Illinois Compiled Statutes 110 ILCS 685/30-45 – Powers and duties
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The Board also shall have power and it shall be its duty:
(1) To make rules, regulations and bylaws, not inconsistent with law, for the government and management of Northern Illinois University and its branches.
(2) To employ, and, for good cause, to remove a President of Northern Illinois University, and all necessary deans, professors, associate professors, assistant professors, instructors, other educational and administrative assistants, and all other necessary employees, and to prescribe their duties and contract with them upon matters relating to tenure, salaries and retirement benefits in accordance with the State Universities Civil Service Act. Whenever the Board establishes a search committee to fill the position of President of Northern Illinois University, there shall be minority representation, including women, on that search committee. The Board shall, upon the written request of an employee of Northern Illinois University, withhold from the compensation of that employee any dues, payments or contributions payable by such employee to any labor organization as defined in the Illinois Educational Labor Relations Act. Under such arrangement, an amount shall be withheld from each regular payroll period which is equal to the pro rata share of the annual dues plus any payments or contributions, and the Board shall transmit such withholdings to the specified labor organization within 10 working days from the time of the withholding.
(3) To prescribe the courses of study to be followed, and textbooks and apparatus to be used at Northern Illinois University.
(4) To issue upon the recommendation of the faculty, diplomas to such persons as have satisfactorily completed the required studies of Northern Illinois University, and confer such professional and literary degrees as are usually conferred by other institutions of like character for similar or equivalent courses of study, or such as the Board may deem appropriate.
(5) To examine into the conditions, management, and administration of Northern Illinois University, to provide the requisite buildings, apparatus, equipment and auxiliary enterprises, and to fix and collect matriculation fees; tuition fees; fees for student activities; fees for student facilities such as student union buildings or field houses or stadia or other recreational facilities; student welfare fees; laboratory fees; and similar fees for supplies and materials. The expense of the building, improving, repairing and supplying fuel and furniture and the necessary appliances and apparatus for conducting Northern Illinois University, the reimbursed expenses of members of the Board, and the salaries or compensation of the President, assistants, agents and other employees of Northern Illinois University, shall be a charge upon the State Treasury. All other expenses shall be chargeable against students, and the Board shall regulate the charges accordingly.
(6) To succeed to and to administer all trusts, trust property, and gifts now or hereafter belonging or pertaining to Northern Illinois University.
(7) To accept endowments of professorships or departments in Northern Illinois University from any person who may proffer them and, at regular meetings, to prescribe rules and regulations in relation to endowments and declare on what general principles they may be accepted.
(8) To enter into contracts with the Federal government for providing courses of instruction and other services at Northern Illinois University for persons serving in or with the military or naval forces of the United States, and to provide such courses of instruction and other services.
(9) To contract with respect to the Cooperative Computer Center to obtain services related to electronic data processing.
(10) To provide for the receipt and expenditures of Federal funds paid to Northern Illinois University by the Federal government for instruction and other services for persons serving in or with the military or naval forces of the United States, and to provide for audits of such funds.
(11) To appoint, subject to the applicable civil service law, persons to be members of the Northern Illinois University Police Department. Members of the Police Department shall be conservators of the peace and as such have all powers possessed by policemen in cities, and sheriffs, including the power to make arrests on view or warrants of violations of State statutes, University rules and regulations and city or county ordinances, except that they may exercise such powers only within counties wherein Northern Illinois University and any of its branches or properties are located when such is required for the protection of University properties and interests, and its students and personnel, and otherwise, within such counties, when requested by appropriate State or local law enforcement officials. However, such officers shall have no power to serve and execute civil processes.
The Board must authorize to each member of the Northern Illinois University Police Department and to any other employee of Northern Illinois University exercising the powers of a peace officer a distinct badge that, on its face, (i) clearly states that the badge is authorized by Northern Illinois University and (ii) contains a unique identifying number. No other badge shall be authorized by Northern Illinois University.
(12) The Board may, directly or in cooperation with other institutions of higher education, acquire by purchase or lease or otherwise, and construct, enlarge, improve, equip, complete, operate, control and manage research and high technology parks, together with the necessary lands, buildings, facilities, equipment, and personal property therefor, to encourage and facilitate (i) the location and development of business and industry in the State of Illinois, and (ii) the increased application and development of technology, and (iii) the improvement and development of the State’s economy. The Board may lease to nonprofit corporations all or any part of the land, buildings, facilities, equipment or other property included in a research and high technology park upon such terms and conditions as the Board may deem advisable and enter into any contract or agreement with such nonprofit corporations as may be necessary or suitable for the construction, financing, operation and maintenance and management of any such park; and may lease to any person, firm, partnership or corporation, either public or private, any part or all of the land, building, facilities, equipment or other property of such park for such purposes and upon such rentals, terms and conditions as the Board may deem advisable; and may finance all or part of the cost of any such park, including the purchase, lease, construction, reconstruction, improvement, remodeling, addition to, and extension and maintenance of all or part of such high technology park, and all equipment and furnishings, by legislative appropriations, government grants, contracts, private gifts, loans, receipts from the operation of such high technology park, rentals and similar receipts; and may make its other facilities and services available to tenants or other occupants of any such park at rates which are reasonable and appropriate.
(13) To assist in the provision of buildings and facilities beneficial to, useful for, or supportive of university purposes, the Board of Trustees of Northern Illinois University may exercise the following powers with regard to the areas bounded as follows:
Parcel 1:
In Township 40 North, Range 4 East, of the Third Prime
(1) To make rules, regulations and bylaws, not inconsistent with law, for the government and management of Northern Illinois University and its branches.
Terms Used In Illinois Compiled Statutes 110 ILCS 685/30-45
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Minority leader: See Floor Leaders
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Personal property: All property that is not real property.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
- United States: may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(2) To employ, and, for good cause, to remove a President of Northern Illinois University, and all necessary deans, professors, associate professors, assistant professors, instructors, other educational and administrative assistants, and all other necessary employees, and to prescribe their duties and contract with them upon matters relating to tenure, salaries and retirement benefits in accordance with the State Universities Civil Service Act. Whenever the Board establishes a search committee to fill the position of President of Northern Illinois University, there shall be minority representation, including women, on that search committee. The Board shall, upon the written request of an employee of Northern Illinois University, withhold from the compensation of that employee any dues, payments or contributions payable by such employee to any labor organization as defined in the Illinois Educational Labor Relations Act. Under such arrangement, an amount shall be withheld from each regular payroll period which is equal to the pro rata share of the annual dues plus any payments or contributions, and the Board shall transmit such withholdings to the specified labor organization within 10 working days from the time of the withholding.
(3) To prescribe the courses of study to be followed, and textbooks and apparatus to be used at Northern Illinois University.
(4) To issue upon the recommendation of the faculty, diplomas to such persons as have satisfactorily completed the required studies of Northern Illinois University, and confer such professional and literary degrees as are usually conferred by other institutions of like character for similar or equivalent courses of study, or such as the Board may deem appropriate.
(5) To examine into the conditions, management, and administration of Northern Illinois University, to provide the requisite buildings, apparatus, equipment and auxiliary enterprises, and to fix and collect matriculation fees; tuition fees; fees for student activities; fees for student facilities such as student union buildings or field houses or stadia or other recreational facilities; student welfare fees; laboratory fees; and similar fees for supplies and materials. The expense of the building, improving, repairing and supplying fuel and furniture and the necessary appliances and apparatus for conducting Northern Illinois University, the reimbursed expenses of members of the Board, and the salaries or compensation of the President, assistants, agents and other employees of Northern Illinois University, shall be a charge upon the State Treasury. All other expenses shall be chargeable against students, and the Board shall regulate the charges accordingly.
(6) To succeed to and to administer all trusts, trust property, and gifts now or hereafter belonging or pertaining to Northern Illinois University.
(7) To accept endowments of professorships or departments in Northern Illinois University from any person who may proffer them and, at regular meetings, to prescribe rules and regulations in relation to endowments and declare on what general principles they may be accepted.
(8) To enter into contracts with the Federal government for providing courses of instruction and other services at Northern Illinois University for persons serving in or with the military or naval forces of the United States, and to provide such courses of instruction and other services.
(9) To contract with respect to the Cooperative Computer Center to obtain services related to electronic data processing.
(10) To provide for the receipt and expenditures of Federal funds paid to Northern Illinois University by the Federal government for instruction and other services for persons serving in or with the military or naval forces of the United States, and to provide for audits of such funds.
(11) To appoint, subject to the applicable civil service law, persons to be members of the Northern Illinois University Police Department. Members of the Police Department shall be conservators of the peace and as such have all powers possessed by policemen in cities, and sheriffs, including the power to make arrests on view or warrants of violations of State statutes, University rules and regulations and city or county ordinances, except that they may exercise such powers only within counties wherein Northern Illinois University and any of its branches or properties are located when such is required for the protection of University properties and interests, and its students and personnel, and otherwise, within such counties, when requested by appropriate State or local law enforcement officials. However, such officers shall have no power to serve and execute civil processes.
The Board must authorize to each member of the Northern Illinois University Police Department and to any other employee of Northern Illinois University exercising the powers of a peace officer a distinct badge that, on its face, (i) clearly states that the badge is authorized by Northern Illinois University and (ii) contains a unique identifying number. No other badge shall be authorized by Northern Illinois University.
(12) The Board may, directly or in cooperation with other institutions of higher education, acquire by purchase or lease or otherwise, and construct, enlarge, improve, equip, complete, operate, control and manage research and high technology parks, together with the necessary lands, buildings, facilities, equipment, and personal property therefor, to encourage and facilitate (i) the location and development of business and industry in the State of Illinois, and (ii) the increased application and development of technology, and (iii) the improvement and development of the State’s economy. The Board may lease to nonprofit corporations all or any part of the land, buildings, facilities, equipment or other property included in a research and high technology park upon such terms and conditions as the Board may deem advisable and enter into any contract or agreement with such nonprofit corporations as may be necessary or suitable for the construction, financing, operation and maintenance and management of any such park; and may lease to any person, firm, partnership or corporation, either public or private, any part or all of the land, building, facilities, equipment or other property of such park for such purposes and upon such rentals, terms and conditions as the Board may deem advisable; and may finance all or part of the cost of any such park, including the purchase, lease, construction, reconstruction, improvement, remodeling, addition to, and extension and maintenance of all or part of such high technology park, and all equipment and furnishings, by legislative appropriations, government grants, contracts, private gifts, loans, receipts from the operation of such high technology park, rentals and similar receipts; and may make its other facilities and services available to tenants or other occupants of any such park at rates which are reasonable and appropriate.
(13) To assist in the provision of buildings and facilities beneficial to, useful for, or supportive of university purposes, the Board of Trustees of Northern Illinois University may exercise the following powers with regard to the areas bounded as follows:
Parcel 1:
In Township 40 North, Range 4 East, of the Third Prime
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Meridian, County of DeKalb, State of Illinois: The East half of the Southeast Quarter of Section 17, the Southwest Quarter of Section 16, and the Northwest Quarter of Section 21, all in the County of DeKalb, Illinois.
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Parcel 2:
In Township 40 North, Range 4 East, of the Third Prime
In Township 40 North, Range 4 East, of the Third Prime
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Meridian, County of DeKalb, State of Illinois: On the North, by a line beginning at the Northwest corner of the Southeast Quarter of Section 15; thence East 1,903.3 feet; thence South to the North line of the Southeast Quarter of the Southeast Quarter of Section 15; thence East along said line to North First Street; on the West by Garden Road between Lucinda Avenue and the North boundary; thence on the South by Lucinda Avenue between Garden Road and the intersection of Lucinda Avenue and the South Branch of the Kishwaukee River, and by the South Branch of the Kishwaukee River between such intersection and easterly to the intersection of such river and North First Street; thence on the East by North First Street.
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Parcel 3:
That Part of Lot 4 in the Sears Business Park Subdivison,
That Part of Lot 4 in the Sears Business Park Subdivison,
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being a subdivison of part of the East 1/2 of Section 31, and that part of Section 32, and that part of the West 1/2 of Section 33, all in Township 42 North, Range 9, East of the Third Principal Meridian and also that part of fractional section 3, and fractional section 4, both in Township 41 North, Range 9, East of the Third Principal Meridian according to the plat thereof recorded March 7, 1991 as Document no. 91103116, in Cook County, Illinois, More particularly described as follows: Commencing at the Northwest corner of the northwest 1/4 of the southwest 1/4 of said section 32; thence south 89 ? 40′ 15″ East along the North line of the Northwest 1/4 of the Southwest 1/4 of said section 32, a distance of 164.57 feet to a point thence South 0? 19′ 45″ West, a distance of 326.21 feet to the Southerly right-of-way line boulevard “A” being also point of beginning : Thence South 76?44’08” East, a distance of 84.61 feet to a point of curvature: thence southeasterly 267.01 feet along the arc of a circle, convex to the southeast, having a radius of 3,550.00 feet and whose chord of 266.95 feet bears South 78? 53’07” East to a point; thence South 32?22’21” East, a distance of 374.66 feet to a point; thence South 73?35’18” west, a distance of 89.48 feet to a point; thence North 74?09’49” west, a distance of 97.37 feet to a point; thence South 74?56’20” West, a distance of 103.60 feet to a point; thence South 57?44’26” West, a distance of 150.18 feet to a point; thence North 32?22’20” West, a distance of 346.61 feet; thence North 13?15’53” East, a distance of 205.84 feet to the point of beginning; Containing 169,817.1 sq. ft. or 3.8985 acres, more or less, all in Cook County, Illinois.
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Parcel 4:
Part of Section Twenty-four (24), Township Forty-four
Part of Section Twenty-four (24), Township Forty-four
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(44) North, Range Two (2) East of the Third (3rd) Principal Meridian, bounded and described as follows, to-wit: Commencing at the Northwest corner of the East Half of the Northwest Quarter of said Section; thence South 00?-34′-13″ West, along the West line of the East Half of the Northwest Quarter of said Section, 2,646.48 feet to its intersection with the Southwest corner of the East Half of the Northwest Quarter of said Section; thence South 00?-32′-41″ West, along the West line of the East Half of the Southwest Quarter of said Section, 1,141.57 feet to its intersection with the North Right-of-Way line for U.S. Route 20 as now laid out and used; thence North 80?-25′-35″ East, along said North Right-of-Way line, 1,303.19 feet; thence North 74?-42′-57″ East, along said North Right-of-Way line, (100.50 feet; thence North 80?-25′-35″ East, along said North Right-of-Way line.) 116.08 feet to the point of beginning for the following described parcel; thence North 09?-34′- 25″ West, 533.87 feet; thence Northeasterly, along a circular curve to the left having a radius of 1,530.00 feet and whose center lies to the North, an arc distance of 372.12 feet(the chord across the last described circular curve course bears North 76?-09′-26″ East, 371.21 feet); thence Northeasterly, along a circular curve to the right having a radius of 1,470.00 feet and whose center lies to the South, an arc distance of 227.59 feet (the chord across the last described circular curve course bears North 73?-37′-29″ East, 227.36 feet); thence Northeasterly, along a circular curve to the left having a radius of 530.00 feet and whose center lies to the North, an arc distance of 156.42 feet (the chord across the last described circular curve course bears North 69?-36′-19″ East, 155.85 feet); thence South 11?-49′-08″ East, 643.18 feet to its intersection with said North Right-of-Way line for U.S. Route 20; thence South 80?-25′-35″ West, along said North Right-of-Way line, 190.29 feet; thence North 85?-32′-15″ West, along said North Right-of-Way line, 103.08 feet; thence South 80?-25′-35″ West, along said North Right-of-Way line, 483.92 feet to the point of beginning. Subject to the rights of the public and the State of Illinois in and to those portions thereof taken, used or dedicated for public road purposes. Situated in the City of Rockford, the County of Winnebago and the State of Illinois.
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Parcel 5:
Lot 1 in Washington Commons Assessment Plat of Part of
Lot 1 in Washington Commons Assessment Plat of Part of
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the South 1/2 of Section 6, Township 38 North, Range 10, East of the Third Principal, Meridian, according to the plat thereof recorded October 21, 1996 as Document R96-172065, in DuPage County, Illinois.
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Parcel 6:
That part of Lots A and B of the C. M. Cheatham
That part of Lots A and B of the C. M. Cheatham
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subdivision, a Resubdivision of part of assessor’s Lot 58 in Section 12, Township 40 North, Range 4, East of the Third Principal Meridian, DeKalb County, Illinois, described as follows: Commencing at the Southeast corner of said Lot “A” (said corner being a point on the Southeasterly line of said subdivision, said line being labeled on the plat of said subdivision, the centerline of Sycamore Road before relocation); Thence Northwesterly along the South line of said Lot “A” 293.0 feet for a point of beginning; thence Northwesterly along said south line, 253.54 feet to a point 60.36 feet Southeasterly of, as measured along said South line, the most northerly corner of said Lot “B”; thence westerly 53.38 feet to a point on the west line of said Lot “B” that is 17.71 feet Southerly of, as measured along said west line, the most Northerly corner of said Lot B; thence Northeasterly along said west line, 17.71 feet to the Southwest corner of said Lot “A”; thence Northeasterly along the west line of said Lot “A”, 151.2 feet to the Northwest corner of said Lot “A”; thence Southeasterly along the north line of said Lot “A”, 414.9 feet to an angle point in said North line; thence Southeasterly along said North line, 299.3 feet to said Southeasterly line of said subdivision; thence Southwesterly along said Southeasterly line, 15.4 feet; thence Northwesterly parallel with said North line, 290.0 feet; thence Southwesterly, 252.85 feet to the point of beginning.
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Parcel 7:
Lot 10 and the East Half of Lot 9 in Woodlawn Acres, a
Lot 10 and the East Half of Lot 9 in Woodlawn Acres, a
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subdivision of a part of the Southeast Quarter of Section 14,Township 40 North, Range 4 East of the Third Principal Meridian, according to the plat thereof recorded June 28th, 1948, as Document No. 213915, in Plat Book “G”, Page 140, in DeKalb County, Illinois.
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Parcel 8:
That part of the vacated public alley which lies
That part of the vacated public alley which lies
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Northeasterly of the Southwesterly line of Lot 11 of said Woodlawn Acres extended Northwesterly to the Southeasterly line of Lot 9.
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Parcel 9:
Lot 11 in Woodlawn Acres, a subdivision of a part of the
Lot 11 in Woodlawn Acres, a subdivision of a part of the
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Southeast Quarter of Section 14, Township 40 North, Range 4 East of the Third Principal Meridian, according to the plat thereof recorded June 28th, 1948, as Document No. 213915, in Plat Book “G”, Page 140, in DeKalb County, Illinois.
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Parcel 10:
That Part Of Lot 1002 Of The Anaconda Wire And Cable
That Part Of Lot 1002 Of The Anaconda Wire And Cable
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Company Resubdivision Of part of Sections 29 And 32, Township 41 North, Range 5, East of the Third Principal Meridian, DeKalb County, Illinois, Described as follows: Commencing at the Southeast Corner of said Lot 1002; Thence Northerly along the Easterly Line of said Lot, 728.49 Feet for a point of beginning; Thence continuing Northerly along said Easterly Line, 180.00 Feet; Thence Westerly at an angle of 93 Degrees 24 Minutes 33 Seconds measured clockwise from said West line, 1,596.83 Feet to a point on the West line of said Section 29 that is 863.41 Feet Northerly of, as measured along said West Line, the Southwest Corner of said Section 29; Thence Southerly at an angle Of 79 Degrees 54 Minutes 40 Seconds measured clockwise from the last described course along said West line, 365.65 Feet; Thence Southeasterly at an angle of 100 Degrees 05 Minutes 20 Seconds measured clockwise from said West line, 1,080.00 Feet; Thence Northeasterly at Right Angles to the last described course, 150.00 Feet; Thence Southeasterly at an angle of 93 Degrees 44 Minutes 48 Seconds measured counterclockwise from the last described course, 463.97 Feet to the point of beginning, all in Sycamore Township, DeKalb County, Illinois.
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(a) Acquire any interests in land, buildings, or
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facilities by purchase, including installments payable over a period allowed by law, by lease over a term of such duration as the Board of Trustees shall determine, or by exercise of the power of eminent domain;
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(b) Sublease or contract to purchase through
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installments all or any portion of buildings or facilities for such duration and on such terms as the Board of Trustees shall determine, including a term that exceeds 5 years, provided that each such lease or purchase contract shall be and shall recite that it is subject to termination and cancellation in any year for which the General Assembly fails to make an appropriation to pay the rent or purchase installments payable under the terms of such lease or purchase contracts; and
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(c) Sell property without compliance with the State
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Property Control Act and retain proceeds in the University treasury in a special, separate development fund account which the Auditor General shall examine to assure compliance with this Act.
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Any buildings or facilities to be developed on the land shall be buildings or facilities that, in the determination of the Board of Trustees, in whole or in part: (i) are for use by the University; or (ii) otherwise advance the interests of the University, including, by way of example, residential, recreational, educational, and athletic facilities for University staff and students and commercial facilities which provide services needed by the University community. Revenues from the development fund account may be withdrawn by the University for the purpose of demolition and the processes associated with demolition; repairs to existing campus facilities and infrastructure, and professional services associated with planning and design. Moneys from the development fund account used for any other purpose must be deposited into and appropriated from the General Revenue Fund. Buildings or facilities leased to an entity or person other than the University shall not be subject to any limitations applicable to a State-supported college or university under any law. All development on the land and all the use of any buildings or facilities shall be subject to the control and approval of the Board of Trustees of Northern Illinois University.
(14) To borrow money, as necessary, from time to time in anticipation of receiving tuition, payments from the State of Illinois, or other revenues or receipts of the University, also known as anticipated moneys. The borrowing limit shall be capped at 100% of the total amount of payroll and other expense vouchers submitted and payable to the University for fiscal year 2010 expenses, but unpaid by the State Comptroller’s office. Prior to borrowing any funds, the University shall request from the Comptroller’s office a verification of the borrowing limit and shall include the estimated date on which such borrowing shall occur. The borrowing limit cap shall be verified by the State Comptroller’s office not prior to 45 days before any estimated date for executing any promissory note or line of credit established under this item (14). The principal amount borrowed under a promissory note or line of credit shall not exceed 75% of the borrowing limit. Within 15 days after borrowing funds under any promissory note or line of credit established under this item (14), the University shall submit to the Governor’s Office of Management and Budget, the Speaker of the House of Representatives, the Minority Leader of the House of Representatives, the President of the Senate, and the Minority Leader of the Senate an Emergency Short Term Cash Management Plan. The Emergency Short Term Cash Management Plan shall outline the amount borrowed, the terms for repayment, the amount of outstanding State vouchers as verified by the State Comptroller’s office, and the University’s plan for expenditure of any borrowed funds, including, but not limited to, a detailed plan to meet payroll obligations for all collective bargaining employees, civil service employees, and academic, research, and health care personnel. The establishment of any promissory note or line of credit established under this item (14) must be finalized within 90 days after the effective date of this amendatory Act of the 96th General Assembly. The borrowed moneys shall be applied to the purposes of paying salaries and other expenses lawfully authorized in the University’s State appropriation and unpaid by the State Comptroller. Any line of credit established under this item (14) shall be paid in full one year after creation or within 10 days after the date the University receives reimbursement from the State for all submitted fiscal year 2010 vouchers, whichever is earlier. Any promissory note established under this item (14) shall be repaid within one year after issuance of the note. The Chairman, Comptroller, or Treasurer of the Board shall execute a promissory note or similar debt instrument to evidence the indebtedness incurred by the borrowing. In connection with a borrowing, the Board may establish a line of credit with a financial institution, investment bank, or broker/dealer. The obligation to make the payments due under any promissory note or line of credit established under this item (14) shall be a lawful obligation of the University payable from the anticipated moneys. Any borrowing under this item (14) shall not constitute a debt, legal or moral, of the State and shall not be enforceable against the State. The promissory note or line of credit shall be authorized by a resolution passed by the Board and shall be valid whether or not a budgeted item with respect to that resolution is included in any annual or supplemental budget adopted by the Board. The resolution shall set forth facts demonstrating the need for the borrowing, state an amount that the amount to be borrowed will not exceed, and establish a maximum interest rate limit not to exceed the maximum rate authorized by the Bond Authorization Act or 9%, whichever is less. The resolution may direct the Comptroller or Treasurer of the Board to make arrangements to set apart and hold the portion of the anticipated moneys, as received, that shall be used to repay the borrowing, subject to any prior pledges or restrictions with respect to the anticipated moneys. The resolution may also authorize the Treasurer of the Board to make partial repayments of the borrowing as the anticipated moneys become available and may contain any other terms, restrictions, or limitations not inconsistent with the powers of the Board.
For the purposes of this item (14), “financial institution” means any bank subject to the Illinois Banking Act, any savings and loan association subject to the Illinois Savings and Loan Act of 1985, and any federally chartered commercial bank or savings and loan association or government-sponsored enterprise organized and operated in this State pursuant to the laws of the United States.
(14) To borrow money, as necessary, from time to time in anticipation of receiving tuition, payments from the State of Illinois, or other revenues or receipts of the University, also known as anticipated moneys. The borrowing limit shall be capped at 100% of the total amount of payroll and other expense vouchers submitted and payable to the University for fiscal year 2010 expenses, but unpaid by the State Comptroller’s office. Prior to borrowing any funds, the University shall request from the Comptroller’s office a verification of the borrowing limit and shall include the estimated date on which such borrowing shall occur. The borrowing limit cap shall be verified by the State Comptroller’s office not prior to 45 days before any estimated date for executing any promissory note or line of credit established under this item (14). The principal amount borrowed under a promissory note or line of credit shall not exceed 75% of the borrowing limit. Within 15 days after borrowing funds under any promissory note or line of credit established under this item (14), the University shall submit to the Governor’s Office of Management and Budget, the Speaker of the House of Representatives, the Minority Leader of the House of Representatives, the President of the Senate, and the Minority Leader of the Senate an Emergency Short Term Cash Management Plan. The Emergency Short Term Cash Management Plan shall outline the amount borrowed, the terms for repayment, the amount of outstanding State vouchers as verified by the State Comptroller’s office, and the University’s plan for expenditure of any borrowed funds, including, but not limited to, a detailed plan to meet payroll obligations for all collective bargaining employees, civil service employees, and academic, research, and health care personnel. The establishment of any promissory note or line of credit established under this item (14) must be finalized within 90 days after the effective date of this amendatory Act of the 96th General Assembly. The borrowed moneys shall be applied to the purposes of paying salaries and other expenses lawfully authorized in the University’s State appropriation and unpaid by the State Comptroller. Any line of credit established under this item (14) shall be paid in full one year after creation or within 10 days after the date the University receives reimbursement from the State for all submitted fiscal year 2010 vouchers, whichever is earlier. Any promissory note established under this item (14) shall be repaid within one year after issuance of the note. The Chairman, Comptroller, or Treasurer of the Board shall execute a promissory note or similar debt instrument to evidence the indebtedness incurred by the borrowing. In connection with a borrowing, the Board may establish a line of credit with a financial institution, investment bank, or broker/dealer. The obligation to make the payments due under any promissory note or line of credit established under this item (14) shall be a lawful obligation of the University payable from the anticipated moneys. Any borrowing under this item (14) shall not constitute a debt, legal or moral, of the State and shall not be enforceable against the State. The promissory note or line of credit shall be authorized by a resolution passed by the Board and shall be valid whether or not a budgeted item with respect to that resolution is included in any annual or supplemental budget adopted by the Board. The resolution shall set forth facts demonstrating the need for the borrowing, state an amount that the amount to be borrowed will not exceed, and establish a maximum interest rate limit not to exceed the maximum rate authorized by the Bond Authorization Act or 9%, whichever is less. The resolution may direct the Comptroller or Treasurer of the Board to make arrangements to set apart and hold the portion of the anticipated moneys, as received, that shall be used to repay the borrowing, subject to any prior pledges or restrictions with respect to the anticipated moneys. The resolution may also authorize the Treasurer of the Board to make partial repayments of the borrowing as the anticipated moneys become available and may contain any other terms, restrictions, or limitations not inconsistent with the powers of the Board.
For the purposes of this item (14), “financial institution” means any bank subject to the Illinois Banking Act, any savings and loan association subject to the Illinois Savings and Loan Act of 1985, and any federally chartered commercial bank or savings and loan association or government-sponsored enterprise organized and operated in this State pursuant to the laws of the United States.