SB3288 EngrossedLRB100 20557 RJF 35961 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 State Property Control Act is amended  by 
5adding Section 7.7 as follows:
 
6    (30 ILCS 605/7.7 new)
7    Sec. 7.7. Public university surplus real estate.
8    (a) Notwithstanding any other provision of this Act or any 
9other law to the contrary, the Board of Trustees of any public 
10institution of higher education in this State, as defined in 
11subsection (d), is authorized to dispose of surplus real estate 
12of that public institution of higher education as provided 
13under subsection (b).
14    (b) The Board of Trustees of any public institution of 
15higher education in this State may sell, lease, or otherwise 
16transfer and convey all or part of real estate deemed by the 
17Board to be surplus real estate, together with the improvements 
18situated thereon, to a bona fide purchaser for value and on 
19such terms as the Board shall determine are in the best 
20interests of that public institution of higher education and 
21consistent with that institution's objects and purposes.
22    (c) A Board of Trustees disposing of surplus real estate 
23may retain the proceeds from the sale, lease, or other transfer 
 
 
SB3288 Engrossed- 2 -LRB100 20557 RJF 35961 b

1of all or any part of the real estate deemed surplus real 
2estate under subsection (b), including the improvements 
3situated thereon, in a separate account in the treasury of the 
4public institution of higher education for the purpose of 
5deferred maintenance and emergency repair of institution 
6property. The Auditor General shall examine the separate 
7account to ensure the use or deposit of the proceeds authorized 
8under this subsection (c) in a manner consistent with the 
9stated purpose.
10    (d) For the purposes of this Section, "public institution 
11of higher education" or "institution" means the University of 
12Illinois; Southern Illinois University; Chicago State 
13University; Eastern Illinois University; Governors State 
14University; Illinois State University; Northeastern Illinois 
15University; Northern Illinois University; Western Illinois 
16University; and any other public universities, now or hereafter 
17established or authorized by the General Assembly.
 
 
18    Section 99. Effective date. This Act takes effect upon 
19becoming law.