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| 1 | AN ACT concerning finance.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Private Colleges and Universities Capital | ||||||
| 5 | Distribution Formula Act is amended by adding Section 25-15 as | ||||||
| 6 | follows: | ||||||
| 7 | (30 ILCS 769/25-15 new) | ||||||
| 8 | Sec. 25-15. Transfer of funds to another independent | ||||||
| 9 | college. | ||||||
| 10 | (a) If an institution received a grant under this Article | ||||||
| 11 | and subsequently fails to meet the definition of "independent | ||||||
| 12 | college", the remaining funds shall be re-distributed as | ||||||
| 13 | provided in Section 25-10, unless the campus or facilities for | ||||||
| 14 | which the grant was given are operated by another institution | ||||||
| 15 | that qualifies as an independent college under this Article. | ||||||
| 16 | (b) If the facilities of a former independent college are | ||||||
| 17 | operated by another entity that qualifies as an independent | ||||||
| 18 | college as provided in subsection (a) of this Section, then the | ||||||
| 19 | entire balance of the grant provided under this Article | ||||||
| 20 | remaining on the date the former independent college ceased | ||||||
| 21 | operations, including any amount that had been withheld after | ||||||
| 22 | the former independent college ceased operations, shall be | ||||||
| 23 | transferred to the successor independent college for the | ||||||
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| 1 | purpose of operating those facilities for the duration of the | ||||||
| 2 | grant. | ||||||
| 3 | (c) In the event that, on or before the effective date of | ||||||
| 4 | this amendatory Act of the 98th General Assembly, the remaining | ||||||
| 5 | funds have been re-allocated or re-distributed to other | ||||||
| 6 | independent colleges, or the Illinois Board of Higher Education | ||||||
| 7 | has planned for the remaining funds to be re-allocated or | ||||||
| 8 | re-distributed to other independent colleges, before the | ||||||
| 9 | 5-year period provided under this Act for the utilization of | ||||||
| 10 | funds has ended, any funds so re-allocated or re-distributed | ||||||
| 11 | shall be deducted from future allocations to those other | ||||||
| 12 | independent colleges and re-allocated or re-distributed to the | ||||||
| 13 | initial institution or the successor entity operating the | ||||||
| 14 | facilities of the original institution if: (i) the institution | ||||||
| 15 | that failed to meet the definition of "independent college" | ||||||
| 16 | once again meets the definition of "independent college" before | ||||||
| 17 | the 5-year period has expired; or (ii) the facility or | ||||||
| 18 | facilities of the former independent college are operated by | ||||||
| 19 | another entity that qualifies as an independent college before | ||||||
| 20 | the 5-year period has expired.
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| 21 | Section 99. Effective date. This Act takes effect upon | ||||||
| 22 | becoming law.
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