(A) No bonds may be issued under the provisions of this chapter unless:
(1) the State Fiscal Accountability Authority or Department of Administration, as appropriate, following review by the Joint Bond Review Committee, approves the Board of Visitors' issue proposal; and
(2) the Board of Visitors demonstrates to the satisfaction of the State Fiscal Accountability Authority or Department of Administration, as appropriate, that one of the following tests is met:
(a) the net revenues that are to be pledged to the payment of any proposed issue of bonds, and any gifts, donations, and other funds, other than appropriated state funds, and the income from these sources to which The Citadel is entitled, which may be pledged to the payment of the bonds (including those proposed for issue), for the fiscal year preceding the date on which the issue of the bonds occurs, are equal to or greater than one hundred ten percent of the Maximum Annual Debt Service on all bonds (including those then being issued); or
(b) in the case of any refunding, the principal and interest payments due on the refunding bonds may not be greater than the principal and interest requirements on the bonds being refunded.
(B) The debt service on any bonds which is no longer outstanding within a year after the date of issue of any proposed bonds may be excluded in applying these tests. The test stated in (b) above is not exclusive with respect to refunding bonds which may qualify under any other tests or any other provisions of law.
(C) Before issuing any bonds, the Board of Visitors shall file a petition with the State Fiscal Accountability Authority or Department of Administration, as appropriate, which sets forth the nature and cost of the facilities to be acquired or renovated, the details of the bonds proposed to be issued, and the financial data and other information needed to demonstrate compliance with one of the foregoing tests.
(D) Following receipt of the petition and supporting information, the State Fiscal Accountability Authority or Department of Administration, as appropriate, shall make what it considers to be an appropriate independent study of the proposal, and, if it finds the proposal to be feasible, the board may approve the issuance of the bonds.
HISTORY: 1989 Act No. 102, Section 2.
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