Public Act 101-0213
 
HB0359 EnrolledLRB101 05161 RJF 50173 b


  
    AN ACT concerning finance.
  
 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:
  
 
 
    Section 5. The State Property Control Act is amended  by 
adding Section 7.7 as follows:
 
    (30 ILCS 605/7.7 new)
    Sec. 7.7. Public university surplus real estate.
    (a) Notwithstanding any other provision of this Act or any 
other law to the contrary, the Board of Trustees of any public 
institution of higher education in this State, as defined in 
subsection (d), is authorized to dispose of surplus real estate 
of that public institution of higher education as provided 
under subsection (b).
    (b) The Board of Trustees of any public institution of 
higher education in this State may sell, lease, or otherwise 
transfer and convey all or part of real estate deemed by the 
Board to be surplus real estate, together with the improvements 
situated thereon, to a bona fide purchaser for value and on 
such terms as the Board shall determine are in the best 
interests of that public institution of higher education and 
consistent with that institution's objects and purposes.
    (c) A Board of Trustees disposing of surplus real estate 
may retain the proceeds from the sale, lease, or other transfer 
of all or any part of the real estate deemed surplus real 
estate under subsection (b), including the improvements 
situated thereon, in a separate account in the treasury of the 
public institution of higher education for the purpose of 
deferred maintenance and emergency repair of institution 
property. The Auditor General shall examine the separate 
account to ensure the use or deposit of the proceeds authorized 
under this subsection (c) in a manner consistent with the 
stated purpose.
    (d) For the purposes of this Section, "public institution 
of higher education" or "institution" means the University of 
Illinois; Southern Illinois University; Chicago State 
University; Eastern Illinois University; Governors State 
University; Illinois State University; Northeastern Illinois 
University; Northern Illinois University; Western Illinois 
University; and any other public universities, now or hereafter 
established or authorized by the General Assembly.
 
 
    Section 99. Effective date. This Act takes effect upon 
becoming law.