§ 116‑198.37. Fixing fees, rents, and charges; sinking fund.
For the purpose of aiding in the acquisition, construction, orprovision of any project and the maintenance, repair, and operation of anyproject or any existing facilities, the Board is authorized to fix, revise fromtime to time, charge, and collect such fee or fees for such privileges andservices and in such amount or amounts as the Board shall determine, and tofix, revise from time to time, charge, and collect other fees, rents, and chargesfor the use of and for the services furnished or to be furnished by any projector projects and any existing facilities, or any portion thereof, and tocontract with any person, partnership, association, or corporation for thelease, use, occupancy, or operation of any project or projects and any existingfacilities, or any part thereof, and to fix the terms, conditions, fees, rents,and charges for any such lease, use, occupancy, or operation. So long as bondsissued hereunder and payable therefrom are outstanding, such fees, rents, andcharges shall be so fixed and adjusted, with relation to other revenuesavailable therefor, as to provide funds pursuant to the requirements of theresolution or trust agreement authorizing or securing such bonds at least sufficientwith such other revenues, if any, (i) to pay the cost of maintaining,repairing, and operating any project or projects and any existing facilitiesany part of the revenues of which are pledged to the payment of the bondsissued for such project or projects, (ii) to pay the principal of and theinterest on such bonds as the same shall become due and payable, and (iii) tocreate and maintain reserves for such purposes. Any surplus funds remainingafter application to the purposes mentioned in (i), (ii), and (iii), above,shall be held in trust and applied by the Board to the development of theCentennial Campus, the Horace Williams Campus, or a Millennial Campus, asapplicable. Such fees, rents, and charges shall not be subject to supervisionor regulation by any other commission, board, bureau, or agency of the State. Asufficient amount of the revenues, except such part thereof as may be necessaryto pay such cost of maintenance, repair, and operation and to provide suchreserves therefor and for renewals, replacements, extensions, enlargements, andimprovements as may be provided for in the resolution authorizing the issuanceof such bonds or in the trust agreement securing the same, shall be set asideat such regular intervals as may be provided in such resolution or such trustagreement in a sinking fund which is hereby pledged to and charged with thepayment of the principal of and the interest on such bonds as the same shallbecome due and the redemption price or the purchase price of bonds retired bycall or purchase as therein provided. Such pledge shall be valid and bindingfrom the time when the pledge is made; the fees, rents, and charges and otherrevenues or other moneys so pledged and thereafter received by the Board shallimmediately be subject to the lien of such pledge without any physical deliverythereof or further act; and the lien of any such pledge shall be valid andbinding as against all parties having claims of any kind in tort, contract, orotherwise against the Board, irrespective of whether such parties have noticethereof. Neither the resolution nor any trust agreement by which a pledge iscreated need be filed or recorded except in the records of the Board. The useand disposition of moneys to the credit of such sinking fund shall be subjectto the provisions of the resolution authorizing the issuance of such bonds orof the trust agreement securing the same. (1987, c. 336, s. 1; 1999‑234, s. 7; 2000‑177, s. 8.)
§ 116‑198.37. Fixing fees, rents, and charges; sinking fund.
For the purpose of aiding in the acquisition, construction, orprovision of any project and the maintenance, repair, and operation of anyproject or any existing facilities, the Board is authorized to fix, revise fromtime to time, charge, and collect such fee or fees for such privileges andservices and in such amount or amounts as the Board shall determine, and tofix, revise from time to time, charge, and collect other fees, rents, and chargesfor the use of and for the services furnished or to be furnished by any projector projects and any existing facilities, or any portion thereof, and tocontract with any person, partnership, association, or corporation for thelease, use, occupancy, or operation of any project or projects and any existingfacilities, or any part thereof, and to fix the terms, conditions, fees, rents,and charges for any such lease, use, occupancy, or operation. So long as bondsissued hereunder and payable therefrom are outstanding, such fees, rents, andcharges shall be so fixed and adjusted, with relation to other revenuesavailable therefor, as to provide funds pursuant to the requirements of theresolution or trust agreement authorizing or securing such bonds at least sufficientwith such other revenues, if any, (i) to pay the cost of maintaining,repairing, and operating any project or projects and any existing facilitiesany part of the revenues of which are pledged to the payment of the bondsissued for such project or projects, (ii) to pay the principal of and theinterest on such bonds as the same shall become due and payable, and (iii) tocreate and maintain reserves for such purposes. Any surplus funds remainingafter application to the purposes mentioned in (i), (ii), and (iii), above,shall be held in trust and applied by the Board to the development of theCentennial Campus, the Horace Williams Campus, or a Millennial Campus, asapplicable. Such fees, rents, and charges shall not be subject to supervisionor regulation by any other commission, board, bureau, or agency of the State. Asufficient amount of the revenues, except such part thereof as may be necessaryto pay such cost of maintenance, repair, and operation and to provide suchreserves therefor and for renewals, replacements, extensions, enlargements, andimprovements as may be provided for in the resolution authorizing the issuanceof such bonds or in the trust agreement securing the same, shall be set asideat such regular intervals as may be provided in such resolution or such trustagreement in a sinking fund which is hereby pledged to and charged with thepayment of the principal of and the interest on such bonds as the same shallbecome due and the redemption price or the purchase price of bonds retired bycall or purchase as therein provided. Such pledge shall be valid and bindingfrom the time when the pledge is made; the fees, rents, and charges and otherrevenues or other moneys so pledged and thereafter received by the Board shallimmediately be subject to the lien of such pledge without any physical deliverythereof or further act; and the lien of any such pledge shall be valid andbinding as against all parties having claims of any kind in tort, contract, orotherwise against the Board, irrespective of whether such parties have noticethereof. Neither the resolution nor any trust agreement by which a pledge iscreated need be filed or recorded except in the records of the Board. The useand disposition of moneys to the credit of such sinking fund shall be subjectto the provisions of the resolution authorizing the issuance of such bonds orof the trust agreement securing the same. (1987, c. 336, s. 1; 1999‑234, s. 7; 2000‑177, s. 8.)
§ 116‑198.37. Fixing fees, rents, and charges; sinking fund.
For the purpose of aiding in the acquisition, construction, orprovision of any project and the maintenance, repair, and operation of anyproject or any existing facilities, the Board is authorized to fix, revise fromtime to time, charge, and collect such fee or fees for such privileges andservices and in such amount or amounts as the Board shall determine, and tofix, revise from time to time, charge, and collect other fees, rents, and chargesfor the use of and for the services furnished or to be furnished by any projector projects and any existing facilities, or any portion thereof, and tocontract with any person, partnership, association, or corporation for thelease, use, occupancy, or operation of any project or projects and any existingfacilities, or any part thereof, and to fix the terms, conditions, fees, rents,and charges for any such lease, use, occupancy, or operation. So long as bondsissued hereunder and payable therefrom are outstanding, such fees, rents, andcharges shall be so fixed and adjusted, with relation to other revenuesavailable therefor, as to provide funds pursuant to the requirements of theresolution or trust agreement authorizing or securing such bonds at least sufficientwith such other revenues, if any, (i) to pay the cost of maintaining,repairing, and operating any project or projects and any existing facilitiesany part of the revenues of which are pledged to the payment of the bondsissued for such project or projects, (ii) to pay the principal of and theinterest on such bonds as the same shall become due and payable, and (iii) tocreate and maintain reserves for such purposes. Any surplus funds remainingafter application to the purposes mentioned in (i), (ii), and (iii), above,shall be held in trust and applied by the Board to the development of theCentennial Campus, the Horace Williams Campus, or a Millennial Campus, asapplicable. Such fees, rents, and charges shall not be subject to supervisionor regulation by any other commission, board, bureau, or agency of the State. Asufficient amount of the revenues, except such part thereof as may be necessaryto pay such cost of maintenance, repair, and operation and to provide suchreserves therefor and for renewals, replacements, extensions, enlargements, andimprovements as may be provided for in the resolution authorizing the issuanceof such bonds or in the trust agreement securing the same, shall be set asideat such regular intervals as may be provided in such resolution or such trustagreement in a sinking fund which is hereby pledged to and charged with thepayment of the principal of and the interest on such bonds as the same shallbecome due and the redemption price or the purchase price of bonds retired bycall or purchase as therein provided. Such pledge shall be valid and bindingfrom the time when the pledge is made; the fees, rents, and charges and otherrevenues or other moneys so pledged and thereafter received by the Board shallimmediately be subject to the lien of such pledge without any physical deliverythereof or further act; and the lien of any such pledge shall be valid andbinding as against all parties having claims of any kind in tort, contract, orotherwise against the Board, irrespective of whether such parties have noticethereof. Neither the resolution nor any trust agreement by which a pledge iscreated need be filed or recorded except in the records of the Board. The useand disposition of moneys to the credit of such sinking fund shall be subjectto the provisions of the resolution authorizing the issuance of such bonds orof the trust agreement securing the same. (1987, c. 336, s. 1; 1999‑234, s. 7; 2000‑177, s. 8.)
