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Power to Authorize Expenditures Out of System Funds. No expenditure from funds under the control of the Board or Component shall be made, no debt or obligation shall be incurred, and no promise shall be made in the name of the System, any of its Components, or of the Board by any member of the respective faculties or staffs of the System or any of its Components except:

16.1  In accordance with general or special budgetary apportionments authorized in advance by the Board and entered into its minutes; or,

16.2   In accordance with authority specifically vested by the Board in a committee of the Board; or,

16.3   In accordance with authority to act for the Board when it is so specifically vested in the Component President and with the monetary limitations as set forth by these Rules and Regulations or by special action by the Board.

16.4   It shall be the duty of the several Component administrative officers to see that all claims for payments of items not authorized as indicated above are refused and returned unpaid.

16.5   There shall be no sale to or purchase from the System or its Components by the Component President, unless purchased as surplus property and/or at a duly authorized public auction. This Subparagraph shall not apply to goods and services which the system or its Component universities make available for purchase by faculty and staff or on the open market by the general public.