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SB 1310

WIU-BORROW MONEY

104th Regular Session Introduced by Sara Feigenholtz and 6 co-sponsors

Authorizes WIU Board to borrow up to $2M in short-term funds for lawful university purposes, repaid within 5 years, with a promissory note, effective Jan 1, 2026.

Public Act . . . . . . . . . 104-0093
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Bill Summary · SB 1310

SB 1310 — “WIU — Borrow Money” (Public Act 104-0093)

Status: Enacted (Public Act 104-0093)
Introduced: Jan 28, 2025 (Sen. Michael W. Halpin) — Effective date: January 1, 2026

Main purpose

Amend the Western Illinois University Law (110 ILCS 690/35-45) to authorize the Board of Trustees of Western Illinois University (WIU) to borrow limited short-term funds for lawful university purposes, subject to caps and repayment timing, and to require an executed promissory note or similar instrument evidencing such indebtedness.

Key provisions

  • Authorizes the WIU Board of Trustees to borrow money for any lawful university purpose from:
    • the WIU Foundation, or
    • any financial institution.
  • Repayment requirement: borrowed funds must be repaid within 5 years from the date borrowed.
  • Outstanding cap: the aggregate amount outstanding at any time may not exceed $2,000,000.
  • Documentation: the Chairperson, Comptroller, or Treasurer of the Board must execute a promissory note or similar debt instrument to evidence the indebtedness.
  • Incorporates the new borrowing authority into Section 35-45 (Powers and duties) of the Western Illinois University Law.

Who is affected

  • Western Illinois University (WIU): gives WIU Board expanded short-term financing flexibility to manage cash flow or fund lawful activities.
  • WIU Foundation and private financial institutions: may provide loans to WIU under the statutory framework.
  • University officers (Chairperson, Comptroller, Treasurer): required to execute debt instruments when borrowing.
  • State financial oversight/credit reporting: while the statute authorizes borrowing, repayment obligations and any debt issuance may affect WIU’s internal financial management and reporting; the provision does not create a State General Revenue obligation.

Procedural / timeline aspects

  • Enacted as Public Act 104-0093 and becomes effective January 1, 2026.
  • Legislative sponsor: Sen. Michael W. Halpin; companion bill noted as HB 991.
  • The provision is a statutory amendment to the existing powers and duties provision for the WIU Board.

Fiscal/Policy notes

  • The statute places explicit limits (5-year term; $2 million outstanding cap) to constrain short-term borrowing and limit exposure.
  • The law does not appropriate state funds or explicitly create a state-backed guarantee; fiscal impacts are primarily on WIU’s internal finances and any lender relationships.

Compiled from official sources — confirm details with the bill’s official record.

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