Synopsis As Introduced Amends the State Property Control Act. Provides that the Board of Trustees of any public institution of higher education in this State is authorized to dispose of surplus real estate of that public institution of higher education. Specifies the manner in which a Board of Trustees may dispose of surplus real estate. Provides that a Board of Trustees may retain the proceeds from the sale, lease, or other transfer of all or any part of the real estate deemed surplus real estate in a separate account in the treasury of the institution for the purpose of deferred maintenance and emergency repair of institution property. Requires the Auditor General to examine the separate account to ensure the use or deposit of the proceeds in a manner consistent with the stated purpose. Defines "public institution of higher education". Effective immediately.