Western Illinois University can borrow up to $2,000,000 for lawful purposes, repayable within five years.
The bill amends the Western Illinois University Law to allow the Board of Trustees to borrow money for lawful purposes from the WIU Foundation or any financial institution, provided the borrowed amount does not exceed $2,000,000 and is repaid within five years. The borrowing must be authorized by a resolution passed by the Board, which must set forth the need for borrowing, the amount to be borrowed, and the maximum interest rate. The resolution must also include a repayment plan and be verified by the State Comptroller's office.
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