Synopsis As Introduced Amends the Illinois Procurement Code. Removes procurement expenditures made by the University of Illinois from the application of the Act and the University of Illinois from the definition of "State agency". Amends the State Property Control Act to remove property of the University of Illinois from the definition of "property" (but still requires the University of Illinois to send usable, surplus equipment to the Department of Central Management Services for transfer or disposal). Amends the University of Illinois Act. Under a University of Illinois Investment, Performance, and Accountability Commitment, requires the State to annually appropriate a minimum specified amount, provided that the University meets certain requirements at its campuses. Provides for an annual report, and repeals the Commitment on June 30, 2022. Provides for the issuance of certificates of participation for capital improvements, to be reviewed by the Commission on Government Forecasting and Accountability. Requires the maximum annual debt service for the University's total certificate of participation obligation to not exceed $100,000,000. Subject to appropriation, provides for an Illinois Excellence Program to recruit and retain promising faculty throughout the University of Illinois system through capital investment in both new and distressed facilities; amends the State Finance Act to create a special fund. Effective immediately.