IL SB1310

Authorizes the Western Illinois University Board of Trustees to borrow money for any lawful purpose from the WIU Foundation or qualified financial institutions

Limits outstanding borrowed amounts to no more than $2,000,000 at any given time, with all borrowed funds required to be repaid within 5 years

Defines eligible financial institutions as Illinois banks, savings and loan associations, savings banks, credit unions, and their federally chartered counterparts operating in the state

Requires borrowing to be authorized by Board resolution that demonstrates the need, specifies the maximum amount, and sets an interest rate limit not exceeding the Bond Authorization Act maximum

Specifies that borrowed funds are repayable from university tuition, state payments, and other university revenues, and that the debt does not constitute a legal or moral obligation of the State of Illinois