Each special student fee shall be in such amount and shall be payable on such occasions as shall be provided by the schedule or schedules which shall from time to time be promulgated by the board, which is authorized to revise any such schedule from time to time when required by the provisions of this article by any resolution of the board authorizing the issuance of any bonds.

A special student fee at any college may, in the discretion of the board, be made effective as of July 1, 1978, notwithstanding that bonds authorized by this article may not be issued for the college until some subsequent date. All moneys received therefrom prior to the issuance of the bonds shall be deposited in the bond reserve fund for the college.

Prior to the issuance of any bonds, moneys in the bond reserve fund may be used to pay costs incurred or to be incurred in connection with any plant improvements which may be acquired by the board in accordance with the provisions of Section 59-53-152 and the State Treasurer may honor requisitions of the board drawn for such purposes. Subsequent to the issuance of any bonds pursuant to this article, moneys in the bond reserve fund shall be used only to meet the payment of the principal of and interest on the bonds, except that if accumulations of the bond reserve fund shall become greater than the amount prescribed by the board in the resolution adopted pursuant to 59-53-155, such excess moneys may with the permission of the State Fiscal Accountability Authority be applied to additional plant improvements.

HISTORY: 1978 Act No. 646, Section 5.