State panel to consider $12M loan for SCSU - T&D

The state’s Joint Bond Review Committee will consider whether South Carolina State University should receive a $12 million loan. The committee will review the budgetary plan recommended by the Blue Ribbon Advisory Committee set up by lawmakers to help guide the university out of its financial crisis. The advisory committee recommended the state loan the university $12 million over a three-year period. The institution would get its first year’s payment of $6 million in quarterly payments of $1.5 million with the requirement that it maintain a balanced budget. The first quarter transfer is contingent on S.C. State trustees adopting a balanced budget and the remaining quarterly transfers are contingent upon the university not being in a deficit. http://thetandd.com/news/state-panel-to-consider-m-loan-for-scsu/article_4d9e9acc-7aa1-11e4-8401-c7f1009ca026.html