2021 South Carolina Code of Laws
Title 11 - Public Finance
Chapter 51 - South Carolina Research University Infrastructure Act
Section 11-51-60. Research infrastructure project used for unapproved purpose; reimbursement of debt service to State.
In the event a research infrastructure project is used for a purpose other than as approved by the Research Centers of Excellence Review Board pursuant to Section 11-51-80(2), the research university for which the research infrastructure project was originally established shall reimburse the State a percentage of debt service on the general obligation debt issued to finance the debt, the percentage to be equal to the percentage of the research infrastructure project which is used for an unapproved purpose. Amounts reimbursed to the State pursuant to this section must be applied, as directed by the state board, to the debt service on the applicable general obligation debt, either currently or by way of defeasance, or to the general fund of the State.
HISTORY: 2004 Act No. 187, Section 9.
