(A) The General Assembly finds that it is desirable to provide continuing and general statutory authority for Francis Marion University to incur debt for the purpose of, among other things, acquiring, constructing, renovating, and equipping certain athletic facilities, which debt is secured by a pledge of the revenues derived from the operation of the athletic department of Francis Marion University and by the proceeds of certain related admissions fees and special fees charged to students enrolled at the university. Francis Marion University has demonstrated need for additional funds to provide for acquisition, construction, renovation, and equipping of the facilities. The facilities are needed to replace or renovate aging facilities and to provide additional facilities all to the end that the educational environment at Francis Marion University will be enhanced for the benefit of present and future students at Francis Marion University.
(B) Consideration has been given to this need and to the methods of funding it. It has been determined to be in the best interests of the people of this State to authorize Francis Marion University to acquire, construct, renovate, and equip additional facilities and to incur indebtedness for these purposes which is payable from the revenues derived from the operation of these facilities and from related fees to the extent and under the conditions provided for in this article.
HISTORY: 2008 Act No. 355, Section 8, eff June 25, 2008.
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