[ Text of section effective until November 10, 2020. For text effective November 10, 2020, see below.]
Section 2. The major purpose of the university shall be to provide, without discrimination, public service, research, and education programs, including continuing education services, in the liberal arts and sciences and in the professions, and in those professional areas normally requiring either education beyond four years of undergraduate training or a basic or advanced degree beyond the bachelor's level, with exclusive jurisdiction in agriculture. The university may offer the adult education services of the university extension services. The university shall have the general authority to award an earned doctoral degree, either independently or jointly with any other public institution of higher education operated by the commonwealth in accordance with joint programs approved by the board of higher education and the board of trustees of the university and the board of trustees of such other public institution. The trustees shall maintain high educational standards at the university and shall, subject only to the general authority of the secretary and the board of higher education as set forth in this chapter, chapter 15A, and other applicable provisions of the General Laws, have complete authority to establish, locate, support, consolidate or abolish classes, courses, curricula, departments, divisions, schools or colleges of the university wherever and whenever required in meeting the needs of the commonwealth in the field of public higher education. The trustees shall establish for the university the qualifications and standards for promotion and graduation and shall award academic degrees and diplomas and confer honors as is customary in American universities. The trustees shall establish, for the university, the qualifications and standards for admission subject to approval by the board of higher education. Said standards for admission shall accommodate persons who have been diagnosed as developmentally disabled, including but not limited to, having dyslexia or other specific language disabilities, by an evaluation procedure prescribed by chapter seventy-one B, or equivalent testing. The trustees may confer such honorary degrees as they deem appropriate.
[ Subsection (a) as amended by 2020, 201, Sec. 6 effective November 10, 2020. See 2020, 201, Sec. 51. For text effective until November 10, 2020, see above.]
(a) The major purpose of the university shall be to provide, without discrimination, public service, research, and education programs, including continuing education services, in the liberal arts and sciences and in the professions, and in those professional areas normally requiring either education beyond four years of undergraduate training or a basic or advanced degree beyond the bachelor's level, with exclusive jurisdiction in agriculture. The university may offer the adult education services of the university extension services. The university shall have the general authority to award an earned doctoral degree, either independently or jointly with any other public institution of higher education operated by the commonwealth in accordance with joint programs approved by the board of higher education and the board of trustees of the university and the board of trustees of such other public institution. The trustees shall maintain high educational standards at the university and shall, subject only to the general authority of the secretary and the board of higher education as set forth in this chapter, chapter 15A, and other applicable provisions of the General Laws, have complete authority to establish, locate, support, consolidate or abolish classes, courses, curricula, departments, divisions, schools or colleges of the university wherever and whenever required in meeting the needs of the commonwealth in the field of public higher education. The trustees shall establish for the university the qualifications and standards for promotion and graduation and shall award academic degrees and diplomas and confer honors as is customary in American universities. The trustees shall establish, for the university, the qualifications and standards for admission subject to approval by the board of higher education. Said standards for admission shall accommodate persons who have been diagnosed as developmentally disabled, including but not limited to, having dyslexia or other specific language disabilities, by an evaluation procedure prescribed by chapter seventy-one B, or equivalent testing. The trustees may confer such honorary degrees as they deem appropriate.
[ Subsection (b) added by 2020, 201, Sec. 7 effective November 10, 2020. See 2020, 201, Sec. 51.]
(b)(1) The university, acting through the trustees, may borrow money to be applied to working capital expenses in furtherance of the purposes of the university or to refinance such borrowing and such borrowing may include without limitation the ability to pledge or assign or create security interests in funds or revenues of the university to pay or secure such working capital borrowings; provided, that all outstanding amounts borrowed on any line of credit entered into by the university pursuant to this subsection shall be repaid no later than 365 days from the date of closing of said line of credit and said line of credit shall have a principal amount not exceeding 8 per cent of the university's total approved operating budget as adopted by the trustees, excluding adjustments made to such budget during the fiscal year.
(2) The university may initiate any borrowing authorized pursuant to this subsection only upon a request made by authority of the trustees and upon written approval from the secretary of administration and finance. Within 10 business days of granting such written approval, the secretary shall forward a copy thereof to the house and senate committees on ways and means.
(3) The senior vice president and treasurer for the university, in consultation with the executive director of the University of Massachusetts Building Authority, established pursuant to chapter 773 of the acts of 1960, shall report annually not later than January 15 to the house and senate committees on ways and means, the house and senate committees on bonding, capital expenditures and state assets and the chairs of the joint committee on higher education on the total amount borrowed from any line of credit during the prior year and the dates of repayment authorized pursuant to this subsection as well as any working capital referenced in the first sentence of section 3 of said chapter 773 and authorized pursuant to paragraph (e) of section 4 of said chapter 773.