SC State runs out of cash, wants to tap loan
ORANGEBURG, S.C. (AP) - South Carolina State University wants to draw more than $1 million dollars from an emergency loan to pay employees and cover debt payments.
President Thomas Elzey told The State newspaper (http://bit.ly/1m8XRge ) on Tuesday that the school needs at least $1.2 million to make payroll and debt payments for June.
Last month, the Budget and Control Board approved a $6 million loan to pay the school's oldest unpaid bills. How the school will pay it back is unknown.
Elzey had asked for nearly $14 million to pay bills that began piling up last fall at the state's only public historically black university. Friday marks the first meeting of a panel including some S.C. State trustees, current and former university presidents to discuss ways to help the school recover financially.
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