HB4244 EnrolledLRB098 14444 OMW 50346 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Private Colleges and Universities Capital
5Distribution Formula Act is amended by adding Section 25-15 as
6follows:
 
7    (30 ILCS 769/25-15 new)
8    Sec. 25-15. Transfer of funds to another independent
9college.
10    (a) If an institution received a grant under this Article
11and subsequently fails to meet the definition of "independent
12college", the remaining funds shall be re-distributed as
13provided in Section 25-10, unless the campus or facilities for
14which the grant was given are operated by another institution
15that qualifies as an independent college under this Article.
16    (b) If the facilities of a former independent college are
17operated by another entity that qualifies as an independent
18college as provided in subsection (a) of this Section, then the
19entire balance of the grant provided under this Article
20remaining on the date the former independent college ceased
21operations, including any amount that had been withheld after
22the former independent college ceased operations, shall be
23transferred to the successor independent college for the

 

 

HB4244 Enrolled- 2 -LRB098 14444 OMW 50346 b

1purpose of operating those facilities for the duration of the
2grant.
3    (c) In the event that, on or before the effective date of
4this amendatory Act of the 98th General Assembly, the remaining
5funds have been re-allocated or re-distributed to other
6independent colleges, or the Illinois Board of Higher Education
7has planned for the remaining funds to be re-allocated or
8re-distributed to other independent colleges, before the
95-year period provided under this Act for the utilization of
10funds has ended, any funds so re-allocated or re-distributed
11shall be deducted from future allocations to those other
12independent colleges and re-allocated or re-distributed to the
13initial institution or the successor entity operating the
14facilities of the original institution if: (i) the institution
15that failed to meet the definition of "independent college"
16once again meets the definition of "independent college" before
17the 5-year period has expired; or (ii) the facility or
18facilities of the former independent college are operated by
19another entity that qualifies as an independent college before
20the 5-year period has expired.
 
21    Section 99. Effective date. This Act takes effect upon
22becoming law.