In the resolutions authorizing the issuance of the bonds, the trustees are empowered to:
(1) covenant and agree throughout the life of the bonds that the admission fee or the special student fee, or both, are imposed, maintained, and revised when necessary, in an amount, without limitation as to rate, as is sufficient, when added to net athletic revenues in any year, to meet the payment of the principal and interest for the bonds as they become due, and to create a cushion or reserve fund as the trustees consider prudent. The cushion or reserve must be used only to meet the payment of the principal and interest on the bonds under the conditions as the trustees prescribe and must be maintained in a manner as to insure its availability for repayment;
(2) establish the Debt Service Fund, which must be maintained at the hands of the State Treasurer;
(3) covenant that all revenues derived from the admission fee or the special student fee, or both, are paid to the State Treasurer for deposit in the fund in a manner prescribed by the State Treasurer;
(4) establish appropriate rules requiring the payment of the admission fee or the special student fee, or both;
(5) covenant as to the use of the proceeds of the sale of the bonds;
(6) provide for the terms, form, registration, exchange, execution and authentication of bonds, and for the replacement of lost, destroyed, or mutilated bonds;
(7) covenant for the mandatory redemption of bonds on terms and conditions as the resolutions authorizing the bonds prescribe;
(8) prescribe the procedure, if any, by which the terms of the contract with the bondholders may be amended, the number of bonds whose holders must consent to amendment, and the manner in which the consent is given;
(9) covenant to insure the football stadium against loss by fire or other casualty;
(10) operate and maintain the football stadium in good repair;
(11) prescribe the events of default and the terms and conditions upon which all or any bonds are or may be declared due before maturity, and the terms and conditions upon which the declaration and its consequences may be waived;
(12) reserve the right to issue additional bonds payable from the sources provided in this article for the payment of the bonds pursuant to Section 59-127-460 or to the extent to which the trustees may become authorized to issue additional bonds by legislation enacted, if it is necessary in the future to further enlarge or improve the football stadium and to prescribe the conditions under which additional bonds may be issued; and
(13) make further covenants and agreements as necessary or desirable in order to market the bonds.
HISTORY: 1992 Act No. 514, Section 16; 1997 Act No. 103, Section 4.