(1) There is established a state institution of higher education known as Saginaw valley state university to be located in a 3-county area comprising the counties of Bay, Midland, and Saginaw. The institution shall be maintained by the state and its facilities shall be made equally available and upon the same basis to all qualified residents of this state. The conduct of its affairs and control of its property shall be vested in a board of control, the members of which shall constitute a body corporate.

    (2) In addition to any other powers granted by law, the board has all of the following powers:

    (a) General supervision of the university.

    (b) Control and direction of all expenditures from the university's funds.

    (c) The right to sue and be sued.

    (d) Adoption of a seal and altering of a seal.

    (3) As used in this act, "board" means the board of control of Saginaw valley state university.

     There is established a "board of control", to consist of 8 members to be appointed by the governor with the advice and consent of the senate for terms of 8 years, except of the members first appointed 2 shall serve for 2 years, 2 for 4 years, 2 for 6 years and 2 for 8 years. The president of the institution shall be ex officio a member of the board without the right to vote.

     The board of control may elect 1 of its members or may designate the president to preside at board meetings. The board shall elect from its membership a secretary, a treasurer and such other officers as it deems necessary. Officers shall serve terms of 1 year and until their successors shall have been elected and qualified. Before permitting the treasurer to enter upon the duties of his office, the board shall require him to file his bond to the people of this state with such sureties and in such sum not less than the amount of money likely to be in his possession as the board may designate. No officer shall have the power to incur obligations or to dispose of the board's property or funds, except in pursuance of a vote of the board.

    (1) A majority of the members of the board shall form a quorum for the transaction of business. The business which the board of control may perform shall be conducted in compliance with the open meetings act, Act No. 267 of the Public Acts of 1976, being sections 15.261 to 15.275 of the Michigan Compiled Laws. Public notice of the time, date, and place of the meeting shall be given in the manner required by Act No. 267 of the Public Acts of 1976.

    (2) The board by majority vote of its membership may enact or amend rules and bylaws for the conduct of the board's business and for the government of the institution; fix tuition and other fees and charges; appoint or remove personnel as the interests of the institution and the generally accepted principles of academic tenure permit or require; determine the compensation to be paid for services and materials; confer degrees and grant diplomas as are usually conferred or granted by similar institutions; receive, hold, and manage any gift, grant, bequest, or devise of funds or property, real or personal, absolutely or in trust, promote the purposes of the university; enter into agreements, not inconsistent with this act, as may be desirable in the conduct of the board's affairs; and in behalf of the state, lease or dispose of property which comes into the board's possession, if the board does not violate a condition or trust to which the property may be subject. The board may exercise all powers customarily exercised by the governing board of a college or university and the enumeration of the powers in this section shall not be considered to exclude powers not expressly excluded by law.

    (1) The board may establish a public safety department and prescribe the powers and duties of the public safety department and prescribe the conditions of employment of its public safety officers. The public safety officers shall be peace officers of this state and shall have the authority of police officers under the Michigan vehicle code, Act No. 300 of the Public Acts of 1949, as amended, being sections 257.1 to 257.923 of the Michigan Compiled Laws. The public safety officers shall be vested with the same powers and authority as deputy sheriffs in the county where property of the board is situated, and shall enforce state law and the rules and ordinances of the university.

    (2) The jurisdiction of public safety officers shall be limited to the property of the university and public property running through or adjacent to the university.

    (3) The public safety officers shall be required to meet the training standards of the Michigan law enforcement officers training council act of 1965, Act No. 203 of the Public Acts of 1965, as amended, being sections 28.601 to 28.616 of the Michigan Compiled Laws.

     The board shall not borrow money on its general faith and credit, nor create any liens upon its property. With the approval of the legislature the board may borrow money to be used to acquire land or to acquire or erect buildings, or to alter, equip, or maintain them, to be used as dormitories, student centers, stadiums, athletic fields, gymnasiums, auditoriums, and other related activities, and it shall obligate itself for the repayment of the money, together with interest, solely out of the fund derived from rentals or other income from the use and operation of the property so acquired, or from special fees and charges required to be paid by the students if the board considers the students to be benefited; and may pledge all or a part of the fund as security for the loan.

    (1) The state shall not bear any cost incurred in the transition of Saginaw valley state college to Saginaw valley state university. Costs incurred by the name change shall be borne by the institution from nonstate sources.

    (2) A student shall not bear any cost incurred in the transition of Saginaw Valley state college to Saginaw Valley state university by an increase in either tuition or other student fees. All costs associated with the transition of Saginaw Valley state college to Saginaw Valley state university and the source from which funds required to effectuate the transition were received shall be reported to the house and senate appropriations committees no later than December 31, 1989.