Full Text of HB2399 101st General Assembly
HB2399 101ST GENERAL ASSEMBLY |
| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020 HB2399 Introduced , by Rep. Jeff Keicher SYNOPSIS AS INTRODUCED: |
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Amends the Northern Illinois University Law. Adds specified parcels not located on or adjacent to Northern Illinois University that the Board of Trustees may acquire, sublease or contract to purchase, or sell without compliance with the State Property Control Act and retain the proceeds in its development fund account. Provides that, in addition to other purposes, revenues from the development fund account may be withdrawn by the University for the purpose of repairs to existing campus facilities and infrastructure and professional services associated with planning and design. Removes provisions allowing revenues from the fund to be used for routine land and property acquisition, extension of utilities, streetscape work, landscape work, surface and structure parking, sidewalks, recreational paths, and street construction, and lease and lease purchase arrangements and the professional services associated with the planning and development of the area. Effective immediately.
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| | A BILL FOR |
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| 1 | | AN ACT concerning education.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Northern Illinois University Law is amended | 5 | | by changing Section 30-45 as follows:
| 6 | | (110 ILCS 685/30-45)
| 7 | | Sec. 30-45. Powers and duties. The Board also shall have | 8 | | power and
it shall be its duty:
| 9 | | (1) To make rules, regulations and bylaws, not inconsistent
| 10 | | with
law, for the government and management of Northern | 11 | | Illinois University
and its branches.
| 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
| 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.
| 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;
| 2 | | laboratory fees; and similar fees for supplies and materials.
| 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.
| 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.
| 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.
| 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
| 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
| 21 | | power to serve and execute civil processes.
| 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.
| 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.
| 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:
| 16 | | Parcel 1:
| 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
| 21 | | 21, all in the County of DeKalb, Illinois.
| 22 | | Parcel 2:
| 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.
| 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 |
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| 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 |
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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.
| 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.)
| 6 | | Section 99. Effective date. This Act takes effect upon | 7 | | becoming law.
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