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1805 Bank Lines of Credit

Document purpose

Secured and unsecured lines of credit may be established as a contingency to meet operating cash requirements.

effective

December, 1986

revised

May, 2006

Reviewed

May 2023

Responsible Office

Treasurer

Approval

Treasurer

Policy

  1. The Office of the VP for Finance and Treasurer is responsible for reviewing and determining the appropriate levels and types of bank lines of credit for approval by the Trustees.  

  2. The Office of the VP for Finance and Treasurer is responsible for establishing and administering all bank lines of credit as approved by the Trustees.  

  3. All borrowings against bank lines of credit will be governed by Financial Policy #1803, Debt Management – Operations.  

  4. The status of all bank lines of credit will be reviewed by the Office of the VP for Finance and Treasurer and reported to the Trustees on an annual basis.  

  5. The Office of the VP for Finance and Treasurer is responsible for administering debt service requirements and ensuring compliance with applicable debt covenants