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In a typical move by the Budget and Control Board (BCB) recently, the board voted 3-1-1 to bail out yet another state agency. This time, it was South Carolina State University.
The governor, after admitting that “this should be the decision of the legislature,” detailed the agreement her office drafted that would allow the BCB to loan the university $6 million to assist with its $13 million deficit. The loan is to be used specifically for debt service and payroll and has to be repaid by the end of fiscal year 2014-2015.
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