SB1310

SB1310 allows Western Illinois University to borrow money for lawful purposes, with repayment within five years.

SB1310 amends the Western Illinois University Law to authorize the Board of Trustees to borrow money for any lawful purpose from the WIU Foundation or any financial institution, provided the borrowed funds are repaid within five years. The borrowing limit is 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. The Board must request a verification of the borrowing limit from the Comptroller's office before borrowing any funds.