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Wed June 23, 2010
NIU Board authorizes potential borrowing
DeKalb, IL – Northern Illinois University can now borrow $29-million dollars while it waits for the state to catch up on its payments. The Board of Trustees reluctantly authorized
the short-term loan at its meeting Wednesday morning. The money would be
used to cover payroll and other expenses. Right now, the state owes the university more than $39-million dollars. There were harsh words from the board for state lawmakers for allowing the state budget crisis to reach this far. One even called it "shameful and embarrassing." NIU president, John Peters, calls the vote an "emergency measure and last resort" that creates a safety net, if needed. If NIU chooses to borrow any money, it will have to be paid back within a year, or within
ten days of the state reimbursing all it owes the university.