TITLE 71: PUBLIC BUILDINGS, FACILITIES AND REAL PROPERTY
CHAPTER I: CAPITAL DEVELOPMENT BOARD
SUBCHAPTER a: RULES
PART 30 TRUST AGREEMENTS USING EDUCATIONAL AGENCIES
SECTION 30.120 FUNDING OF TRUST AGREEMENT - SCHEDULE


 

Section 30.120 Funding of Trust Agreement − Schedule

 

a) In the event a Board project is to be funded in part or in whole from local resources by use of a trust established under this Part, that trust shall be established prior to the signing of an architect or engineer contract.

 

b) The trust to be established shall be funded in an amount equal to 40% of each of the fees under the architect or engineer contracts to be signed plus reimbursables under each contract to cover contractual obligations through the design development phase of the project or any part of the project.

 

c) Approval to proceed beyond the design development stage or to advertise the first bid package of a phased bid project, whichever comes first, shall be preceded by a deposit in the trust of the balance of the local share of the total project cost.

 

(Source: Amended at 43 Ill. Reg. 14093, effective November 20, 2019)