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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
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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.
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11 | | (3) To prescribe the courses of study to be followed, and |
12 | | textbooks
and apparatus to be used at Northern Illinois |
13 | | University.
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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
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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.
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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.
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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.
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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
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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
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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.
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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;
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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
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22 | | installments payable under the terms of such lease or |
23 | | purchase contracts; and
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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 |
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1 | | which the Auditor General shall examine to assure
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2 | | compliance with this Act.
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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
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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 |
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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.
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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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