COLUMBIA, SC (WIS) - Haley's proposal, which passed on a 3 to 1 vote, gives the university a $6 million loan ahead of a requested bailout by the legislature. According to Haley, the University's unpaid bills can't wait for debate and a vote will keep the school afloat until a permanent solution is achievable.
Haley says the school also has to adopt an anti-nepotism policy and disclose three years worth of financial statements to the state.
The accepted proposal will allow interest rates to be set by state Treasurer Curtis Loftis and must be paid back by the end of the 2014-2015 fiscal year.
Sen. Hugh Leatherman (R-Florence) was the lone no vote against the plan. He believes the plan is just a bandaid.
University President Thomas Elzey and the Board of Trustees had asked the legislature for an almost $14 million bailout to help ease the financial stress the school has been under for years.