues of parking facilities.

SC Code § 59-131-30 (2019) (N/A)
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All bonds issued pursuant to this chapter are payable from the revenues derived from all parking facilities which the board of trustees for the College of Charleston may possess at the college, including parking facilities on property leased to the State under the terms and conditions of an agreement described in Section 59-131-10(a), and the revenues must be pledged to the payment of the principal and interest of the bonds in the manner provided in this chapter. The board may, in its discretion, determine with respect to each parking facility to pledge either the entire revenues derived from the parking facility or the revenues derived from the parking facility remaining after defraying the cost of operation and maintenance of the parking facility. In the issuance of the bonds, the trustees may reserve the right to issue additional bonds payable from the revenues and on a parity with the bonds authorized by this chapter, whether issued pursuant to this chapter or pursuant to any other provision of law.

HISTORY: 1975 (59) 75; 1981 Act No. 26, Section 4; 1988 Act No. 510, Section 9.

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Section 59-131-25. Use of proceeds of bonds.
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