South Carolina General Assembly
106th Session, 1985-1986

Bill 3739

                    Current Status

Bill Number:               3739
Ratification Number:       492
Act Number:                544
Introducing Body:          House
Subject:                   Authorize the Citadel Board of Visitors
                           on behalf of the Citadel to purchase certain
                           property in Charleston at a cost of two
                           million dollars
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A544, R492, H3739)

A JOINT RESOLUTION TO AUTHORIZE THE CITADEL BOARD OF VISITORS ON BEHALF OF THE CITADEL TO PURCHASE CERTAIN PROPERTY IN CHARLESTON AT A COST OF TWO MILLION DOLLARS AND TO PROVIDE FOR THE MANNER IN WHICH FUNDS WILL BE OBTAINED AND REPAID CONCERNING THIS PURCHASE.

Be it enacted by the General Assembly of the State of South Carolina:

Citadel authorized to purchase land

SECTION 1. (1) The Citadel Board of Visitors is authorized to purchase for The Citadel a thirteen-acre parcel of land, located on the Ashley River adjacent to The Citadel Campus which is owned by Trident Technical College, at a cost of two million dollars.

(2) The Board of Visitors is authorized to enter into agreements with a lending institution under which The Citadel would borrow one million seven hundred thousand dollars for the purchase of this property with the remaining downpayment of three hundred thousand dollars coming from the Aiken Fund, which is a fund consisting of private donations managed by the Board of Visitors.

(3) The Board of Visitors shall repay the indebtedness, including interest, not more than six years after its incurrence, and shall also repay the Aiken Fund from contributions to the General Mark Clark Campaign for The Citadel Tomorrow.

Time effective

SECTION 2. This act shall take effect upon approval by the Governor.