(A) The General Assembly finds that it is desirable to provide continuing and general statutory authority for The Citadel 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 The Citadel or by the proceeds of certain related admissions fees and special fees charged to students enrolled at The Citadel, or by both. The Citadel has demonstrated need for additional funds to provide for acquisition, construction, renovation, and equipping of such facilities. These facilities are needed to replace or renovate aging facilities and to provide additional facilities all to the end that the educational environment at The Citadel will be enhanced for the benefit of present and future students at The Citadel.
(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 The Citadel to acquire, construct, renovate, and equip additional such facilities and to incur indebtedness for these purposes which is payable from the revenues derived from the operation of these facilities or from related fees to the extent and under the conditions provided for in this article, or from both. It is specifically provided that the visitors are authorized to pledge the proceeds of the admissions fee and the special student fee as security for the bonds without pledging the revenue derived from the operation of the athletic department.
HISTORY: 2000 Act No. 356, Section 2(B); 2002 Act No. 299, Section 1.