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1 | AN ACT concerning education.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Northern Illinois University Law is amended | ||||||||||||||||||||||||
5 | by changing Section 30-45 as follows:
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6 | (110 ILCS 685/30-45)
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7 | Sec. 30-45. Powers and duties. The Board also shall have | ||||||||||||||||||||||||
8 | power and
it shall be its duty:
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9 | (1) To make rules, regulations and bylaws, not inconsistent
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10 | with
law, for the government and management of Northern | ||||||||||||||||||||||||
11 | Illinois University
and its branches.
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12 | (2) To employ, and, for good cause, to remove a President | ||||||||||||||||||||||||
13 | of Northern
Illinois University, and all necessary deans, | ||||||||||||||||||||||||
14 | professors, associate
professors, assistant professors, | ||||||||||||||||||||||||
15 | instructors, other educational and
administrative assistants, | ||||||||||||||||||||||||
16 | and all other necessary employees, and to prescribe
their | ||||||||||||||||||||||||
17 | duties and contract with them upon matters relating to
tenure, | ||||||||||||||||||||||||
18 | salaries
and retirement benefits in accordance with
the State | ||||||||||||||||||||||||
19 | Universities Civil Service Act. Whenever the Board establishes | ||||||||||||||||||||||||
20 | a
search committee to fill the position of President of | ||||||||||||||||||||||||
21 | Northern Illinois
University, there shall be minority | ||||||||||||||||||||||||
22 | representation, including women, on that
search committee. The | ||||||||||||||||||||||||
23 | Board shall, upon the written request
of an employee of |
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1 | Northern Illinois University, withhold from the compensation
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2 | of that employee any dues, payments or contributions payable by | ||||||
3 | such employee
to any labor organization as defined in the | ||||||
4 | Illinois Educational Labor
Relations
Act. Under such | ||||||
5 | arrangement, an amount shall be withheld from each regular
| ||||||
6 | payroll period which is equal to the pro rata share of the | ||||||
7 | annual dues plus
any payments or contributions, and the Board | ||||||
8 | shall transmit such withholdings
to the specified labor | ||||||
9 | organization within 10 working days from the time
of the | ||||||
10 | withholding.
| ||||||
11 | (3) To prescribe the courses of study to be followed, and | ||||||
12 | textbooks
and apparatus to be used at Northern Illinois | ||||||
13 | University.
| ||||||
14 | (4) To issue upon the recommendation of the faculty, | ||||||
15 | diplomas to such
persons as have satisfactorily completed the | ||||||
16 | required studies of
Northern Illinois University, and confer | ||||||
17 | such professional and literary
degrees as are usually conferred | ||||||
18 | by other institutions of like character
for similar or | ||||||
19 | equivalent courses of study, or such as the Board may
deem | ||||||
20 | appropriate.
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21 | (5) To examine into the conditions, management, and | ||||||
22 | administration of
Northern Illinois University, to provide the | ||||||
23 | requisite buildings,
apparatus, equipment and auxiliary | ||||||
24 | enterprises, and to fix and collect
matriculation fees; tuition | ||||||
25 | fees; fees for student activities; fees for
student facilities | ||||||
26 | such as student union buildings or field houses or
stadia or |
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1 | other recreational facilities; student welfare fees;
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2 | laboratory fees; and similar fees for supplies and materials.
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3 | The expense of the building, improving, repairing and supplying | ||||||
4 | fuel and
furniture and the necessary appliances and apparatus | ||||||
5 | for conducting Northern
Illinois University, the reimbursed | ||||||
6 | expenses of members of the Board, and the
salaries or | ||||||
7 | compensation of the President, assistants, agents and other
| ||||||
8 | employees of Northern Illinois University, shall be a charge | ||||||
9 | upon the State
Treasury. All
other expenses shall be chargeable | ||||||
10 | against students, and the Board shall
regulate the charges | ||||||
11 | accordingly.
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12 | (6) To succeed to and to administer all trusts, trust | ||||||
13 | property, and
gifts now or hereafter belonging or pertaining to | ||||||
14 | Northern Illinois
University.
| ||||||
15 | (7) To accept endowments of professorships or departments | ||||||
16 | in Northern
Illinois University from any person who may proffer | ||||||
17 | them and, at regular
meetings, to prescribe rules and | ||||||
18 | regulations in relation to endowments
and declare on what | ||||||
19 | general principles they may be accepted.
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20 | (8) To enter into contracts with the Federal government for | ||||||
21 | providing
courses of instruction and other services at Northern | ||||||
22 | Illinois
University for persons serving in or with the military | ||||||
23 | or naval forces
of the United States, and to provide such | ||||||
24 | courses of instruction and
other services.
| ||||||
25 | (9) To contract with respect to the Cooperative Computer | ||||||
26 | Center to obtain
services related to electronic data |
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1 | processing.
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2 | (10) To provide for the receipt and expenditures of Federal | ||||||
3 | funds
paid to Northern Illinois University by the Federal | ||||||
4 | government for
instruction and other services for persons | ||||||
5 | serving in or with the
military or naval forces of the United | ||||||
6 | States, and to provide for audits
of such funds.
| ||||||
7 | (11) To appoint, subject to the applicable civil service | ||||||
8 | law, persons
to be members of the Northern Illinois University | ||||||
9 | Police Department.
Members of the Police Department shall be | ||||||
10 | conservators of the peace and
as such have all powers possessed | ||||||
11 | by policemen in cities, and sheriffs,
including the power to | ||||||
12 | make arrests on view or warrants of violations of
State | ||||||
13 | statutes, University rules and regulations and city or county
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14 | ordinances, except that they may exercise such powers only | ||||||
15 | within
counties wherein Northern Illinois University and any of | ||||||
16 | its branches or
properties
are located when such is required | ||||||
17 | for the protection of University
properties and interests, and | ||||||
18 | its students and personnel, and otherwise,
within such | ||||||
19 | counties, when requested by appropriate State
or local law | ||||||
20 | enforcement officials. However, such officers shall have no
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21 | power to serve and execute civil processes.
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22 | The Board must authorize to each member of the Northern | ||||||
23 | Illinois University
Police
Department
and to any other employee | ||||||
24 | of Northern Illinois University exercising the powers
of a | ||||||
25 | peace officer
a distinct badge
that, on its face, (i) clearly | ||||||
26 | states that the badge is authorized by Northern
Illinois
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1 | University and
(ii) contains a unique identifying number.
No | ||||||
2 | other badge shall be authorized by
Northern Illinois | ||||||
3 | University.
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4 | (12) The Board may, directly or in cooperation with other | ||||||
5 | institutions
of higher education, acquire by purchase or lease | ||||||
6 | or otherwise, and construct,
enlarge, improve, equip, | ||||||
7 | complete, operate, control and manage research
and high | ||||||
8 | technology parks, together with the necessary lands, | ||||||
9 | buildings,
facilities, equipment, and personal property | ||||||
10 | therefor,
to encourage and facilitate (i) the location and | ||||||
11 | development of business
and industry in the State of Illinois, | ||||||
12 | and (ii) the increased application
and development of | ||||||
13 | technology, and (iii) the improvement and development of
the | ||||||
14 | State's economy. The Board may lease to nonprofit corporations
| ||||||
15 | all or any part
of the land, buildings, facilities, equipment | ||||||
16 | or other property included
in a research and high technology | ||||||
17 | park upon such terms and conditions
as the Board may deem | ||||||
18 | advisable and enter into any contract or
agreement with such | ||||||
19 | nonprofit corporations as may be necessary or suitable
for the | ||||||
20 | construction, financing, operation and maintenance and | ||||||
21 | management
of any such park; and may lease to any person, firm, | ||||||
22 | partnership or
corporation,
either public or private, any part | ||||||
23 | or all of the land, building, facilities,
equipment or other | ||||||
24 | property of such park for such purposes and upon such
rentals, | ||||||
25 | terms and conditions as the Board may deem advisable; and
may | ||||||
26 | finance all or part of the cost of any such park, including the |
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1 | purchase,
lease, construction, reconstruction, improvement, | ||||||
2 | remodeling, addition to,
and extension and maintenance of all | ||||||
3 | or part of such high technology park,
and all equipment and | ||||||
4 | furnishings, by legislative appropriations, government
grants, | ||||||
5 | contracts, private gifts, loans, receipts from the operation of
| ||||||
6 | such high technology park, rentals and similar receipts; and | ||||||
7 | may make its
other facilities and services available to tenants | ||||||
8 | or other occupants of
any such park at rates which are | ||||||
9 | reasonable and appropriate.
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10 | (13) To assist in the provision of buildings and facilities | ||||||
11 | beneficial
to,
useful for, or supportive of university | ||||||
12 | purposes, the Board of Trustees of
Northern Illinois University | ||||||
13 | may exercise the following powers with regard to
the areas area | ||||||
14 | located on or adjacent to the Northern Illinois University | ||||||
15 | DeKalb
campus and bounded as follows:
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16 | Parcel 1:
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17 | In Township 40 North, Range 4 East, of the Third Prime | ||||||
18 | Meridian, County of
DeKalb, State of Illinois: The East | ||||||
19 | half of the Southeast Quarter of Section
17, the Southwest | ||||||
20 | Quarter of Section 16, and the Northwest Quarter of Section
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21 | 21, all in the County of DeKalb, Illinois.
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22 | Parcel 2:
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23 | In Township 40 North, Range 4 East, of the Third Prime | ||||||
24 | Meridian, County of
DeKalb, State of Illinois: On the | ||||||
25 | North, by a line beginning at the Northwest
corner of the | ||||||
26 | Southeast Quarter of Section 15; thence East 1,903.3 feet; |
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1 | thence
South to the North line of the Southeast Quarter of | ||||||
2 | the Southeast Quarter of
Section 15; thence East along said | ||||||
3 | line to North First Street; on the West by
Garden Road | ||||||
4 | between Lucinda Avenue and the North boundary; thence on | ||||||
5 | the South
by Lucinda Avenue between Garden Road and the | ||||||
6 | intersection of Lucinda Avenue
and the South Branch of the | ||||||
7 | Kishwaukee River, and by the South Branch of the
Kishwaukee | ||||||
8 | River between such intersection and easterly to the | ||||||
9 | intersection of
such river and North First Street; thence | ||||||
10 | on the East by North First Street.
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11 | Parcel 3: | ||||||
12 | That Part of Lot 4 in the Sears Business Park Subdivison, | ||||||
13 | being a subdivison of part of the East 1/2 of Section 31, | ||||||
14 | and that part of Section 32, and that part of the West 1/2 | ||||||
15 | of Section 33, all in Township 42 North, Range 9, East of | ||||||
16 | the Third Principal Meridian and also that part of | ||||||
17 | fractional section 3, and fractional section 4, both in | ||||||
18 | Township 41 North, Range 9, East of the Third Principal | ||||||
19 | Meridian according to the plat thereof recorded March 7, | ||||||
20 | 1991 as Document no. 91103116, in Cook County, Illinois, | ||||||
21 | More particularly described as follows: Commencing at the | ||||||
22 | Northwest corner of the northwest 1/4 of the southwest 1/4 | ||||||
23 | of said section 32; thence south 89 ° 40' 15" East along | ||||||
24 | the North line of the Northwest 1/4 of the Southwest 1/4 of | ||||||
25 | said section 32, a distance of 164.57 feet to a point | ||||||
26 | thence South 0° 19' 45" West, a distance of 326.21 feet to |
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1 | the Southerly right-of-way line boulevard "A" being also | ||||||
2 | point of beginning : Thence South 76°44'08" East, a | ||||||
3 | distance of 84.61 feet to a point of curvature: thence | ||||||
4 | southeasterly 267.01 feet along the arc of a circle, convex | ||||||
5 | to the southeast, having a radius of 3,550.00 feet and | ||||||
6 | whose chord of 266.95 feet bears South 78° 53'07" East to a | ||||||
7 | point; thence South 32°22'21" East, a distance of 374.66 | ||||||
8 | feet to a point; thence South 73°35'18" west, a distance of | ||||||
9 | 89.48 feet to a point; thence North 74°09'49" west, a | ||||||
10 | distance of 97.37 feet to a point; thence South 74°56'20" | ||||||
11 | West, a dis¬tance of 103.60 feet to a point; thence South | ||||||
12 | 57°44'26" West, a distance of 150.18 feet to a point; | ||||||
13 | thence North 32°22'20" West, a distance of 346.61 feet; | ||||||
14 | thence North 13°15'53" East, a distance of 205.84 feet to | ||||||
15 | the point of beginning; Containing 169,817.1 sq. ft. or | ||||||
16 | 3.8985 acres, more or less, all in Cook County, Illinois. | ||||||
17 | Parcel 4: | ||||||
18 | Part of Section Twenty-four (24), Township Forty-four (44) | ||||||
19 | North, Range Two (2) East of the Third (3rd) Principal | ||||||
20 | Meridian, bounded and described as follows, to-wit: | ||||||
21 | Commencing at the Northwest corner of the East Half of the | ||||||
22 | Northwest Quarter of said Section; thence South | ||||||
23 | 00°-34'-13" West, along the West line of the East Half of | ||||||
24 | the Northwest Quarter of said Section, 2,646.48 feet to its | ||||||
25 | intersection with the Southwest corner of the East Half of | ||||||
26 | the Northwest Quarter of said Section; thence South |
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1 | 00°-32'-41" West, along the West line of the East Half of | ||||||
2 | the Southwest Quarter of said Section, 1,141.57 feet to its | ||||||
3 | intersection with the North Right-of-Way line for U.S. | ||||||
4 | Route 20 as now laid out and used; thence North 80°-25'-35" | ||||||
5 | East, along said North Right-of-Way line, 1,303.19 feet; | ||||||
6 | thence North 74°-42'-57" East, along said North | ||||||
7 | Right-of-Way line, (100.50 feet; thence North 80°-25'-35" | ||||||
8 | East, along said North Right-of-Way line.) 116.08 feet to | ||||||
9 | the point of beginning for the following described parcel; | ||||||
10 | thence North 09°-34'- 25" West, 533.87 feet; thence | ||||||
11 | Northeasterly, along a circular curve to the left having a | ||||||
12 | radius of 1,530.00 feet and whose center lies to the North, | ||||||
13 | an arc distance of 372.12 feet(the chord across the last | ||||||
14 | described circular curve course bears North 76°-09'-26" | ||||||
15 | East, 371.21 feet); thence Northeasterly, along a circular | ||||||
16 | curve to the right having a radius of 1,470.00 feet and | ||||||
17 | whose center lies to the South, an arc distance of 227.59 | ||||||
18 | feet (the chord across the last described circular curve | ||||||
19 | course bears North 73°-37'-29" East, 227.36 feet); thence | ||||||
20 | Northeasterly, along a circular curve to the left having a | ||||||
21 | radius of 530.00 feet and whose center lies to the North, | ||||||
22 | an arc distance of 156.42 feet (the chord across the last | ||||||
23 | described circular curve course bears North 69°-36'-19" | ||||||
24 | East, 155.85 feet); thence South 11°-49'-08" East, 643.18 | ||||||
25 | feet to its intersection with said North Right-of-Way line | ||||||
26 | for U.S. Route 20; thence South 80°-25'-35" West, along |
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1 | said North Right-of-Way line, 190.29 feet; thence North | ||||||
2 | 85°-32'-15" West, along said North Right-of-Way line, | ||||||
3 | 103.08 feet; thence South 80°-25'-35" West, along said | ||||||
4 | North Right-of-Way line, 483.92 feet to the point of | ||||||
5 | beginning.
Subject to the rights of the public and the | ||||||
6 | State of Illinois in and to those portions thereof taken, | ||||||
7 | used or dedicated for public road purposes. Situated in the | ||||||
8 | City of Rockford, the County of Winnebago and the State of | ||||||
9 | Illinois. | ||||||
10 | Parcel 5: | ||||||
11 | Lot 1 in Washington Commons Assessment Plat of Part of the | ||||||
12 | South 1/2 of Section 6, Township 38 North, Range 10, East | ||||||
13 | of the Third Principal, Meridian, according to the plat | ||||||
14 | thereof recorded October 21, 1996 as Document R96-172065, | ||||||
15 | in DuPage County, Illinois. | ||||||
16 | Parcel 6: | ||||||
17 | That part of Lots A and B of the C. M. Cheatham | ||||||
18 | subdivision, a Resubdivision of part of assessor's Lot 58 | ||||||
19 | in Section 12, Township 40 North, Range 4, East of the | ||||||
20 | Third Principal Meridian, DeKalb County, Illinois, | ||||||
21 | described as follows: Commencing at the Southeast corner of | ||||||
22 | said Lot "A" (said corner being a point on the | ||||||
23 | Southeasterly line of said subdivision, said line being | ||||||
24 | labeled on the plat of said subdivision, the centerline of | ||||||
25 | Sycamore Road before relocation); Thence Northwesterly | ||||||
26 | along the South line of said Lot "A" 293.0 feet for a point |
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1 | of beginning; thence Northwesterly along said south line, | ||||||
2 | 253.54 feet to a point 60.36 feet Southeasterly of, as | ||||||
3 | measured along said South line, the most northerly corner | ||||||
4 | of said Lot "B"; thence westerly 53.38 feet to a point on | ||||||
5 | the west line of said Lot "B" that is 17.71 feet Southerly | ||||||
6 | of, as measured along said west line, the most Northerly | ||||||
7 | corner of said Lot B; thence Northeasterly along said west | ||||||
8 | line, 17.71 feet to the Southwest corner of said Lot "A"; | ||||||
9 | thence Northeasterly along the west line of said Lot "A", | ||||||
10 | 151.2 feet to the Northwest corner of said Lot "A"; thence | ||||||
11 | Southeasterly along the north line of said Lot "A", 414.9 | ||||||
12 | feet to an angle point in said North line; thence | ||||||
13 | Southeasterly along said North line, 299.3 feet to said | ||||||
14 | Southeasterly line of said subdivision; thence | ||||||
15 | Southwesterly along said Southeasterly line, 15.4 feet; | ||||||
16 | thence Northwesterly parallel with said North line, 290.0 | ||||||
17 | feet; thence Southwesterly, 252.85 feet to the point of | ||||||
18 | beginning. | ||||||
19 | Parcel 7: | ||||||
20 | Lot 10 and the East Half of Lot 9 in Woodlawn Acres, a | ||||||
21 | subdivision of a part of the Southeast Quarter of Section | ||||||
22 | 14,Township 40 North, Range 4 East of the Third Principal | ||||||
23 | Meridian, according to the plat thereof recorded June 28th, | ||||||
24 | 1948, as Document No. 213915, in Plat Book "G", Page 140, | ||||||
25 | in DeKalb County, Illinois. | ||||||
26 | Parcel 8: |
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1 | That part of the vacated public alley which lies | ||||||
2 | Northeasterly of the Southwesterly line of Lot 11 of said | ||||||
3 | Woodlawn Acres extended Northwesterly to the Southeasterly | ||||||
4 | line of Lot 9. | ||||||
5 | Parcel 9: | ||||||
6 | Lot 11 in Woodlawn Acres, a subdivision of a part of the | ||||||
7 | Southeast Quarter of Section 14, Township 40 North, Range 4 | ||||||
8 | East of the Third Principal Meridian, according to the plat | ||||||
9 | thereof recorded June 28th, 1948, as Document No. 213915, | ||||||
10 | in Plat Book "G", Page 140, in DeKalb County, Illinois. | ||||||
11 | Parcel 10: | ||||||
12 | That Part Of Lot 1002 Of The Anaconda Wire And Cable | ||||||
13 | Company Resubdivision Of part of Sections 29 And 32, | ||||||
14 | Township 41 North, Range 5, East of the Third Principal | ||||||
15 | Meridian, DeKalb County, Illinois, Described as follows: | ||||||
16 | Commencing at the Southeast Corner of said Lot 1002; Thence | ||||||
17 | Northerly along the Easterly Line of said Lot, 728.49 Feet | ||||||
18 | for a point of beginning; Thence continuing Northerly along | ||||||
19 | said Easterly Line, 180.00 Feet; Thence Westerly at an | ||||||
20 | angle of 93 Degrees 24 Minutes 33 Seconds measured | ||||||
21 | clockwise from said West line, 1,596.83 Feet to a point on | ||||||
22 | the West line of said Section 29 that is 863.41 Feet | ||||||
23 | Northerly of, as measured along said West Line, the | ||||||
24 | Southwest Corner of said Section 29; Thence Southerly at an | ||||||
25 | angle Of 79 Degrees 54 Minutes 40 Seconds measured | ||||||
26 | clockwise from the last described course along said West |
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1 | line, 365.65 Feet; Thence Southeasterly at an angle of 100 | ||||||
2 | Degrees 05 Minutes 20 Seconds measured clockwise from said | ||||||
3 | West line, 1,080.00 Feet; Thence Northeasterly at Right | ||||||
4 | Angles to the last described course, 150.00 Feet; Thence | ||||||
5 | Southeasterly at an angle of 93 Degrees 44 Minutes 48 | ||||||
6 | Seconds measured counterclockwise from the last described | ||||||
7 | course, 463.97 Feet to the point of beginning, all in | ||||||
8 | Sycamore Township, DeKalb County, Illinois.
| ||||||
9 | (a) Acquire any interests in land, buildings, or | ||||||
10 | facilities by purchase,
including installments payable | ||||||
11 | over a period allowed by law, by lease over a
term of such | ||||||
12 | duration as the Board of Trustees shall determine, or by | ||||||
13 | exercise
of the power of eminent domain;
| ||||||
14 | (b) Sublease or contract to purchase through | ||||||
15 | installments all or any
portion of buildings or facilities | ||||||
16 | for such duration and on such terms as the
Board of | ||||||
17 | Trustees shall determine, including a term that exceeds 5 | ||||||
18 | years,
provided that each such lease or purchase contract | ||||||
19 | shall be and shall recite
that it is subject to termination | ||||||
20 | and cancellation in any year for which the
General Assembly | ||||||
21 | fails to make an appropriation to pay the rent or purchase
| ||||||
22 | installments payable under the terms of such lease or | ||||||
23 | purchase contracts; and
| ||||||
24 | (c) Sell property without compliance with the State | ||||||
25 | Property Control Act
and retain proceeds in the University | ||||||
26 | treasury in a special, separate
development fund account |
| |||||||
| |||||||
1 | which the Auditor General shall examine to assure
| ||||||
2 | compliance with this Act.
| ||||||
3 | Any buildings or facilities to be developed on the land | ||||||
4 | shall be buildings or
facilities that, in
the determination of | ||||||
5 | the Board of Trustees, in whole or in part: (i) are for
use by | ||||||
6 | the University; or (ii) otherwise advance the interests of the
| ||||||
7 | University,
including, by way of example, residential, | ||||||
8 | recreational, educational, and
athletic facilities for | ||||||
9 | University staff and students and commercial facilities
which | ||||||
10 | provide services needed by the University community. Revenues | ||||||
11 | from the
development fund account may be withdrawn by the | ||||||
12 | University for the purpose of
demolition and the processes | ||||||
13 | associated with demolition; repairs to existing campus | ||||||
14 | facilities and infrastructure, and professional services | ||||||
15 | associated with planning and design routine land and
property | ||||||
16 | acquisition; extension of utilities; streetscape work; | ||||||
17 | landscape work;
surface and structure parking; sidewalks, | ||||||
18 | recreational paths, and street
construction; and lease and | ||||||
19 | lease purchase arrangements and the professional
services | ||||||
20 | associated with the planning and development of the area . | ||||||
21 | Moneys from
the development fund account used for any other | ||||||
22 | purpose must be deposited into
and appropriated from the | ||||||
23 | General Revenue Fund. Buildings or facilities leased
to an | ||||||
24 | entity or person other than the University shall not be subject | ||||||
25 | to any
limitations applicable to a State-supported college or | ||||||
26 | university under any
law. All development on the land and all |
| |||||||
| |||||||
1 | the use of any buildings or
facilities shall be subject to the | ||||||
2 | control and approval of the Board of
Trustees of Northern | ||||||
3 | Illinois University.
| ||||||
4 | (14) To borrow money, as necessary, from time to time in | ||||||
5 | anticipation of receiving tuition, payments from the State of | ||||||
6 | Illinois, or other revenues or receipts of the University, also | ||||||
7 | known as anticipated moneys. The borrowing limit shall be | ||||||
8 | capped at 100% of the total amount of payroll and other expense | ||||||
9 | vouchers submitted and payable to the University for fiscal | ||||||
10 | year 2010 expenses, but unpaid by the State Comptroller's | ||||||
11 | office. Prior to borrowing any funds, the University shall | ||||||
12 | request from the Comptroller's office a verification of the | ||||||
13 | borrowing limit and shall include the estimated date on which | ||||||
14 | such borrowing shall occur. The borrowing limit cap shall be | ||||||
15 | verified by the State Comptroller's office not prior to 45 days | ||||||
16 | before any estimated date for executing any promissory note or | ||||||
17 | line of credit established under this item (14). The principal | ||||||
18 | amount borrowed under a promissory note or line of credit shall | ||||||
19 | not exceed 75% of the borrowing limit. Within 15 days after | ||||||
20 | borrowing funds under any promissory note or line of credit | ||||||
21 | established under this item (14), the University shall submit | ||||||
22 | to the Governor's Office of Management and Budget, the Speaker | ||||||
23 | of the House of Representatives, the Minority Leader of the | ||||||
24 | House of Representatives, the President of the Senate, and the | ||||||
25 | Minority Leader of the Senate an Emergency Short Term Cash | ||||||
26 | Management Plan. The Emergency Short Term Cash Management Plan |
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1 | shall outline the amount borrowed, the terms for repayment, the | ||||||
2 | amount of outstanding State vouchers as verified by the State | ||||||
3 | Comptroller's office, and the University's plan for | ||||||
4 | expenditure of any borrowed funds, including, but not limited | ||||||
5 | to, a detailed plan to meet payroll obligations for all | ||||||
6 | collective bargaining employees, civil service employees, and | ||||||
7 | academic, research, and health care personnel. The | ||||||
8 | establishment of any promissory note or line of credit | ||||||
9 | established under this item (14) must be finalized within 90 | ||||||
10 | days after the effective date of this amendatory Act of the | ||||||
11 | 96th General Assembly. The borrowed moneys shall be applied to | ||||||
12 | the purposes of paying salaries and other expenses lawfully | ||||||
13 | authorized in the University's State appropriation and unpaid | ||||||
14 | by the State Comptroller. Any line of credit established under | ||||||
15 | this item (14) shall be paid in full one year after creation or | ||||||
16 | within 10 days after the date the University receives | ||||||
17 | reimbursement from the State for all submitted fiscal year 2010 | ||||||
18 | vouchers, whichever is earlier. Any promissory note | ||||||
19 | established under this item (14) shall be repaid within one | ||||||
20 | year after issuance of the note. The Chairman, Comptroller, or | ||||||
21 | Treasurer of the Board shall execute a promissory note or | ||||||
22 | similar debt instrument to evidence the indebtedness incurred | ||||||
23 | by the borrowing. In connection with a borrowing, the Board may | ||||||
24 | establish a line of credit with a financial institution, | ||||||
25 | investment bank, or broker/dealer.
The obligation to make the | ||||||
26 | payments due under any promissory note or line of credit |
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1 | established under this item (14) shall be a lawful obligation | ||||||
2 | of the University payable from the anticipated moneys. Any | ||||||
3 | borrowing under this item (14) shall not constitute a debt, | ||||||
4 | legal or moral, of the State and shall not be enforceable | ||||||
5 | against the State. The promissory note or line of credit shall | ||||||
6 | be authorized by a resolution passed by the Board and shall be | ||||||
7 | valid whether or not a budgeted item with respect to that | ||||||
8 | resolution is included in any annual or supplemental budget | ||||||
9 | adopted by the Board. The resolution shall set forth facts | ||||||
10 | demonstrating the need for the borrowing, state an amount that | ||||||
11 | the amount to be borrowed will not exceed, and establish a | ||||||
12 | maximum interest rate limit not to exceed the maximum rate | ||||||
13 | authorized by the Bond Authorization Act or 9%, whichever is | ||||||
14 | less. The resolution may direct the Comptroller or Treasurer of | ||||||
15 | the Board to make arrangements to set apart and hold the | ||||||
16 | portion of the anticipated moneys, as received, that shall be | ||||||
17 | used to repay the borrowing, subject to any prior pledges or | ||||||
18 | restrictions with respect to the anticipated moneys. The | ||||||
19 | resolution may also authorize the Treasurer of the Board to | ||||||
20 | make partial repayments of the borrowing as the anticipated | ||||||
21 | moneys become available and may contain any other terms, | ||||||
22 | restrictions, or limitations not inconsistent with the powers | ||||||
23 | of the Board. | ||||||
24 | For the purposes of this item (14), "financial institution" | ||||||
25 | means any bank subject to the Illinois Banking Act, any savings | ||||||
26 | and loan association subject to the Illinois Savings and Loan |
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1 | Act of 1985, and any federally chartered commercial bank or | ||||||
2 | savings and loan association or government-sponsored | ||||||
3 | enterprise organized and operated in this State pursuant to the | ||||||
4 | laws of the United States. | ||||||
5 | (Source: P.A. 96-909, eff. 6-8-10; 97-333, eff. 8-12-11.)
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6 | Section 99. Effective date. This Act takes effect upon | ||||||
7 | becoming law.
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