COLUMBIA, S.C. (AP) - The Budget and Control Board has approved a $6 million loan to keep South Carolina State University afloat.
President Thomas Elzey called Wednesday's 3-1 vote a lifeline that will help the state's only public historically black university continue to tread water. He had requested a nearly $14 million to pay bills that began piling up in October.
The loan allows the university to pay its oldest bills while others continue to go unpaid as school officials seek money from the Legislature.
The resolution directs the university to spend up to $500,000 of the loan on financial consultants. Most of the rest will go to two companies - the school's food vendor and maintenance contractor.
Senate Finance Chairman Hugh Leatherman voted against the plan, saying it does not solve anything.Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.