Board of Trustees
V. Administrative Affairs
M. Debt Compliance and Management (Approved June 12, 2015) Ìý
1. Authority
Under the authority that has been issued by the statutes of the State of Illinois, the board may issue debt (bonds, certificates of participation and other financial instruments) to finance and refinance capital projects and equipment for Â鶹´«Ã½ Illinois University.Ìý
2. Debt Compliance Policy
The President, after consultation with appropriate officers of the university, shall establish a policy and necessary procedures for the issuance and post issuance compliance in connection with debt transactions.Ìý The procedures must ensure compliance with the requirements of the Internal Revenue Code, US Treasury Regulations and the Federal securities laws relating to debt transactions, as well as to ensure the adequacy of the Board’s primary and secondary disclosure filings.Ìý
3. Debt Compliance Management
The Board designates the Treasurer as the Debt Compliance Officer.Ìý The Debt Compliance Officer has the responsibility to keep all records required to be kept by the board under the policy, to make all necessary reports to the board required by the policy, and to otherwise assure that all actions required of the Board hereunder be taken in a timely manner.
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