The Board may authorize any officer or officers, or designated agent or agents, to enter into any contract or execute or deliver any instrument in the name and on behalf of the University, and such authority may be general or confined to specific instances.
No loans shall be contracted on behalf of the University and no evidence of indebtedness shall be issued in its name unless authorized by resolution of the Board of Governors. Such authority shall be confined to specific instances.
All checks, drafts, or other orders of payment of money, notes, other evidences of indebtedness issued in the name of the University, shall be signed by such officer or officers, agent or agents of the University and in such manner as shall from time to time be authorized by resolution of the Board of Governors.
All funds of the University not otherwise employed shall be deposited from time to time to the credit of the University in such bank, trust companies or other depositories as the Board of Governors may select pursuant to sealed bids, as required by law.
Governors, the President of the University, staff members, and any other authorized employees, will be reimbursed for actual reasonable expenses occasioned by the performance of University business, to the extent permitted by the statutes or duly promulgated regulations of the State of Missouri, upon presentation of receipts and requests for payment satisfactory to the Treasurer of the Board.
At each annual meeting of the Board, the Board shall approve a carefully prepared statement of the probable amount of income of the University and all of its departments for the year following, and an estimate of the probable expenses of the institution in each of its departments for the ensuing year, and shall make necessary appropriations, in the form of the approval of an annual budget or otherwise, to meet said expenses for the current year; in no instance shall the Board create any indebtedness in any one year above that which can be paid out of the annual income of said year. The term "indebtedness" shall be as defined by Missouri statute and case law.