(Columbia-AP) March 4, 2004 -- Legislators have worked out a final compromise on a bill that will allow the state to borrow up to $500 million for college research and economic development projects. 

The deal still has to get over one more hurdle in the Senate, where lawmakers questioned plans to spend $7 million on an international tourism conference center in Myrtle Beach.

The bill calls for the state to borrow up to $250 million. Clemson, the University of South Carolina and the Medical University of South Carolina will get $220 million for research projects aimed at creating jobs. The state's other 30 colleges and technical schools would get $30 million for buildings and repairs.

The bill also allows for companies looking to locate in South Carolina to borrow up to $250 million from the state for land, site preparation and worker training. The company would have to invest at least $100 million and create at least 200 jobs.

Posted 8:44pm by BrettWitt