South Carolina State to receive $12M from reserves

COLUMBIA, S.C. (AP) — The state’s financial oversight board has approved dipping into reserves to give South Carolina State University $12 million over three years.

The Budget and Control Board voted 3-1 Monday to take the money from tax collections coming in above expectations. Gov. Nikki Haley refused to vote, calling the decision irresponsible.

Haley says it gives the school $12 million with no accountability attached.

Legislators will ultimately determine whether South Carolina State will have to repay any of the money.

Last week, a legislative panel approved a plan that provides the school $6 million this fiscal year, then $4 million in 2015-16 and $2 million in 2016-17.

Normally, the budget board must approve loans and their conditions. But a clause in the 2014-15 budget removed that final step in this case.