Public Act 098-0715
 
HB4244 EnrolledLRB098 14444 OMW 50346 b

    AN ACT concerning finance.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Private Colleges and Universities Capital
Distribution Formula Act is amended by adding Section 25-15 as
follows:
 
    (30 ILCS 769/25-15 new)
    Sec. 25-15. Transfer of funds to another independent
college.
    (a) If an institution received a grant under this Article
and subsequently fails to meet the definition of "independent
college", the remaining funds shall be re-distributed as
provided in Section 25-10, unless the campus or facilities for
which the grant was given are operated by another institution
that qualifies as an independent college under this Article.
    (b) If the facilities of a former independent college are
operated by another entity that qualifies as an independent
college as provided in subsection (a) of this Section, then the
entire balance of the grant provided under this Article
remaining on the date the former independent college ceased
operations, including any amount that had been withheld after
the former independent college ceased operations, shall be
transferred to the successor independent college for the
purpose of operating those facilities for the duration of the
grant.
    (c) In the event that, on or before the effective date of
this amendatory Act of the 98th General Assembly, the remaining
funds have been re-allocated or re-distributed to other
independent colleges, or the Illinois Board of Higher Education
has planned for the remaining funds to be re-allocated or
re-distributed to other independent colleges, before the
5-year period provided under this Act for the utilization of
funds has ended, any funds so re-allocated or re-distributed
shall be deducted from future allocations to those other
independent colleges and re-allocated or re-distributed to the
initial institution or the successor entity operating the
facilities of the original institution if: (i) the institution
that failed to meet the definition of "independent college"
once again meets the definition of "independent college" before
the 5-year period has expired; or (ii) the facility or
facilities of the former independent college are operated by
another entity that qualifies as an independent college before
the 5-year period has expired.
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 7/16/2014