Full Text of SB0337 97th General Assembly
SB0337sam001 97TH GENERAL ASSEMBLY | Sen. Martin A. Sandoval Filed: 4/7/2011
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| 1 | | AMENDMENT TO SENATE BILL 337
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 337 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The State Finance Act is amended by changing | 5 | | Sections 6a-1,
6a-1a, 6a-1b, 6a-1c, 6a-1d, 6a-1e, 6a-1f, 6a-1g, | 6 | | and 6d as follows:
| 7 | | (30 ILCS 105/6a-1) (from Ch. 127, par. 142a1)
| 8 | | Sec. 6a-1. Southern Illinois University Income Fund.
| 9 | | (1) Beginning on the effective date of this amendatory
Act | 10 | | of 1996, The following items of income received by the Southern
| 11 | | Illinois University for general operational and educational | 12 | | purposes
shall be retained by the University in its own | 13 | | treasury and credited to
an account known as the University | 14 | | Income Fund that it shall establish in its
treasury for | 15 | | purposes of this paragraph
paid into the State Treasury
without | 16 | | delay and shall be deposited into a special fund to be known as |
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| 1 | | the
Southern Illinois University Income Fund : (a) tuition and | 2 | | laboratory fees not
pledged to discharge obligations arising | 3 | | out of the issuance of revenue bonds,
library fees, and all
any | 4 | | interest which may be earned thereon not
later than 20 days | 5 | | after receipt of the same without any deductions except for
| 6 | | refunds to students for whom duplicate payments have been made | 7 | | and to students
who have withdrawn after registration and are | 8 | | entitled to such refunds ; and
(b) excess income from auxiliary | 9 | | enterprises and
activities as provided in paragraph (2) of this | 10 | | Section, and all other
income arising out of any activity or | 11 | | purpose not specified in paragraph
(2) of this Section or in | 12 | | Sections 6a-2 or 6a-3 upon
not later than 10
days after receipt | 13 | | of the same without any deduction whatever. Such items of
| 14 | | income shall be either paid into the State treasury or | 15 | | deposited into a
college or university bank account within the | 16 | | time period established for like
amounts in Section 2 of the | 17 | | State Officers and Employees Money Disposition
Act . Within 10 | 18 | | days after the effective date of this amendatory Act of 1996,
| 19 | | all moneys then remaining in the Southern Illinois University | 20 | | Income Fund
heretofore established as a special fund in the | 21 | | State treasury that were
covered and paid into that fund by the | 22 | | University shall be repaid to the
University upon the warrant | 23 | | of the State Comptroller, directed to the State
Treasurer as an | 24 | | order to pay the sum required to be repaid under this paragraph
| 25 | | and shown as due on the warrant. The University shall deposit | 26 | | the amount so
repaid to it in a college or university bank |
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| 1 | | account within the time period
established for like amounts in | 2 | | Section 2 of the State Officers and Employees
Money Disposition | 3 | | Act, to be credited to the University Income Fund established
| 4 | | by the University in its own treasury for purposes of this | 5 | | paragraph. All
moneys
from time to time held in the University | 6 | | Income Fund in the treasury of the
University shall be used by | 7 | | the University, pursuant to the order and direction
of the | 8 | | Board of Trustees of the University, for the support and | 9 | | improvement of
the University, except for amounts disbursed | 10 | | from that University Income Fund
for refunds to students for | 11 | | whom duplicate payment has been made and to
students who have | 12 | | withdrawn after registration and who are entitled to such
| 13 | | refunds ; provided, that if deposited into a bank account, such | 14 | | items
together with interest thereon shall be paid into the | 15 | | State
treasury as provided in the preceding sentence. The | 16 | | General Assembly
shall from time to time make appropriations | 17 | | payable from such fund for
the support and improvement of | 18 | | Southern Illinois University .
| 19 | | (2) The following items of income shall be retained by the
| 20 | | University in its own treasury: endowment funds, gifts, trust | 21 | | funds, and
Federal aid; funds received in connection with | 22 | | contracts with
governmental, public, or private agencies or | 23 | | persons, for research or
services including funds which are | 24 | | paid as reimbursement to the
University; funds received in | 25 | | connection with reserves authorized by
Section 8a of the | 26 | | Southern Illinois University Management Act;
funds received in |
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| 1 | | connection with its operation of medical
research and high | 2 | | technology parks and with the retention, receipt,
assignment, | 3 | | license, sale or transfer of interests in, rights to, or income
| 4 | | from discoveries, inventions, patents, or copyrightable works; | 5 | | funds retained
by the University under the authority of
| 6 | | Sections 6a-2 and 6a-3; and funds received from the operation | 7 | | of student
or staff residence facilities, student and staff | 8 | | medical and health
programs, Union buildings, bookstores, | 9 | | farms, stores, and other
auxiliary enterprises or activities | 10 | | which are self-supporting in whole
or in part. Any income | 11 | | derived from such auxiliary enterprises or
activities which is | 12 | | not necessary to their support, maintenance, or
development | 13 | | shall not, however, be applied to any general operational or
| 14 | | educational purposes but shall be retained by the University in | 15 | | its own
treasury and credited to the University Income Fund | 16 | | that it shall establish in
its treasury
paid into the State | 17 | | treasury as
provided in paragraph (1) of this Section.
| 18 | | Whenever such funds retained by the University in its own | 19 | | treasury are
deposited with a bank or savings and loan | 20 | | association and the amount of the
deposit exceeds the amount of | 21 | | federal deposit insurance coverage, a bond or
pledged | 22 | | securities shall be obtained.
Only the types of securities | 23 | | which the State Treasurer may, in his
discretion, accept for | 24 | | amounts not insured by the Federal Deposit Insurance
| 25 | | Corporation or the Federal Savings and Loan Insurance | 26 | | Corporation under
Section 11 of the Deposit of State Moneys |
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| 1 | | Act, may be accepted as pledged
securities. The market value of | 2 | | the
bond or pledged securities shall at all times be equal to | 3 | | or greater than
the uninsured portion of the deposit.
| 4 | | The Auditor General shall audit or cause to be audited the | 5 | | above
items of income and all other income and expenditures of | 6 | | such institution.
| 7 | | (3) The provisions of this Section, as amended by this | 8 | | amendatory Act
of the 97th General Assembly, apply to moneys | 9 | | received by the University
on or after July 1, 2011. Moneys | 10 | | held by the University in the University
Income Fund that was | 11 | | created under this Section pursuant to Public Act 89-602
may be | 12 | | expended as authorized by that Public Act, but no additional | 13 | | moneys
shall be deposited into that Fund after June 30, 2011.
| 14 | | (Source: P.A. 89-602, eff. 8-2-96.)
| 15 | | (30 ILCS 105/6a-1a)
| 16 | | Sec. 6a-1a. Northern Illinois University Income Fund.
| 17 | | (1) Beginning on the effective date of this amendatory Act
| 18 | | of 1996, The following items of income received by Northern | 19 | | Illinois
University for general operational and educational | 20 | | purposes shall be retained
by the University in its own | 21 | | treasury and credited to an account known as the
University | 22 | | Income Fund that it shall establish in its treasury for | 23 | | purposes of
this paragraph
paid into the State treasury without | 24 | | delay and
shall be deposited into a special fund to be known as | 25 | | the Northern
Illinois University Income Fund : (a) tuition and |
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| 1 | | laboratory fees not
pledged to discharge obligations arising | 2 | | out of the issuance of revenue
bonds, library fees, all
and any | 3 | | interest which may be earned thereon
not later
than 20 days | 4 | | after receipt of the same without any deductions except for
| 5 | | refunds to students for whom duplicate payments have been made | 6 | | and to students
who have withdrawn after registration and are | 7 | | entitled to such refunds ;
and (b) excess income from auxiliary | 8 | | enterprises and
activities as provided in paragraph (2) of this | 9 | | Section, and all other
income arising out of any activity or | 10 | | purpose not specified in paragraph
(2), (3), (4) or (5) of this | 11 | | Section upon
not later than 10 days after
receipt of the same | 12 | | without any deduction whatever.
Within 10 days after the | 13 | | effective date of this amendatory Act of 1996, all
moneys then | 14 | | held in the Northern Illinois University Income Fund | 15 | | established in
the State treasury that have been covered and | 16 | | paid into that fund by or on
behalf of that University shall be | 17 | | repaid to the University upon the warrant of
the State | 18 | | Comptroller, directed to the State Treasurer as an order to pay | 19 | | the
sum required to be repaid under this paragraph and shown as | 20 | | due on the warrant.
The University shall deposit the amount so | 21 | | repaid to it in a university bank
account within the time | 22 | | period established for like amounts in Section 2 of the
State | 23 | | Officers and Employees Money Disposition Act, to be credited to | 24 | | the
University Income Fund established by the University in its | 25 | | own treasury for
purposes of this paragraph. All moneys from | 26 | | time to time held in the
University Income Fund in the treasury |
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| 1 | | of the University shall be used by the
University, pursuant to | 2 | | the order and direction of the Board of Trustees of the
| 3 | | University, for the support and improvement of the University, | 4 | | except for
amounts disbursed from that University Income Fund | 5 | | for refunds to students for
whom duplicate payment has been | 6 | | made and to students who have withdrawn after
registration and | 7 | | who are entitled to such refunds.
The General Assembly
shall | 8 | | from time to time make appropriations payable from such fund | 9 | | for
the support and improvement of Northern Illinois | 10 | | University.
| 11 | | (2) The following items of income shall be retained by the
| 12 | | University in its own treasury: endowment funds, gifts, trust | 13 | | funds, and
Federal aid; funds received in connection with | 14 | | contracts with
governmental, public, or private agencies or | 15 | | persons, for research or
services including funds which are | 16 | | paid as reimbursement to the
University; funds received in | 17 | | connection with reserves authorized by
Section 30-60 of the | 18 | | Northern Illinois University Law;
funds received in connection | 19 | | with its operation of
research and high technology parks and | 20 | | with the retention, receipt,
assignment, license, sale or | 21 | | transfer of interests in, rights to, or income
from | 22 | | discoveries, inventions, patents, or copyrightable works; | 23 | | funds retained
by the University under the authority of
| 24 | | paragraph (3), (4) or (5) of this Section; and funds received | 25 | | from the
operation of student
or staff residence facilities, | 26 | | student and staff medical and health
programs, Union buildings, |
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| 1 | | bookstores, farms, stores, and other
auxiliary enterprises or | 2 | | activities which are self-supporting in whole
or in part. Any | 3 | | income derived from such auxiliary enterprises or
activities | 4 | | which is not necessary to their support, maintenance, or
| 5 | | development shall not, however, be applied to any general | 6 | | operational or
educational purposes but shall be retained by | 7 | | the University in its own
treasury and credited to the | 8 | | University Income Fund that it shall establish in
its treasury
| 9 | | paid into the State treasury as
provided in paragraph (1) of | 10 | | this Section.
| 11 | | (3) The Board of Trustees of Northern Illinois University
| 12 | | may retain in its
treasury any funds derived from rentals, | 13 | | service charges and laboratory and
building service charges or | 14 | | other sources, assessed or obtained for or
arising out of the | 15 | | operation of any building or buildings or structure or
| 16 | | structures and pledged to discharge obligations created in | 17 | | order to
complete or operate such building or structure, or for | 18 | | the payment of
revenue bonds issued for such University by the | 19 | | Teachers College Board, the
Board of Governors of State | 20 | | Colleges and Universities, the Board of Regents, or
the Board | 21 | | of Trustees of Northern Illinois University, such funds
to be | 22 | | disbursed from
time to time pursuant to the order and direction | 23 | | of the Board of Trustees
of Northern Illinois University,
and | 24 | | in accordance with any contracts, pledges, trusts or
agreements | 25 | | heretofore made with respect thereto by the Teachers College | 26 | | Board,
the Board of Governors of State Colleges and |
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| 1 | | Universities or the Board of
Regents, or hereafter made by the | 2 | | Board of Trustees of Northern Illinois
University.
| 3 | | (4) The Board of Trustees of Northern Illinois University | 4 | | may also retain in
its treasury, out of student fees and | 5 | | tuition, such sums annually as the
Board determines are | 6 | | necessary to supplement revenue derived from any
building or | 7 | | buildings constructed or acquired on or after the effective
| 8 | | date of this amendatory Act of 1995, or to
supplement revenues | 9 | | derived from any building or buildings having bonds
outstanding | 10 | | thereon which bonds have heretofore been issued for the | 11 | | University
by the Teachers College Board, the Board of | 12 | | Governors of State Colleges and
Universities or the Board of | 13 | | Regents and which bonds are refunded under the
provisions of | 14 | | the Act under which they were issued or under the provisions
of | 15 | | any other law of this State authorizing the refunding of such | 16 | | bonds,
and may pledge or by resolution may make a supplementary
| 17 | | allocation of the funds so retained out of students' fees and | 18 | | tuition for
the retirement of such bonds as may be issued under | 19 | | any such Act or law. Such
funds as
are so pledged shall | 20 | | annually be credited to the account to which the
pledge | 21 | | applies. Such funds as are supplementarily allocated by Board
| 22 | | resolution subsequent to the resolution creating the bonds | 23 | | shall be
credited in accordance with the terms of the | 24 | | resolution making such
supplementary allocation to the account | 25 | | to which the allocation applies.
The Board may authorize such | 26 | | supplementation only after a determination by
it that the |
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| 1 | | maximum revenues which may reasonably and economically be
| 2 | | derived from the operation of a building proposed to be | 3 | | constructed or
acquired under the Act under which the bonds | 4 | | therefor are issued will be
insufficient to meet the costs
of | 5 | | operation and maintenance and to pay the principal of and | 6 | | interest on
bonds so issued for such building, or after a | 7 | | determination by it that the
maximum revenues which may | 8 | | reasonably and economically be derived from the
operation of a | 9 | | building already constructed or acquired under the Act under
| 10 | | which the bonds therefor were issued are
or will be | 11 | | insufficient to meet the costs of operation and maintenance and
| 12 | | to pay the principal of and interest on bonds issued for such | 13 | | building. In
no event shall the supplementation from University | 14 | | income be in excess of
an amount which, when added to the | 15 | | revenues to be derived from the
operation of the building or | 16 | | buildings, will be sufficient to meet the
annual debt service | 17 | | requirements on the bonds issued in respect to such
building or | 18 | | buildings, the annual cost of maintenance or operation of such
| 19 | | building or buildings, and to provide for such reserves, | 20 | | accounts or
covenants which the resolution authorizing the | 21 | | issuing of such bonds may
require.
| 22 | | (5) The Board of Trustees of Northern Illinois University | 23 | | may also retain
in its treasury (a) all moneys received from | 24 | | the sale of all bonds issued
under the Northern Illinois | 25 | | University Revenue Bond Law,
(b) all fees,
rentals and other | 26 | | charges from students, staff members and others using or
being |
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| 1 | | served by, or having the right to use or the right to be served | 2 | | by,
or to operate any project acquired under the Northern | 3 | | Illinois University
Revenue Bond Law, (c) all tuition,
| 4 | | registration, matriculation, health, hospital, medical, | 5 | | laboratory,
admission, student activities, student services, | 6 | | and all other fees
collected from students matriculated, | 7 | | registered or otherwise enrolled at
and attending the | 8 | | University pledged under the terms of any resolution
| 9 | | authorizing bonds, or authorizing a supplemental allocation of | 10 | | fees for
debt service of bonds theretofore issued pursuant to | 11 | | the Northern Illinois
University Revenue Bond Law, and (d)
all | 12 | | rentals from any facility or building acquired under the | 13 | | Northern Illinois
University Revenue Bond Law and
leased to the | 14 | | United States of America.
| 15 | | (6) Whenever funds retained by the University in its own | 16 | | treasury as
provided in this Section are
deposited with a bank | 17 | | or savings and loan association and the amount of the
deposit | 18 | | exceeds the amount of federal deposit insurance coverage, a | 19 | | bond or
pledged securities shall be obtained.
Only the types of | 20 | | securities which the State Treasurer may, in his
discretion, | 21 | | accept for amounts not insured by the Federal Deposit Insurance
| 22 | | Corporation or the Federal Savings and Loan Insurance | 23 | | Corporation under
Section 11 of the Deposit of State Moneys Act | 24 | | may be accepted as pledged
securities.
The market value of the | 25 | | bond or
pledged securities shall at all times be equal to or | 26 | | greater than the
uninsured portion of the deposit.
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| 1 | | (7) The Auditor General shall audit or cause to be audited | 2 | | all items
of income referred to in this Section and all other | 3 | | income and expenditures
of the University.
| 4 | | (8) The provisions of this Section, as amended by this | 5 | | amendatory Act
of the 97th General Assembly, apply to moneys | 6 | | received by the University
on or after July 1, 2011. Moneys | 7 | | held by the University in the University
Income Fund that was | 8 | | created under this Section pursuant to Public Act 89-602
may be | 9 | | expended as authorized by that Public Act, but no additional | 10 | | moneys
shall be deposited into that Fund after June 30, 2011.
| 11 | | (Source: P.A. 89-4, eff. 1-1-96; 89-602, eff. 8-2-96.)
| 12 | | (30 ILCS 105/6a-1b)
| 13 | | Sec. 6a-1b. Illinois State University Income Fund.
| 14 | | (1) Beginning on the effective date of this amendatory Act | 15 | | of
1996, The following items of income received by
Illinois | 16 | | State University for general operational and educational | 17 | | purposes
shall be retained by the University in its own | 18 | | treasury and credited to an
account known as the University | 19 | | Income Fund that it shall establish in its
treasury for | 20 | | purposes of this paragraph
paid into the State treasury without | 21 | | delay and
shall be deposited into a special fund to be known as | 22 | | the
Illinois State University Income Fund : (a) tuition and | 23 | | laboratory fees not
pledged to discharge obligations arising | 24 | | out of the issuance of revenue
bonds, library fees, and all
any | 25 | | interest which may be earned thereon
not later
than 20 days |
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| 1 | | after receipt of the same without any deductions except for
| 2 | | refunds to students for whom duplicate payments have been made | 3 | | and to students
who have withdrawn after registration and are | 4 | | entitled to such refunds ;
and (b) excess income from auxiliary | 5 | | enterprises and
activities as provided in paragraph (2) of this | 6 | | Section, and all other
income arising out of any activity or | 7 | | purpose not specified in paragraph
(2), (3), (4) or (5) of this | 8 | | Section upon
not later than 10 days after
receipt of the same | 9 | | without any deduction whatever.
Within 10 days after the | 10 | | effective date of this amendatory Act of 1996, all
moneys then | 11 | | held in the Illinois State University Income Fund established | 12 | | in
the State treasury that have been covered and paid into that | 13 | | fund by or on
behalf of that University shall be repaid to the | 14 | | University upon the warrant of
the State Comptroller, directed | 15 | | to the State Treasurer as an order to pay the
sum required to | 16 | | be repaid under this paragraph and shown as due on the warrant.
| 17 | | The University shall deposit the amount so repaid to it in a | 18 | | university bank
account within the time period established for | 19 | | like amounts in Section 2 of the
State Officers and Employees | 20 | | Money Disposition Act, to be credited to the
University Income | 21 | | Fund established by the University in its own treasury for
| 22 | | purposes of this paragraph. All moneys from time to time held | 23 | | in the
University Income Fund in the treasury of the University | 24 | | shall be used by the
University, pursuant to the order and | 25 | | direction of the Board of Trustees of the
University, for the | 26 | | support and improvement of the University, except for
amounts |
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| 1 | | disbursed from that University Income Fund for refunds to | 2 | | students for
whom duplicate payment has been made and to | 3 | | students who have withdrawn after
registration and who are | 4 | | entitled to such refunds.
The General Assembly
shall from time | 5 | | to time make appropriations payable from such fund for
the | 6 | | support and improvement of Illinois State University.
| 7 | | (2) The following items of income shall be retained by the
| 8 | | University in its own treasury: endowment funds, gifts, trust | 9 | | funds, and
Federal aid; funds received in connection with | 10 | | contracts with
governmental, public, or private agencies or | 11 | | persons, for research or
services including funds which are | 12 | | paid as reimbursement to the
University; funds received in | 13 | | connection with reserves authorized by
Section 20-60 of the | 14 | | Illinois State University Law;
funds received in connection | 15 | | with its operation of
research and high technology parks and | 16 | | with the retention, receipt,
assignment, license, sale or | 17 | | transfer of interests in, rights to, or income
from | 18 | | discoveries, inventions, patents, or copyrightable works; | 19 | | funds retained
by the University under the authority of
| 20 | | paragraph (3), (4) or (5) of this Section; and funds received | 21 | | from the
operation of student
or staff residence facilities, | 22 | | student and staff medical and health
programs, Union buildings, | 23 | | bookstores, farms, stores, and other
auxiliary enterprises or | 24 | | activities which are self-supporting in whole
or in part. Any | 25 | | income derived from such auxiliary enterprises or
activities | 26 | | which is not necessary to their support, maintenance, or
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| 1 | | development shall not, however, be applied to any general | 2 | | operational or
educational purposes but shall be retained by | 3 | | the University in its own
treasury and credited to the | 4 | | University Income Fund that it shall establish in
its treasury
| 5 | | paid into the State treasury as
provided in paragraph (1) of | 6 | | this Section.
| 7 | | (3) The Board of Trustees of Illinois State University
may | 8 | | retain in its
treasury any funds derived from rentals, service | 9 | | charges and laboratory and
building service charges or other | 10 | | sources, assessed or obtained for or
arising out of the | 11 | | operation of any building or buildings or structure or
| 12 | | structures and pledged to discharge obligations created in | 13 | | order to
complete or operate such building or structure, or for | 14 | | the payment of
revenue bonds issued for such University by the | 15 | | Teachers College Board, the
Board of Governors of State | 16 | | Colleges and Universities, the Board of Regents,
or the Board | 17 | | of Trustees of Illinois State University, such funds
to be | 18 | | disbursed from
time to time pursuant to the order and direction | 19 | | of the Board of Trustees
of Northern Illinois University,
and | 20 | | in accordance with any contracts, pledges, trusts or
agreements | 21 | | heretofore made with respect thereto by the Teachers College | 22 | | Board,
the Board of Governors of State Colleges and | 23 | | Universities or the Board of
Regents, or hereafter made by the | 24 | | Board of Trustees of Illinois State
University.
| 25 | | (4) The Board of Trustees of Illinois State University may | 26 | | also retain in
its treasury, out of student fees and tuition, |
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| 1 | | such sums annually as the
Board determines are necessary to | 2 | | supplement revenue derived from any
building or buildings | 3 | | constructed or acquired on or after the effective
date of this | 4 | | amendatory Act of 1995, or to
supplement revenues derived from | 5 | | any building or buildings having bonds
outstanding thereon | 6 | | which bonds have heretofore been issued for the University
by | 7 | | the Teachers College Board, the Board of Governors of State | 8 | | Colleges and
Universities or the Board of Regents and which | 9 | | bonds are refunded under the
provisions of the Act under which | 10 | | they were issued or under the provisions
of any other law of | 11 | | this State authorizing the refunding of such bonds,
and may | 12 | | pledge or by resolution may make a supplementary
allocation of | 13 | | the funds so retained out of students' fees and tuition for
the | 14 | | retirement of such bonds as may be issued under any such Act or | 15 | | law. Such
funds as
are so pledged shall annually be credited to | 16 | | the account to which the
pledge applies. Such funds as are | 17 | | supplementarily allocated by Board
resolution subsequent to | 18 | | the resolution creating the bonds shall be
credited in | 19 | | accordance with the terms of the resolution making such
| 20 | | supplementary allocation to the account to which the allocation | 21 | | applies.
The Board may authorize such supplementation only | 22 | | after a determination by
it that the maximum revenues which may | 23 | | reasonably and economically be
derived from the operation of a | 24 | | building proposed to be constructed or
acquired under the Act | 25 | | under which the bonds therefor are issued will be
insufficient | 26 | | to meet the costs
of operation and maintenance and to pay the |
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| 1 | | principal of and interest on
bonds so issued for such building, | 2 | | or after a determination by it that the
maximum revenues which | 3 | | may reasonably and economically be derived from the
operation | 4 | | of a building already constructed or acquired under the Act | 5 | | under
which the bonds therefor were issued are
or will be | 6 | | insufficient to meet the costs of operation and maintenance and
| 7 | | to pay the principal of and interest on bonds issued for such | 8 | | building. In
no event shall the supplementation from University | 9 | | income be in excess of
an amount which, when added to the | 10 | | revenues to be derived from the
operation of the building or | 11 | | buildings, will be sufficient to meet the
annual debt service | 12 | | requirements on the bonds issued in respect to such
building or | 13 | | buildings, the annual cost of maintenance or operation of such
| 14 | | building or buildings, and to provide for such reserves, | 15 | | accounts or
covenants which the resolution authorizing the | 16 | | issuing of such bonds may
require.
| 17 | | (5) The Board of Trustees of Illinois State University may | 18 | | also retain
in its treasury (a) all moneys received from the | 19 | | sale of all bonds issued
under the Illinois State University | 20 | | Revenue Bond Law,
(b) all fees,
rentals and other charges from | 21 | | students, staff members and others using or
being served by, or | 22 | | having the right to use or the right to be served by,
or to | 23 | | operate any project acquired under the Illinois State | 24 | | University Revenue
Bond Law, (c) all tuition,
registration, | 25 | | matriculation, health, hospital, medical, laboratory,
| 26 | | admission, student activities, student services, and all other |
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| 1 | | fees
collected from students matriculated, registered or | 2 | | otherwise enrolled at
and attending the University pledged | 3 | | under the terms of any resolution
authorizing bonds, or | 4 | | authorizing a supplemental allocation of fees for
debt service | 5 | | of bonds theretofore issued pursuant to the Illinois State
| 6 | | University Revenue Bond Law, and (d)
all rentals from any | 7 | | facility or building acquired under the Illinois State
| 8 | | University Revenue Bond Law and
leased to the United States of | 9 | | America.
| 10 | | (6) Whenever funds retained by the University in its own | 11 | | treasury as
provided in this Section are
deposited with a bank | 12 | | or savings and loan association and the amount of the
deposit | 13 | | exceeds the amount of federal deposit insurance coverage, a | 14 | | bond or
pledged securities shall be obtained.
Only the types of | 15 | | securities which the State Treasurer may, in his
discretion, | 16 | | accept for amounts not insured by the Federal Deposit Insurance
| 17 | | Corporation or the Federal Savings and Loan Insurance | 18 | | Corporation under
Section 11 of the Deposit of State Moneys Act | 19 | | may be accepted as pledged
securities.
The market value of the | 20 | | bond or
pledged securities shall at all times be equal to or | 21 | | greater than the
uninsured portion of the deposit.
| 22 | | (7) The Auditor General shall audit or cause to be audited | 23 | | all items
of income referred to in this Section and all other | 24 | | income and expenditures
of the University.
| 25 | | (8) The provisions of this Section, as amended by this | 26 | | amendatory Act
of the 97th General Assembly, apply to moneys |
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| 1 | | received by the University
on or after July 1, 2011. Moneys | 2 | | held by the University in the University
Income Fund that was | 3 | | created under this Section pursuant to Public Act 89-602
may be | 4 | | expended as authorized by that Public Act, but no additional | 5 | | moneys
shall be deposited into that Fund after June 30, 2011.
| 6 | | (Source: P.A. 89-4, eff. 1-1-96; 89-602, eff. 8-2-96.)
| 7 | | (30 ILCS 105/6a-1c)
| 8 | | Sec. 6a-1c. Chicago State University Income Fund.
| 9 | | (1) Beginning on the effective date of this amendatory Act | 10 | | of
1996, The following items of income received by Chicago | 11 | | State
University for general operational and educational | 12 | | purposes
shall be
retained by the University in its own | 13 | | treasury and credited to an account
known
as the University | 14 | | Income Fund that it shall establish in its treasury for
| 15 | | purposes of this paragraph
paid into the State treasury without | 16 | | delay and
shall be deposited into a special fund to be known as | 17 | | the Chicago State
University Income Fund : (a) tuition and | 18 | | laboratory fees not
pledged to discharge obligations arising | 19 | | out of the issuance of revenue
bonds, library fees, and all
any | 20 | | interest which may be earned thereon
not later
than 20 days | 21 | | after receipt of the same without any deductions except for
| 22 | | refunds to students for whom duplicate payments have been made | 23 | | and to students
who have withdrawn after registration and are | 24 | | entitled to such refunds ;
and (b) excess income from auxiliary | 25 | | enterprises and
activities as provided in paragraph (2) of this |
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| 1 | | Section, and all other
income arising out of any activity or | 2 | | purpose not specified in paragraph
(2), (3), (4) or (5) of this | 3 | | Section upon
not later than 10 days after
receipt of
the same | 4 | | without any deduction whatever.
Within 10 days after the | 5 | | effective date of this amendatory Act of 1996, all
moneys then | 6 | | held in the Chicago State University Income Fund established in
| 7 | | the State treasury that have been covered and paid into that | 8 | | fund by or on
behalf of that University shall be repaid to the | 9 | | University upon the warrant of
the State Comptroller, directed | 10 | | to the State Treasurer as an order to pay the
sum required to | 11 | | be repaid under this paragraph and shown as due on the warrant.
| 12 | | The University shall deposit the amount so repaid to it in a | 13 | | university bank
account within the time period established for | 14 | | like amounts in Section 2 of the
State Officers and Employees | 15 | | Money Disposition Act, to be credited to the
University Income | 16 | | Fund established by the University in its own treasury for
| 17 | | purposes of this paragraph. All moneys from time to time held | 18 | | in the
University Income Fund in the treasury of the University | 19 | | shall be used by the
University, pursuant to the order and | 20 | | direction of the Board of Trustees of the
University, for the | 21 | | support and improvement of the University, except for
amounts | 22 | | disbursed from that University Income Fund for refunds to | 23 | | students for
whom duplicate payment has been made and to | 24 | | students who have withdrawn after
registration and who are | 25 | | entitled to such refunds.
The General Assembly
shall from time | 26 | | to time make appropriations payable from such fund for
the |
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| 1 | | support and improvement of Chicago State University.
| 2 | | (2) The following items of income shall be retained by the
| 3 | | University in its own treasury: endowment funds, gifts, trust | 4 | | funds, and
Federal aid; funds received in connection with | 5 | | contracts with
governmental, public, or private agencies or | 6 | | persons, for research or
services including funds which are | 7 | | paid as reimbursement to the
University; funds received in | 8 | | connection with reserves authorized by
Section 5-60 of the | 9 | | Chicago State University Law;
funds received in connection with | 10 | | its operation of
research and high technology parks and with | 11 | | the retention, receipt,
assignment, license, sale or transfer | 12 | | of interests in, rights to, or income
from discoveries, | 13 | | inventions, patents, or copyrightable works; funds retained
by | 14 | | the University under the authority of
paragraph (3), (4) or (5) | 15 | | of this Section; and funds received from the
operation of | 16 | | student
or staff residence facilities, student and staff | 17 | | medical and health
programs, Union buildings, bookstores, | 18 | | farms, stores, and other
auxiliary enterprises or activities | 19 | | which are self-supporting in whole
or in part. Any income | 20 | | derived from such auxiliary enterprises or
activities which is | 21 | | not necessary to their support, maintenance, or
development | 22 | | shall not, however, be applied to any general operational or
| 23 | | educational purposes but shall be retained by the University in | 24 | | its own
treasury and credited to the University Income Fund | 25 | | that it shall establish in
its treasury
paid into the State | 26 | | treasury as
provided in paragraph (1) of this Section.
|
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| 1 | | (3) The Board of Trustees of Chicago State University
may | 2 | | retain in its
treasury any funds derived from rentals, service | 3 | | charges and laboratory and
building service charges or other | 4 | | sources, assessed or obtained for or
arising out of the | 5 | | operation of any building or buildings or structure or
| 6 | | structures and pledged to discharge obligations created in | 7 | | order to
complete or operate such building or structure, or for | 8 | | the payment of
revenue bonds issued for such University by the | 9 | | Teachers College Board, the
Board of Governors of State | 10 | | Colleges and Universities or the Board of Trustees
of Chicago | 11 | | State University, such funds to be disbursed from time to time
| 12 | | pursuant to the order and direction of the Board of Trustees of | 13 | | Chicago State
University, and in accordance with any contracts, | 14 | | pledges, trusts or agreements
heretofore made with respect | 15 | | thereto by the Teachers College Board or the Board
of Governors | 16 | | of State Colleges and Universities, or hereafter made by the | 17 | | Board
of Trustees of Chicago State University.
| 18 | | (4) The Board of Trustees of Chicago State University may | 19 | | also retain in
its treasury, out of student fees and tuition, | 20 | | such sums annually as the
Board determines are necessary to | 21 | | supplement revenue derived from any
building or buildings | 22 | | constructed or acquired on or after the effective
date of this | 23 | | amendatory Act of 1995, or to
supplement revenues derived from | 24 | | any building or buildings having bonds
outstanding thereon | 25 | | which bonds have heretofore been issued for the University
by | 26 | | the Teachers College Board or the Board of Governors of State |
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| 1 | | Colleges and
Universities and which bonds are refunded under | 2 | | the
provisions of the Act under which they were issued or under | 3 | | the provisions
of any other law of this State authorizing the | 4 | | refunding of such bonds,
and may pledge or by resolution may | 5 | | make a supplementary allocation of the
funds so retained out of | 6 | | students' fees and tuition for the retirement of such
bonds as | 7 | | may be issued under any such Act or law. Such funds as
are so | 8 | | pledged shall annually be credited to the account to which the
| 9 | | pledge applies. Such funds as are supplementarily allocated by | 10 | | Board
resolution subsequent to the resolution creating the | 11 | | bonds shall be
credited in accordance with the terms of the | 12 | | resolution making such
supplementary allocation to the account | 13 | | to which the allocation applies.
The Board may authorize such | 14 | | supplementation only after a determination by
it that the | 15 | | maximum revenues which may reasonably and economically be
| 16 | | derived from the operation of a building proposed to be | 17 | | constructed or
acquired under the Act under which the bonds | 18 | | therefor are issued will be
insufficient to meet the costs
of | 19 | | operation and maintenance and to pay the principal of and | 20 | | interest on
bonds so issued for such building, or after a | 21 | | determination by it that the
maximum revenues which may | 22 | | reasonably and economically be derived from the
operation of a | 23 | | building already constructed or acquired under the Act under
| 24 | | which the bonds therefor were issued are
or will be | 25 | | insufficient to meet the costs of operation and maintenance and
| 26 | | to pay the principal of and interest on bonds issued for such |
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| 1 | | building. In
no event shall the supplementation from University | 2 | | income be in excess of
an amount which, when added to the | 3 | | revenues to be derived from the
operation of the building or | 4 | | buildings, will be sufficient to meet the
annual debt service | 5 | | requirements on the bonds issued in respect to such
building or | 6 | | buildings, the annual cost of maintenance or operation of such
| 7 | | building or buildings, and to provide for such reserves, | 8 | | accounts or
covenants which the resolution authorizing the | 9 | | issuing of such bonds may
require.
| 10 | | (5) The Board of Trustees of Chicago State University may | 11 | | also retain
in its treasury (a) all moneys received from the | 12 | | sale of all bonds issued
under the Chicago State University | 13 | | Revenue Bond Law, (b) all fees,
rentals and other charges from | 14 | | students, staff members and others using or
being served by, or | 15 | | having the right to use or the right to be served by,
or to | 16 | | operate any project acquired under the Chicago State University | 17 | | Revenue
Bond Law, (c) all tuition,
registration, | 18 | | matriculation, health, hospital, medical, laboratory,
| 19 | | admission, student activities, student services, and all other | 20 | | fees
collected from students matriculated, registered or | 21 | | otherwise enrolled at
and attending the University pledged | 22 | | under the terms of any resolution
authorizing bonds, or | 23 | | authorizing a supplemental allocation of fees for
debt service | 24 | | of bonds theretofore issued pursuant to the Chicago State
| 25 | | University Revenue Bond Law, and (d)
all rentals from any | 26 | | facility or building acquired under the Chicago State
|
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| 1 | | University Revenue Bond Law and
leased to the United States of | 2 | | America.
| 3 | | (6) Whenever funds retained by the University in its own | 4 | | treasury as
provided in this Section are
deposited with a bank | 5 | | or savings and loan association and the amount of the
deposit | 6 | | exceeds the amount of federal deposit insurance coverage, a | 7 | | bond or
pledged securities shall be obtained. Only the types of | 8 | | securities which the
State Treasurer may, in his
discretion, | 9 | | accept for amounts not insured by the Federal Deposit Insurance
| 10 | | Corporation or the Federal Savings and Loan Insurance | 11 | | Corporation under
Section 11 of the Deposit of State Moneys Act | 12 | | may be accepted as pledged
securities. The market value of the | 13 | | bond or pledged securities shall at all
times be equal to or | 14 | | greater than the uninsured portion of the deposit.
| 15 | | (7) The Auditor General shall audit or cause to be audited | 16 | | all items
of income referred to in this Section and all other | 17 | | income and expenditures
of the University.
| 18 | | (8) The provisions of this Section, as amended by this | 19 | | amendatory Act
of the 97th General Assembly, apply to moneys | 20 | | received by the University
on or after July 1, 2011. Moneys | 21 | | held by the University in the University
Income Fund that was | 22 | | created under this Section pursuant to Public Act 89-602
may be | 23 | | expended as authorized by that Public Act, but no additional | 24 | | moneys
shall be deposited into that Fund after June 30, 2011.
| 25 | | (Source: P.A. 89-4, eff. 1-1-96; 89-602, eff. 8-2-96.)
|
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| 1 | | (30 ILCS 105/6a-1d)
| 2 | | Sec. 6a-1d. Eastern Illinois University Income Fund.
| 3 | | (1) Beginning on the effective date of this amendatory Act | 4 | | of
1996, The following items of income received by Eastern | 5 | | Illinois
University for general operational and educational | 6 | | purposes shall be
retained by the University in its own | 7 | | treasury and credited to an account
known as the University | 8 | | Income Fund that it shall establish in its treasury
for | 9 | | purposes of this paragraph
paid into the State treasury without | 10 | | delay
and shall be deposited into a special fund to be known as | 11 | | the Eastern
Illinois University Income Fund : (a) tuition and | 12 | | laboratory fees not
pledged to discharge obligations arising | 13 | | out of the issuance of revenue
bonds, library fees, and all
any | 14 | | interest which may be earned thereon
not later
than 20 days | 15 | | after receipt of the same without any deductions except for
| 16 | | refunds to students for whom duplicate payments have been made | 17 | | and to students
who have withdrawn after registration and are | 18 | | entitled to such refunds ;
and (b) excess income from auxiliary | 19 | | enterprises and
activities as provided in paragraph (2) of this | 20 | | Section, and all other
income arising out of any activity or | 21 | | purpose not specified in paragraph
(2), (3), (4) or (5) of this | 22 | | Section upon
not later than 10 days after
receipt of the same | 23 | | without any deduction whatever.
Within 10 days after the | 24 | | effective date of this amendatory Act of 1996, all
moneys then | 25 | | held in the Eastern Illinois University Income Fund established | 26 | | in
the State treasury that have been covered and paid into that |
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| 1 | | fund by or on
behalf of that University shall be repaid to the | 2 | | University upon the warrant of
the State Comptroller, directed | 3 | | to the State Treasurer as an order to pay the
sum required to | 4 | | be repaid under this paragraph and shown as due on the warrant.
| 5 | | The University shall deposit the amount so repaid to it in a | 6 | | university bank
account within the time period established for | 7 | | like amounts in Section 2 of the
State Officers and Employees | 8 | | Money Disposition Act, to be credited to the
University Income | 9 | | Fund established by the University in its own treasury for
| 10 | | purposes of this paragraph. All moneys from time to time held | 11 | | in the
University Income Fund in the treasury of the University | 12 | | shall be used by the
University, pursuant to the order and | 13 | | direction of the Board of Trustees of the
University, for the | 14 | | support and improvement of the University, except for
amounts | 15 | | disbursed from that University Income Fund for refunds to | 16 | | students for
whom duplicate payment has been made and to | 17 | | students who have withdrawn after
registration and who are | 18 | | entitled to such refunds.
The General Assembly
shall from time | 19 | | to time make appropriations payable from such fund for
the | 20 | | support and improvement of Eastern Illinois University.
| 21 | | (2) The following items of income shall be retained by the
| 22 | | University in its own treasury: endowment funds, gifts, trust | 23 | | funds, and
Federal aid; funds received in connection with | 24 | | contracts with
governmental, public, or private agencies or | 25 | | persons, for research or
services including funds which are | 26 | | paid as reimbursement to the
University; funds received in |
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| 1 | | connection with reserves authorized by
Section 10-60 of the | 2 | | Eastern Illinois University Law;
funds received in connection | 3 | | with its operation of
research and high technology parks and | 4 | | with the retention, receipt,
assignment, license, sale or | 5 | | transfer of interests in, rights to, or income
from | 6 | | discoveries, inventions, patents, or copyrightable works; | 7 | | funds retained
by the University under the authority of
| 8 | | paragraph (3), (4) or (5) of this Section; and funds received | 9 | | from the
operation of student
or staff residence facilities, | 10 | | student and staff medical and health
programs, Union buildings, | 11 | | bookstores, farms, stores, and other
auxiliary enterprises or | 12 | | activities which are self-supporting in whole
or in part. Any | 13 | | income derived from such auxiliary enterprises or
activities | 14 | | which is not necessary to their support, maintenance, or
| 15 | | development shall not, however, be applied to any general | 16 | | operational or
educational purposes but shall be retained by | 17 | | the University in its own
treasury and credited to the | 18 | | University Income Fund that it shall establish in
its treasury
| 19 | | paid into the State treasury as
provided in paragraph (1) of | 20 | | this Section.
| 21 | | (3) The Board of Trustees of Eastern Illinois University
| 22 | | may retain in its
treasury any funds derived from rentals, | 23 | | service charges and laboratory and
building service charges or | 24 | | other sources, assessed or obtained for or
arising out of the | 25 | | operation of any building or buildings or structure or
| 26 | | structures and pledged to discharge obligations created in |
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| 1 | | order to
complete or operate such building or structure, or for | 2 | | the payment of
revenue bonds issued for such University by the | 3 | | Teachers College Board, the
Board of Governors of State | 4 | | Colleges and Universities or the Board of Trustees
of Eastern | 5 | | Illinois University, such funds
to be disbursed from
time to | 6 | | time pursuant to the order and direction of the Board of | 7 | | Trustees
of Eastern Illinois University,
and in accordance with | 8 | | any contracts, pledges, trusts or
agreements heretofore made | 9 | | with respect thereto by the Teachers College Board
or the Board | 10 | | of Governors of State Colleges and Universities,
or hereafter | 11 | | made by the Board of Trustees of Eastern Illinois University.
| 12 | | (4) The Board of Trustees of Eastern Illinois University | 13 | | may also retain in
its treasury, out of student fees and | 14 | | tuition, such sums annually as the
Board determines are | 15 | | necessary to supplement revenue derived from any
building or | 16 | | buildings constructed or acquired on or after the effective
| 17 | | date of this amendatory Act of 1995, or to
supplement revenues | 18 | | derived from any building or buildings having bonds
outstanding | 19 | | thereon which bonds have heretofore been issued for the | 20 | | University
by the Teachers College Board or the Board of | 21 | | Governors of State Colleges and
Universities and which bonds | 22 | | are refunded under the
provisions of the Act under which they | 23 | | were issued or under the provisions
of any other law of this | 24 | | State authorizing the refunding of such bonds,
and may pledge | 25 | | or by resolution may make a supplementary
allocation of the | 26 | | funds so retained out of students' fees and tuition for
the |
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| 1 | | retirement of such bonds as may be issued under any such Act or | 2 | | law. Such
funds as
are so pledged shall annually be credited to | 3 | | the account to which the
pledge applies. Such funds as are | 4 | | supplementarily allocated by Board
resolution subsequent to | 5 | | the resolution creating the bonds shall be
credited in | 6 | | accordance with the terms of the resolution making such
| 7 | | supplementary allocation to the account to which the allocation | 8 | | applies. The
Board may authorize such supplementation only | 9 | | after a determination by
it that the maximum revenues which may | 10 | | reasonably and economically be
derived from the operation of a | 11 | | building proposed to be constructed or
acquired under the Act | 12 | | under which the bonds therefor are issued will be
insufficient | 13 | | to meet the costs
of operation and maintenance and to pay the | 14 | | principal of and interest on
bonds so issued for such building, | 15 | | or after a determination by it that the
maximum revenues which | 16 | | may reasonably and economically be derived from the
operation | 17 | | of a building already constructed or acquired under the Act | 18 | | under
which the bonds therefor were issued are
or will be | 19 | | insufficient to meet the costs of operation and maintenance and
| 20 | | to pay the principal of and interest on bonds issued for such | 21 | | building. In
no event shall the supplementation from University | 22 | | income be in excess of
an amount which, when added to the | 23 | | revenues to be derived from the
operation of the building or | 24 | | buildings, will be sufficient to meet the
annual debt service | 25 | | requirements on the bonds issued in respect to such
building or | 26 | | buildings, the annual cost of maintenance or operation of such
|
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| 1 | | building or buildings, and to provide for such reserves, | 2 | | accounts or
covenants which the resolution authorizing the | 3 | | issuing of such bonds may
require.
| 4 | | (5) The Board of Trustees of Eastern Illinois University | 5 | | may also retain
in its treasury (a) all moneys received from | 6 | | the sale of all bonds issued
under the Eastern Illinois | 7 | | University Revenue Bond Law,
(b) all fees,
rentals and other | 8 | | charges from students, staff members and others using or
being | 9 | | served by, or having the right to use or the right to be served | 10 | | by,
or to operate any project acquired under the Eastern | 11 | | Illinois University
Revenue Bond Law, (c) all tuition,
| 12 | | registration, matriculation, health, hospital, medical, | 13 | | laboratory,
admission, student activities, student services, | 14 | | and all other fees
collected from students matriculated, | 15 | | registered or otherwise enrolled at
and attending the | 16 | | University pledged under the terms of any resolution
| 17 | | authorizing bonds, or authorizing a supplemental allocation of | 18 | | fees for
debt service of bonds theretofore issued pursuant to | 19 | | the Eastern Illinois
University Revenue Bond Law, and (d)
all | 20 | | rentals from any facility or building acquired under the | 21 | | Eastern Illinois
University Revenue Bond Law and
leased to the | 22 | | United States of America.
| 23 | | (6) Whenever funds retained by the University in its own | 24 | | treasury as
provided in this Section are
deposited with a bank | 25 | | or savings and loan association and the amount of the
deposit | 26 | | exceeds the amount of federal deposit insurance coverage, a |
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| 1 | | bond or
pledged securities shall be obtained. Only the types of | 2 | | securities which the
State Treasurer may, in his
discretion, | 3 | | accept for amounts not insured by the Federal Deposit Insurance
| 4 | | Corporation or the Federal Savings and Loan Insurance | 5 | | Corporation under
Section 11 of the Deposit of State Moneys Act | 6 | | may be accepted as pledged
securities. The market value of the | 7 | | bond or
pledged securities shall at all times be equal to or | 8 | | greater than the
uninsured portion of the deposit.
| 9 | | (7) The Auditor General shall audit or cause to be audited | 10 | | all items
of income referred to in this Section and all other | 11 | | income and expenditures
of the University.
| 12 | | (8) The provisions of this Section, as amended by this | 13 | | amendatory Act
of the 97th General Assembly, apply to moneys | 14 | | received by the University
on or after July 1, 2011. Moneys | 15 | | held by the University in the University
Income Fund that was | 16 | | created under this Section pursuant to Public Act 89-602
may be | 17 | | expended as authorized by that Public Act, but no additional | 18 | | moneys
shall be deposited into that Fund after June 30, 2011.
| 19 | | (Source: P.A. 89-4, eff. 1-1-96; 89-602, eff. 8-2-96.)
| 20 | | (30 ILCS 105/6a-1e)
| 21 | | Sec. 6a-1e. Governors State University Income Fund.
| 22 | | (1) Beginning on the effective date of this amendatory Act | 23 | | of
1996, The following items of income received by Governors | 24 | | State
University for general operational and educational | 25 | | purposes shall be
retained by the University in its own |
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| 1 | | treasury and credited to an account
known as the University | 2 | | Income Fund that it shall establish in its treasury
for | 3 | | purposes of this paragraph
paid into the State treasury without | 4 | | delay and
shall be deposited into a special fund to be known as | 5 | | the Governors State
University Income Fund : (a) tuition and | 6 | | laboratory fees not
pledged to discharge obligations arising | 7 | | out of the issuance of revenue
bonds, library fees, and all
any | 8 | | interest which may be earned thereon
not later
than 20 days | 9 | | after receipt of the same without any deductions except for
| 10 | | refunds to students for whom duplicate payments have been made | 11 | | and to students
who have withdrawn after registration and are | 12 | | entitled to such refunds ;
and (b) excess income from auxiliary | 13 | | enterprises and
activities as provided in paragraph (2) of this | 14 | | Section, and all other
income arising out of any activity or | 15 | | purpose not specified in paragraph
(2), (3), (4) or (5) of this | 16 | | Section upon
not later than 10 days after
receipt of the same | 17 | | without any deduction whatever.
Within 10 days after the | 18 | | effective date of this amendatory Act of 1996, all
moneys then | 19 | | held in the Governors State University Income Fund established | 20 | | in
the State treasury that have been covered and paid into that | 21 | | fund by or on
behalf of that University shall be repaid to the | 22 | | University upon the warrant of
the State Comptroller, directed | 23 | | to the State Treasurer as an order to pay the
sum required to | 24 | | be repaid under this paragraph and shown as due on the warrant.
| 25 | | The University shall deposit the amount so repaid to it in a | 26 | | university bank
account within the time period established for |
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| 1 | | like amounts in Section 2 of the
State Officers and Employees | 2 | | Money Disposition Act, to be credited to the
University Income | 3 | | Fund established by the University in its own treasury for
| 4 | | purposes of this paragraph. All moneys from time to time held | 5 | | in the
University Income Fund in the treasury of the University | 6 | | shall be used by the
University, pursuant to the order and | 7 | | direction of the Board of Trustees of the
University, for the | 8 | | support and improvement of the University, except for
amounts | 9 | | disbursed from that University Income Fund for refunds to | 10 | | students for
whom duplicate payment has been made and to | 11 | | students who have withdrawn after
registration and who are | 12 | | entitled to such refunds.
The General Assembly
shall from time | 13 | | to time make appropriations payable from such fund for
the | 14 | | support and improvement of Governors State University.
| 15 | | (2) The following items of income shall be retained by the
| 16 | | University in its own treasury: endowment funds, gifts, trust | 17 | | funds, and
Federal aid; funds received in connection with | 18 | | contracts with
governmental, public, or private agencies or | 19 | | persons, for research or
services including funds which are | 20 | | paid as reimbursement to the
University; funds received in | 21 | | connection with reserves authorized by
Section 15-60 of the | 22 | | Governors State University Law;
funds received in connection | 23 | | with its operation of
research and high technology parks and | 24 | | with the retention, receipt,
assignment, license, sale or | 25 | | transfer of interests in, rights to, or income
from | 26 | | discoveries, inventions, patents, or copyrightable works; |
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| 1 | | funds retained
by the University under the authority of
| 2 | | paragraph (3), (4) or (5) of this Section; and funds received | 3 | | from the
operation of student
or staff residence facilities, | 4 | | student and staff medical and health
programs, Union buildings, | 5 | | bookstores, farms, stores, and other
auxiliary enterprises or | 6 | | activities which are self-supporting in whole
or in part. Any | 7 | | income derived from such auxiliary enterprises or
activities | 8 | | which is not necessary to their support, maintenance, or
| 9 | | development shall not, however, be applied to any general | 10 | | operational or
educational purposes but shall be retained by | 11 | | the University in its own
treasury and credited to the | 12 | | University Income Fund that it shall establish in
its treasury
| 13 | | paid into the State treasury as
provided in paragraph (1) of | 14 | | this Section.
| 15 | | (3) The Board of Trustees of Governors State University
may | 16 | | retain in its
treasury any funds derived from rentals, service | 17 | | charges and laboratory and
building service charges or other | 18 | | sources, assessed or obtained for or
arising out of the | 19 | | operation of any building or buildings or structure or
| 20 | | structures and pledged to discharge obligations created in | 21 | | order to
complete or operate such building or structure, or for | 22 | | the payment of
revenue bonds issued for such University by the | 23 | | Teachers College Board, the
Board of Governors of State | 24 | | Colleges and Universities or the Board of Trustees
of Governors | 25 | | State University, such funds
to be disbursed from
time to time | 26 | | pursuant to the order and direction of the Board of Trustees
of |
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| 1 | | Governors State University,
and in accordance with any | 2 | | contracts, pledges, trusts or
agreements heretofore made with | 3 | | respect thereto by the Teachers College Board
or
the Board of | 4 | | Governors of State Colleges and Universities,
or hereafter made | 5 | | by the Board of Trustees of Governors State University.
| 6 | | (4) The Board of Trustees of Governors State University may | 7 | | also retain in
its treasury, out of student fees and tuition, | 8 | | such sums annually as the
Board determines are necessary to | 9 | | supplement revenue derived from any
building or buildings | 10 | | constructed or acquired on or after the effective
date of this | 11 | | amendatory Act of 1995, or to
supplement revenues derived from | 12 | | any building or buildings having bonds
outstanding thereon | 13 | | which bonds have heretofore been issued for the University
by | 14 | | the Teachers College Board or the Board of Governors of State | 15 | | Colleges and
Universities and which bonds are refunded under | 16 | | the
provisions of the Act under which they were issued or under | 17 | | the provisions
of any other law of this State authorizing the | 18 | | refunding of such bonds,
and may pledge or by resolution may | 19 | | make a supplementary
allocation of the funds so retained out of | 20 | | students' fees and tuition for
the retirement of such bonds as | 21 | | may be issued under any such Act or law. Such
funds as
are so | 22 | | pledged shall annually be credited to the account to which the
| 23 | | pledge applies. Such funds as are supplementarily allocated by | 24 | | Board
resolution subsequent to the resolution creating the | 25 | | bonds shall be
credited in accordance with the terms of the | 26 | | resolution making such
supplementary allocation to the account |
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| 1 | | to which the allocation applies. The
Board may authorize such | 2 | | supplementation only after a determination by
it that the | 3 | | maximum revenues which may reasonably and economically be
| 4 | | derived from the operation of a building proposed to be | 5 | | constructed or
acquired under the Act under which the bonds | 6 | | therefor are issued will be
insufficient to meet the costs
of | 7 | | operation and maintenance and to pay the principal of and | 8 | | interest on
bonds so issued for such building, or after a | 9 | | determination by it that the
maximum revenues which may | 10 | | reasonably and economically be derived from the
operation of a | 11 | | building already constructed or acquired under the Act under
| 12 | | which the bonds therefor were issued are
or will be | 13 | | insufficient to meet the costs of operation and maintenance and
| 14 | | to pay the principal of and interest on bonds issued for such | 15 | | building. In
no event shall the supplementation from University | 16 | | income be in excess of
an amount which, when added to the | 17 | | revenues to be derived from the
operation of the building or | 18 | | buildings, will be sufficient to meet the
annual debt service | 19 | | requirements on the bonds issued in respect to such
building or | 20 | | buildings, the annual cost of maintenance or operation of such
| 21 | | building or buildings, and to provide for such reserves, | 22 | | accounts or
covenants which the resolution authorizing the | 23 | | issuing of such bonds may
require.
| 24 | | (5) The Board of Trustees of Governors State University may | 25 | | also retain
in its treasury (a) all moneys received from the | 26 | | sale of all bonds issued
under the Governors State University |
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| 1 | | Revenue Bond Law,
(b) all fees,
rentals and other charges from | 2 | | students, staff members and others using or
being served by, or | 3 | | having the right to use or the right to be served by,
or to | 4 | | operate any project acquired under the Governors State | 5 | | University Revenue
Bond Law, (c) all tuition,
registration, | 6 | | matriculation, health, hospital, medical, laboratory,
| 7 | | admission, student activities, student services, and all other | 8 | | fees
collected from students matriculated, registered or | 9 | | otherwise enrolled at
and attending the University pledged | 10 | | under the terms of any resolution
authorizing bonds, or | 11 | | authorizing a supplemental allocation of fees for
debt service | 12 | | of bonds theretofore issued pursuant to the Governors State
| 13 | | University Revenue Bond Law, and (d)
all rentals from any | 14 | | facility or building acquired under the Governors State
| 15 | | University Revenue Bond Law and
leased to the United States of | 16 | | America.
| 17 | | (6) Whenever funds retained by the University in its own | 18 | | treasury as
provided in this Section are
deposited with a bank | 19 | | or savings and loan association and the amount of the
deposit | 20 | | exceeds the amount of federal deposit insurance coverage, a | 21 | | bond or
pledged securities shall be obtained. Only the types of | 22 | | securities which the
State Treasurer may, in his
discretion, | 23 | | accept for amounts not insured by the Federal Deposit Insurance
| 24 | | Corporation or the Federal Savings and Loan Insurance | 25 | | Corporation under
Section 11 of the Deposit of State Moneys Act | 26 | | may be accepted as pledged
securities. The market value of the |
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| 1 | | bond or
pledged securities shall at all times be equal to or | 2 | | greater than the
uninsured portion of the deposit.
| 3 | | (7) The Auditor General shall audit or cause to be audited | 4 | | all items
of income referred to in this Section and all other | 5 | | income and expenditures
of the University.
| 6 | | (8) The provisions of this Section, as amended by this | 7 | | amendatory Act
of the 97th General Assembly, apply to moneys | 8 | | received by the University
on or after July 1, 2011. Moneys | 9 | | held by the University in the University
Income Fund that was | 10 | | created under this Section pursuant to Public Act 89-602
may be | 11 | | expended as authorized by that Public Act, but no additional | 12 | | moneys
shall be deposited into that Fund after June 30, 2011.
| 13 | | (Source: P.A. 89-4, eff. 1-1-96; 89-602, eff. 8-2-96.)
| 14 | | (30 ILCS 105/6a-1f)
| 15 | | Sec. 6a-1f. Northeastern Illinois University Income Fund.
| 16 | | (1) Beginning on the effective date of this amendatory Act | 17 | | of
1996, The following items of income received by Northeastern
| 18 | | Illinois University for general operational and educational | 19 | | purposes
shall be
retained by the University in its own | 20 | | treasury and credited to an account
known as the University | 21 | | Income Fund that it shall establish in its
treasury for | 22 | | purposes of this paragraph
paid into the State treasury without | 23 | | delay and
shall be deposited into a special fund to be known as | 24 | | the Northeastern
Illinois University Income Fund : (a) tuition | 25 | | and laboratory fees not
pledged to discharge obligations |
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| 1 | | arising out of the issuance of revenue
bonds, library fees, and | 2 | | all
any interest which may be earned thereon
not later
than 20 | 3 | | days after receipt of the same without any deductions except | 4 | | for
refunds to students for whom duplicate payments have been | 5 | | made and to students
who have withdrawn after registration and | 6 | | are entitled to such refunds ;
and (b) excess income from | 7 | | auxiliary enterprises and
activities as provided in paragraph | 8 | | (2) of this Section, and all other
income arising out of any | 9 | | activity or purpose not specified in paragraph
(2), (3), (4) or | 10 | | (5) of this Section upon
not later than 10 days after
receipt | 11 | | of the same without any deduction whatever.
Within 10 days | 12 | | after the effective date of this amendatory Act of 1996, all
| 13 | | moneys then held in the Northeastern Illinois University Income | 14 | | Fund
established in
the State treasury that have been covered | 15 | | and paid into that fund by or on
behalf of that University | 16 | | shall be repaid to the University upon the warrant of
the State | 17 | | Comptroller, directed to the State Treasurer as an order to pay | 18 | | the
sum required to be repaid under this paragraph and shown as | 19 | | due on the warrant.
The University shall deposit the amount so | 20 | | repaid to it in a university bank
account within the time | 21 | | period established for like amounts in Section 2 of the
State | 22 | | Officers and Employees Money Disposition Act, to be credited to | 23 | | the
University Income Fund established by the University in its | 24 | | own treasury for
purposes of this paragraph. All moneys from | 25 | | time to time held in the
University Income Fund in the treasury | 26 | | of the University shall be used by the
University, pursuant to |
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| 1 | | the order and direction of the Board of Trustees of the
| 2 | | University, for the support and improvement of the University, | 3 | | except for
amounts disbursed from that University Income Fund | 4 | | for refunds to students for
whom duplicate payment has been | 5 | | made and to students who have withdrawn after
registration and | 6 | | who are entitled to such refunds.
The General Assembly
shall | 7 | | from time to time make appropriations payable from such fund | 8 | | for
the support and improvement of Northeastern Illinois | 9 | | University.
| 10 | | (2) The following items of income shall be retained by the
| 11 | | University in its own treasury: endowment funds, gifts, trust | 12 | | funds, and
Federal aid; funds received in connection with | 13 | | contracts with
governmental, public, or private agencies or | 14 | | persons, for research or
services including funds which are | 15 | | paid as reimbursement to the
University; funds received in | 16 | | connection with reserves authorized by
Section 25-60 of the | 17 | | Northeastern Illinois University Law;
funds received in | 18 | | connection with its operation of
research and high technology | 19 | | parks and with the retention, receipt,
assignment, license, | 20 | | sale or transfer of interests in, rights to, or income
from | 21 | | discoveries, inventions, patents, or copyrightable works; | 22 | | funds retained
by the University under the authority of
| 23 | | paragraph (3), (4) or (5) of this Section; and funds received | 24 | | from the
operation of student
or staff residence facilities, | 25 | | student and staff medical and health
programs, Union buildings, | 26 | | bookstores, farms, stores, and other
auxiliary enterprises or |
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| 1 | | activities which are self-supporting in whole
or in part. Any | 2 | | income derived from such auxiliary enterprises or
activities | 3 | | which is not necessary to their support, maintenance, or
| 4 | | development shall not, however, be applied to any general | 5 | | operational or
educational purposes but shall be retained by | 6 | | the University in its own
treasury and credited to the | 7 | | University Income Fund that it shall establish in
its treasury
| 8 | | paid into the State treasury as
provided in paragraph (1) of | 9 | | this Section.
| 10 | | (3) The Board of Trustees of Northeastern Illinois | 11 | | University
may retain in its
treasury any funds derived from | 12 | | rentals, service charges and laboratory and
building service | 13 | | charges or other sources, assessed or obtained for or
arising | 14 | | out of the operation of any building or buildings or structure | 15 | | or
structures and pledged to discharge obligations created in | 16 | | order to
complete or operate such building or structure, or for | 17 | | the payment of
revenue bonds issued for such University by the | 18 | | Teachers College Board, the
Board of Governors of State | 19 | | Colleges and Universities or the Board of Trustees
of | 20 | | Northeastern Illinois University, such funds
to be disbursed | 21 | | from
time to time pursuant to the order and direction of the | 22 | | Board of Trustees
of Northeastern Illinois University,
and in | 23 | | accordance with any contracts, pledges, trusts or
agreements | 24 | | heretofore made with respect thereto by the Teachers College | 25 | | Board
or the Board of Governors of State Colleges and | 26 | | Universities,
or hereafter made by the Board of Trustees of |
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| 1 | | Northeastern Illinois University.
| 2 | | (4) The Board of Trustees of Northeastern Illinois | 3 | | University may also
retain in
its treasury, out of student fees | 4 | | and tuition, such sums annually as the
Board determines are | 5 | | necessary to supplement revenue derived from any
building or | 6 | | buildings constructed or acquired on or after the effective
| 7 | | date of this amendatory Act of 1995, or to
supplement revenues | 8 | | derived from any building or buildings having bonds
outstanding | 9 | | thereon which bonds have heretofore been issued for the | 10 | | University
by the Teachers College Board or the Board of | 11 | | Governors of State Colleges and
Universities and which bonds | 12 | | are refunded under the
provisions of the Act under which they | 13 | | were issued or under the provisions
of any other law of this | 14 | | State authorizing the refunding of such bonds,
and may pledge | 15 | | or by resolution may make a supplementary
allocation of the | 16 | | funds so retained out of students' fees and tuition for
the | 17 | | retirement of such bonds as may be issued under any such Act or | 18 | | law. Such
funds as
are so pledged shall annually be credited to | 19 | | the account to which the
pledge applies. Such funds as are | 20 | | supplementarily allocated by Board
resolution subsequent to | 21 | | the resolution creating the bonds shall be
credited in | 22 | | accordance with the terms of the resolution making such
| 23 | | supplementary allocation to the account to which the allocation | 24 | | applies. The
Board may authorize such supplementation only | 25 | | after a determination by
it that the maximum revenues which may | 26 | | reasonably and economically be
derived from the operation of a |
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| 1 | | building proposed to be constructed or
acquired under the Act | 2 | | under which the bonds therefor are issued will be
insufficient | 3 | | to meet the costs
of operation and maintenance and to pay the | 4 | | principal of and interest on
bonds so issued for such building, | 5 | | or after a determination by it that the
maximum revenues which | 6 | | may reasonably and economically be derived from the
operation | 7 | | of a building already constructed or acquired under the Act | 8 | | under
which the bonds therefor were issued are
or will be | 9 | | insufficient to meet the costs of operation and maintenance and
| 10 | | to pay the principal of and interest on bonds issued for such | 11 | | building. In
no event shall the supplementation from University | 12 | | income be in excess of
an amount which, when added to the | 13 | | revenues to be derived from the
operation of the building or | 14 | | buildings, will be sufficient to meet the
annual debt service | 15 | | requirements on the bonds issued in respect to such
building or | 16 | | buildings, the annual cost of maintenance or operation of such
| 17 | | building or buildings, and to provide for such reserves, | 18 | | accounts or
covenants which the resolution authorizing the | 19 | | issuing of such bonds may
require.
| 20 | | (5) The Board of Trustees of Northeastern Illinois | 21 | | University may also
retain
in its treasury (a) all moneys | 22 | | received from the sale of all bonds issued
under the | 23 | | Northeastern Illinois University Revenue Bond Law,
(b) all | 24 | | fees,
rentals and other charges from students, staff members | 25 | | and others using or
being served by, or having the right to use | 26 | | or the right to be served by,
or to operate any project |
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| 1 | | acquired under the Northeastern Illinois University
Revenue | 2 | | Bond Law, (c) all tuition,
registration, matriculation, | 3 | | health, hospital, medical, laboratory,
admission, student | 4 | | activities, student services, and all other fees
collected from | 5 | | students matriculated, registered or otherwise enrolled at
and | 6 | | attending the University pledged under the terms of any | 7 | | resolution
authorizing bonds, or authorizing a supplemental | 8 | | allocation of fees for
debt service of bonds theretofore issued | 9 | | pursuant to the Northeastern Illinois
University Revenue Bond | 10 | | Law, and (d)
all rentals from any facility or building acquired | 11 | | under the Northeastern
Illinois University Revenue Bond Law and
| 12 | | leased to the United States of America.
| 13 | | (6) Whenever funds retained by the University in its own | 14 | | treasury as
provided in this Section are
deposited with a bank | 15 | | or savings and loan association and the amount of the
deposit | 16 | | exceeds the amount of federal deposit insurance coverage, a | 17 | | bond or
pledged securities shall be obtained. Only the types of | 18 | | securities which the
State Treasurer may, in his
discretion, | 19 | | accept for amounts not insured by the Federal Deposit Insurance
| 20 | | Corporation or the Federal Savings and Loan Insurance | 21 | | Corporation under
Section 11 of the Deposit of State Moneys Act | 22 | | may be accepted as pledged
securities. The market value of the | 23 | | bond or
pledged securities shall at all times be equal to or | 24 | | greater than the
uninsured portion of the deposit.
| 25 | | (7) The Auditor General shall audit or cause to be audited | 26 | | all items
of income referred to in this Section and all other |
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| 1 | | income and expenditures
of the University.
| 2 | | (8) The provisions of this Section, as amended by this | 3 | | amendatory Act
of the 97th General Assembly, apply to moneys | 4 | | received by the University
on or after July 1, 2011. Moneys | 5 | | held by the University in the University
Income Fund that was | 6 | | created under this Section pursuant to Public Act 89-602
may be | 7 | | expended as authorized by that Public Act, but no additional | 8 | | moneys
shall be deposited into that Fund after June 30, 2011.
| 9 | | (Source: P.A. 89-4, eff. 1-1-96; 89-602, eff. 8-2-96.)
| 10 | | (30 ILCS 105/6a-1g)
| 11 | | Sec. 6a-1g. Western Illinois University Income Fund.
| 12 | | (1) Beginning on the effective date of this amendatory Act | 13 | | of
1996, The following items of income received by Western | 14 | | Illinois
University for general operational and educational | 15 | | purposes shall be retained
by the University in its own | 16 | | treasury and credited to an account known as the
University | 17 | | Income Fund that it shall establish in its treasury for
| 18 | | purposes of this paragraph
paid into the State treasury without | 19 | | delay and
shall be deposited into a special fund to be known as | 20 | | the Western
Illinois University Income Fund : (a) tuition and | 21 | | laboratory fees not
pledged to discharge obligations arising | 22 | | out of the issuance of revenue
bonds, library fees, and all
any | 23 | | interest which may be earned thereon
not later
than 20 days | 24 | | after receipt of the same without any deductions except for
| 25 | | refunds to students for whom duplicate payments have been made |
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| 1 | | and to students
who have withdrawn after registration and are | 2 | | entitled to such refunds ;
and (b) excess income from auxiliary | 3 | | enterprises and
activities as provided in paragraph (2) of this | 4 | | Section, and all other
income arising out of any activity or | 5 | | purpose not specified in paragraph
(2), (3), (4) or (5) of this | 6 | | Section upon
not later than 10 days after
receipt of the same | 7 | | without any deduction whatever.
Within 10 days after the | 8 | | effective date of this amendatory Act of 1996, all
moneys then | 9 | | held in the Western Illinois University Income Fund established | 10 | | in
the State treasury that have been covered and paid into that | 11 | | fund by or on
behalf of that University shall be repaid to the | 12 | | University upon the warrant of
the State Comptroller, directed | 13 | | to the State Treasurer as an order to pay the
sum required to | 14 | | be repaid under this paragraph and shown as due on the warrant.
| 15 | | The University shall deposit the amount so repaid to it in a | 16 | | university bank
account within the time period established for | 17 | | like amounts in Section 2 of the
State Officers and Employees | 18 | | Money Disposition Act, to be credited to the
University Income | 19 | | Fund established by the University in its own treasury for
| 20 | | purposes of this paragraph. All moneys from time to time held | 21 | | in the
University Income Fund in the treasury of the University | 22 | | shall be used by the
University, pursuant to the order and | 23 | | direction of the Board of Trustees of the
University, for the | 24 | | support and improvement of the University, except for
amounts | 25 | | disbursed from that University Income Fund for refunds to | 26 | | students for
whom duplicate payment has been made and to |
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| 1 | | students who have withdrawn after
registration and who are | 2 | | entitled to such refunds.
The General Assembly
shall from time | 3 | | to time make appropriations payable from such fund for
the | 4 | | support and improvement of Western Illinois University.
| 5 | | (2) The following items of income shall be retained by the
| 6 | | University in its own treasury: endowment funds, gifts, trust | 7 | | funds, and
Federal aid; funds received in connection with | 8 | | contracts with
governmental, public, or private agencies or | 9 | | persons, for research or
services including funds which are | 10 | | paid as reimbursement to the
University; funds received in | 11 | | connection with reserves authorized by
Section 35-60 of the | 12 | | Western Illinois University Law;
funds received in connection | 13 | | with its operation of
research and high technology parks and | 14 | | with the retention, receipt,
assignment, license, sale or | 15 | | transfer of interests in, rights to, or income
from | 16 | | discoveries, inventions, patents, or copyrightable works; | 17 | | funds retained
by the University under the authority of
| 18 | | paragraph (3), (4) or (5) of this Section; and funds received | 19 | | from the
operation of student
or staff residence facilities, | 20 | | student and staff medical and health
programs, Union buildings, | 21 | | bookstores, farms, stores, and other
auxiliary enterprises or | 22 | | activities which are self-supporting in whole
or in part. Any | 23 | | income derived from such auxiliary enterprises or
activities | 24 | | which is not necessary to their support, maintenance, or
| 25 | | development shall not, however, be applied to any general | 26 | | operational or
educational purposes but shall be retained by |
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| 1 | | the University in its own
treasury and credited to the | 2 | | University Income Fund that it shall establish in
its treasury
| 3 | | paid into the State
treasury as
provided in paragraph (1) of | 4 | | this Section.
| 5 | | (3) The Board of Trustees of Western Illinois University
| 6 | | may retain in its
treasury any funds derived from rentals, | 7 | | service charges and laboratory and
building service charges or | 8 | | other sources, assessed or obtained for or
arising out of the | 9 | | operation of any building or buildings or structure or
| 10 | | structures and pledged to discharge obligations created in | 11 | | order to
complete or operate such building or structure, or for | 12 | | the payment of
revenue bonds issued for such University by the | 13 | | Teachers College Board, the
Board of Governors of State | 14 | | Colleges and Universities or the Board of Trustees
of Western | 15 | | Illinois University, such funds
to be disbursed from
time to | 16 | | time pursuant to the order and direction of the Board of | 17 | | Trustees
of Western Illinois University,
and in accordance with | 18 | | any contracts, pledges, trusts or
agreements heretofore made | 19 | | with respect thereto by the Teachers College Board
or the Board | 20 | | of Governors of State Colleges and Universities,
or hereafter | 21 | | made by the Board of Trustees of Western Illinois University.
| 22 | | (4) The Board of Trustees of Western Illinois University | 23 | | may also retain in
its treasury, out of student fees and | 24 | | tuition, such sums annually as the
Board determines are | 25 | | necessary to supplement revenue derived from any
building or | 26 | | buildings constructed or acquired on or after the effective
|
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| 1 | | date of this amendatory Act of 1995, or to
supplement revenues | 2 | | derived from any building or buildings having bonds
outstanding | 3 | | thereon which bonds have heretofore been issued for the | 4 | | University
by the Teachers College Board or the Board of | 5 | | Governors of State Colleges and
Universities and which bonds | 6 | | are refunded under the
provisions of the Act under which they | 7 | | were issued or under the provisions
of any other law of this | 8 | | State authorizing the refunding of such bonds,
and may pledge | 9 | | or by resolution may make a supplementary
allocation of the | 10 | | funds so retained out of students' fees and tuition for
the | 11 | | retirement of such bonds as may be issued under any such Act or | 12 | | law. Such
funds as
are so pledged shall annually be credited to | 13 | | the account to which the
pledge applies. Such funds as are | 14 | | supplementarily allocated by Board
resolution subsequent to | 15 | | the resolution creating the bonds shall be
credited in | 16 | | accordance with the terms of the resolution making such
| 17 | | supplementary allocation to the account to which the allocation | 18 | | applies. The
Board may authorize such supplementation only | 19 | | after a determination by
it that the maximum revenues which may | 20 | | reasonably and economically be
derived from the operation of a | 21 | | building proposed to be constructed or
acquired under the Act | 22 | | under which the bonds therefor are issued will be
insufficient | 23 | | to meet the costs
of operation and maintenance and to pay the | 24 | | principal of and interest on
bonds so issued for such building, | 25 | | or after a determination by it that the
maximum revenues which | 26 | | may reasonably and economically be derived from the
operation |
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| 1 | | of a building already constructed or acquired under the Act | 2 | | under
which the bonds therefor were issued are
or will be | 3 | | insufficient to meet the costs of operation and maintenance and
| 4 | | to pay the principal of and interest on bonds issued for such | 5 | | building. In
no event shall the supplementation from University | 6 | | income be in excess of
an amount which, when added to the | 7 | | revenues to be derived from the
operation of the building or | 8 | | buildings, will be sufficient to meet the
annual debt service | 9 | | requirements on the bonds issued in respect to such
building or | 10 | | buildings, the annual cost of maintenance or operation of such
| 11 | | building or buildings, and to provide for such reserves, | 12 | | accounts or
covenants which the resolution authorizing the | 13 | | issuing of such bonds may
require.
| 14 | | (5) The Board of Trustees of Western Illinois University | 15 | | may also retain
in its treasury (a) all moneys received from | 16 | | the sale of all bonds issued
under the Western Illinois | 17 | | University Revenue Bond Law,
(b) all fees,
rentals and other | 18 | | charges from students, staff members and others using or
being | 19 | | served by, or having the right to use or the right to be served | 20 | | by,
or to operate any project acquired under the Western | 21 | | Illinois University
Revenue Bond Law, (c) all tuition,
| 22 | | registration, matriculation, health, hospital, medical, | 23 | | laboratory,
admission, student activities, student services, | 24 | | and all other fees
collected from students matriculated, | 25 | | registered or otherwise enrolled at
and attending the | 26 | | University pledged under the terms of any resolution
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| 1 | | authorizing bonds, or authorizing a supplemental allocation of | 2 | | fees for
debt service of bonds theretofore issued pursuant to | 3 | | the Western Illinois
University Revenue Bond Law, and (d)
all | 4 | | rentals from any facility or building acquired under the | 5 | | Western Illinois
University Revenue Bond Law and
leased to the | 6 | | United States of America.
| 7 | | (6) Whenever funds retained by the University in its own | 8 | | treasury as
provided in this Section are
deposited with a bank | 9 | | or savings and loan association and the amount of the
deposit | 10 | | exceeds the amount of federal deposit insurance coverage, a | 11 | | bond or
pledged securities shall be obtained. Only the types of | 12 | | securities which the
State Treasurer may, in his
discretion, | 13 | | accept for amounts not insured by the Federal Deposit Insurance
| 14 | | Corporation or the Federal Savings and Loan Insurance | 15 | | Corporation under
Section 11 of the Deposit of State Moneys Act | 16 | | may be accepted as pledged
securities. The market value of the | 17 | | bond or
pledged securities shall at all times be equal to or | 18 | | greater than the
uninsured portion of the deposit.
| 19 | | (7) The Auditor General shall audit or cause to be audited | 20 | | all items
of income referred to in this Section and all other | 21 | | income and expenditures
of the University.
| 22 | | (8) The provisions of this Section, as amended by this | 23 | | amendatory Act
of the 97th General Assembly, apply to moneys | 24 | | received by the University
on or after July 1, 2011. Moneys | 25 | | held by the University in the University
Income Fund that was | 26 | | created under this Section pursuant to Public Act 89-602
may be |
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| 1 | | expended as authorized by that Public Act, but no additional | 2 | | moneys
shall be deposited into that Fund after June 30, 2011.
| 3 | | (Source: P.A. 89-4, eff. 1-1-96; 89-602, eff. 8-2-96.)
| 4 | | (30 ILCS 105/6d) (from Ch. 127, par. 142d)
| 5 | | Sec. 6d. University income fund; Retention of certain items | 6 | | by
University of Illinois ; Audit.
| 7 | | (1) Beginning on the effective date of this amendatory Act | 8 | | of 1996,
The following items of income, except as otherwise
| 9 | | provided in Section 6g, received by the University of Illinois | 10 | | for general
operational and educational purposes shall be | 11 | | retained by the University in
its own treasury and credited to | 12 | | an account known as the University Income Fund
that it shall | 13 | | establish in
its treasury for purposes of this paragraph
paid | 14 | | into the State treasury
without delay and shall be deposited | 15 | | into a special fund to be known as the
"University Income | 16 | | Fund" : (a) tuition, laboratory and library fees, and
all
any | 17 | | interest which may be earned thereon , not later than 20 days
| 18 | | after receipt of the same, without any deductions
except for | 19 | | refunds to students for whom duplicate payment has been made
| 20 | | and to students who have withdrawn after registration and who | 21 | | are entitled
to such refunds ; and (b) excess income from | 22 | | auxiliary
enterprises and activities as provided in paragraph | 23 | | (2) of this Section,
and all other income arising out of any | 24 | | activity or purpose not
specified in paragraph (2) upon
not | 25 | | later than 10 days after
receipt of the same
and without any |
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| 1 | | deduction whatever. Such items shall be either paid into
the | 2 | | State treasury or deposited into a college or university bank | 3 | | account
within the time period established for like amounts in | 4 | | Section 2 of the
State Officers and Employees Money Disposition | 5 | | Act . Within 10 days after the
effective date of this amendatory | 6 | | Act of 1996, all moneys then remaining in the
University Income | 7 | | Fund heretofore established as a special fund in the State
| 8 | | treasury that were covered and paid into
that fund by the | 9 | | University shall be repaid to the University upon the warrant
| 10 | | of the State Comptroller, directed to the State Treasurer as an | 11 | | order to pay
the sum required to be repaid under this paragraph | 12 | | and shown as due on the
warrant. The University shall deposit | 13 | | the amount so repaid to it in a college
or university bank | 14 | | account within the time period established for like amounts
in | 15 | | Section 2 of the State Officers and Employees Money Disposition | 16 | | Act, to be
credited to the University Income Fund established | 17 | | by the University in its
own treasury for purposes of this | 18 | | paragraph. All moneys from time to time held
in the University | 19 | | Income Fund in the treasury of the University shall be used
by | 20 | | the
University, pursuant to the order and direction of the | 21 | | Board of Trustees of the
University, for the support and | 22 | | improvement of the University, except for
amounts disbursed | 23 | | from that University Income Fund for refunds to students
for | 24 | | whom
duplicate payment has been made and to students who have | 25 | | withdrawn after
registration and who are entitled to such | 26 | | refunds ; provided, that
if deposited into a bank account, such |
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| 1 | | items together with interest thereon
shall be paid into the | 2 | | State treasury as provided in the preceding
sentence. The | 3 | | General Assembly from time to time shall
make appropriations | 4 | | payable from the University Income Fund for the
support, | 5 | | operation and improvement of the University of Illinois .
| 6 | | (2) The following items of income shall be retained by the
| 7 | | University in its own treasury: endowment funds, gifts, trust | 8 | | funds, and
Federal aid; funds received in connection with | 9 | | contracts with
governmental, public, or private agencies or | 10 | | persons, for research or
services including funds which are | 11 | | paid as reimbursement to the University
and funds received in | 12 | | connection with its operation of medical research and
high | 13 | | technology parks; funds received in connection with the | 14 | | retention,
receipt, assignment, license, sale or transfer of | 15 | | interests in, rights to,
or income from discoveries, | 16 | | inventions, patents, or copyrightable works;
funds retained by | 17 | | the University under the authority of Section 6g;
and funds | 18 | | received from the operation of student or staff residence
| 19 | | facilities, student and staff medical and health
programs, | 20 | | Union buildings, bookstores, farms, stores, service
| 21 | | activities, and other auxiliary enterprises or activities | 22 | | which are
self-supporting in whole or in part; provided, that | 23 | | any income derived
from such auxiliary enterprises or | 24 | | activities which is not necessary to
their support, | 25 | | maintenance, or development shall not be applied to any
general | 26 | | operational or educational purpose but shall be retained by the
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| 1 | | University in its own treasury and credited to the University | 2 | | Income Fund that
it shall establish in its treasury
paid into | 3 | | the
State treasury as provided in paragraph (1) of this | 4 | | Section.
| 5 | | Whenever such funds retained by the University in its own | 6 | | treasury
are deposited with a bank or savings and loan | 7 | | association and the amount of
the deposit exceeds the amount of | 8 | | federal deposit insurance coverage, a
bond or pledged | 9 | | securities shall be obtained.
Only the types of securities | 10 | | which the State Treasurer may, in his
discretion, accept for | 11 | | amounts not insured by the Federal Deposit Insurance
| 12 | | Corporation or the Federal Savings and Loan Insurance | 13 | | Corporation under
Section 11 of the Deposit of State Moneys Act | 14 | | may be accepted as pledged
securities. The market value of the
| 15 | | bond or pledged securities shall at all times be equal to or | 16 | | greater than
the uninsured portion of the deposit.
| 17 | | The Auditor General shall audit or cause to be audited the | 18 | | above
items of income and all other income and expenditures of | 19 | | such
institution.
| 20 | | (3) The provisions of this Section, as amended by this | 21 | | amendatory Act
of the 97th General Assembly, apply to moneys | 22 | | received by the University
on or after July 1, 2011. Moneys | 23 | | held by the University in the University
Income Fund that was | 24 | | created under this Section pursuant to Public Act 89-602
may be | 25 | | expended as authorized by that Public Act, but no additional | 26 | | moneys
shall be deposited into that Fund after June 30, 2011.
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| 1 | | (Source: P.A. 89-602, eff. 8-2-96.)
| 2 | | Section 10. The Illinois Pension Code is amended by | 3 | | changing
Section 15-155 as follows:
| 4 | | (40 ILCS 5/15-155) (from Ch. 108 1/2, par. 15-155)
| 5 | | Sec. 15-155. Employer contributions.
| 6 | | (a) The State of Illinois shall make contributions by | 7 | | appropriations of
amounts which, together with the other | 8 | | employer contributions from trust,
federal, and other funds, | 9 | | employee contributions, income from investments,
and other | 10 | | income of this System, will be sufficient to meet the cost of
| 11 | | maintaining and administering the System on a 90% funded basis | 12 | | in accordance
with actuarial recommendations.
| 13 | | The Board shall determine the amount of State contributions | 14 | | required for
each fiscal year on the basis of the actuarial | 15 | | tables and other assumptions
adopted by the Board and the | 16 | | recommendations of the actuary, using the formula
in subsection | 17 | | (a-1).
| 18 | | (a-1) For State fiscal years 2011 through 2045, the minimum | 19 | | contribution
to the System to be made by the State for each | 20 | | fiscal year shall be an amount
determined by the System to be | 21 | | sufficient to bring the total assets of the
System up to 90% of | 22 | | the total actuarial liabilities of the System by the end of
| 23 | | State fiscal year 2045. In making these determinations, the | 24 | | required State
contribution shall be calculated each year as a |
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| 1 | | level percentage of payroll
over the years remaining to and | 2 | | including fiscal year 2045 and shall be
determined under the | 3 | | projected unit credit actuarial cost method.
| 4 | | For State fiscal years 1996 through 2005, the State | 5 | | contribution to
the System, as a percentage of the applicable | 6 | | employee payroll, shall be
increased in equal annual increments | 7 | | so that by State fiscal year 2011, the
State is contributing at | 8 | | the rate required under this Section.
| 9 | | Notwithstanding any other provision of this Article, the | 10 | | total required State
contribution for State fiscal year 2006 is | 11 | | $166,641,900.
| 12 | | Notwithstanding any other provision of this Article, the | 13 | | total required State
contribution for State fiscal year 2007 is | 14 | | $252,064,100.
| 15 | | For each of State fiscal years 2008 through 2009, the State | 16 | | contribution to
the System, as a percentage of the applicable | 17 | | employee payroll, shall be
increased in equal annual increments | 18 | | from the required State contribution for State fiscal year | 19 | | 2007, so that by State fiscal year 2011, the
State is | 20 | | contributing at the rate otherwise required under this Section.
| 21 | | Notwithstanding any other provision of this Article, the | 22 | | total required State contribution for State fiscal year 2010 is | 23 | | $702,514,000 and shall be made from the State Pensions Fund and | 24 | | proceeds of bonds sold in fiscal year 2010 pursuant to Section | 25 | | 7.2 of the General Obligation Bond Act, less (i) the pro rata | 26 | | share of bond sale expenses determined by the System's share of |
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| 1 | | total bond proceeds, (ii) any amounts received from the General | 2 | | Revenue Fund in fiscal year 2010, (iii) any reduction in bond | 3 | | proceeds due to the issuance of discounted bonds, if | 4 | | applicable. | 5 | | Beginning in State fiscal year 2046, the minimum State | 6 | | contribution for
each fiscal year shall be the amount needed to | 7 | | maintain the total assets of
the System at 90% of the total | 8 | | actuarial liabilities of the System.
| 9 | | Amounts received by the System pursuant to Section 25 of | 10 | | the Budget Stabilization Act or Section 8.12 of the State | 11 | | Finance Act in any fiscal year do not reduce and do not | 12 | | constitute payment of any portion of the minimum State | 13 | | contribution required under this Article in that fiscal year. | 14 | | Such amounts shall not reduce, and shall not be included in the | 15 | | calculation of, the required State contributions under this | 16 | | Article in any future year until the System has reached a | 17 | | funding ratio of at least 90%. A reference in this Article to | 18 | | the "required State contribution" or any substantially similar | 19 | | term does not include or apply to any amounts payable to the | 20 | | System under Section 25 of the Budget Stabilization Act. | 21 | | Notwithstanding any other provision of this Section, the | 22 | | required State
contribution for State fiscal year 2005 and for | 23 | | fiscal year 2008 and each fiscal year thereafter, as
calculated | 24 | | under this Section and
certified under Section 15-165, shall | 25 | | not exceed an amount equal to (i) the
amount of the required | 26 | | State contribution that would have been calculated under
this |
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| 1 | | Section for that fiscal year if the System had not received any | 2 | | payments
under subsection (d) of Section 7.2 of the General | 3 | | Obligation Bond Act, minus
(ii) the portion of the State's | 4 | | total debt service payments for that fiscal
year on the bonds | 5 | | issued for the purposes of that Section 7.2, as determined
and | 6 | | certified by the Comptroller, that is the same as the System's | 7 | | portion of
the total moneys distributed under subsection (d) of | 8 | | Section 7.2 of the General
Obligation Bond Act. In determining | 9 | | this maximum for State fiscal years 2008 through 2010, however, | 10 | | the amount referred to in item (i) shall be increased, as a | 11 | | percentage of the applicable employee payroll, in equal | 12 | | increments calculated from the sum of the required State | 13 | | contribution for State fiscal year 2007 plus the applicable | 14 | | portion of the State's total debt service payments for fiscal | 15 | | year 2007 on the bonds issued for the purposes of Section 7.2 | 16 | | of the General
Obligation Bond Act, so that, by State fiscal | 17 | | year 2011, the
State is contributing at the rate otherwise | 18 | | required under this Section.
| 19 | | (b) If an employee is paid from trust or federal funds, the | 20 | | employer
shall pay to the Board contributions from those funds | 21 | | which are
sufficient to cover the accruing normal costs on | 22 | | behalf of the employee.
However, universities having employees | 23 | | who are compensated out of local
auxiliary funds, income funds, | 24 | | or service enterprise funds are not required
to pay such | 25 | | contributions on behalf of those employees. The local auxiliary
| 26 | | funds, income funds, and service enterprise funds of |
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| 1 | | universities shall not be
considered trust funds for the | 2 | | purpose of this Article, but funds of alumni
associations, | 3 | | foundations, and athletic associations which are affiliated | 4 | | with
the universities included as employers under this Article | 5 | | and other employers
which do not receive State appropriations | 6 | | are considered to be trust funds for
the purpose of this | 7 | | Article.
| 8 | | (b-1) The City of Urbana and the City of Champaign shall | 9 | | each make
employer contributions to this System for their | 10 | | respective firefighter
employees who participate in this | 11 | | System pursuant to subsection (h) of Section
15-107. The rate | 12 | | of contributions to be made by those municipalities shall
be | 13 | | determined annually by the Board on the basis of the actuarial | 14 | | assumptions
adopted by the Board and the recommendations of the | 15 | | actuary, and shall be
expressed as a percentage of salary for | 16 | | each such employee. The Board shall
certify the rate to the | 17 | | affected municipalities as soon as may be practical.
The | 18 | | employer contributions required under this subsection shall be | 19 | | remitted by
the municipality to the System at the same time and | 20 | | in the same manner as
employee contributions.
| 21 | | (c) Through State fiscal year 1995: The total employer | 22 | | contribution shall
be apportioned among the various funds of | 23 | | the State and other employers,
whether trust, federal, or other | 24 | | funds, in accordance with actuarial procedures
approved by the | 25 | | Board. State of Illinois contributions for employers receiving
| 26 | | State appropriations for personal services shall be payable |
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| 1 | | from appropriations
made to the employers or to the System. The | 2 | | contributions for Class I
community colleges covering earnings | 3 | | other than those paid from trust and
federal funds, shall be | 4 | | payable solely from appropriations to the Illinois
Community | 5 | | College Board or the System for employer contributions.
| 6 | | (d) Beginning in State fiscal year 1996, the required State | 7 | | contributions
to the System shall be appropriated directly to | 8 | | the System and shall be payable
through vouchers issued in | 9 | | accordance with subsection (c) of Section 15-165, except as | 10 | | provided in subsection (g).
| 11 | | (e) The State Comptroller shall draw warrants payable to | 12 | | the System upon
proper certification by the System or by the | 13 | | employer in accordance with the
appropriation laws and this | 14 | | Code.
| 15 | | (f) Normal costs under this Section means liability for
| 16 | | pensions and other benefits which accrues to the System because | 17 | | of the
credits earned for service rendered by the participants | 18 | | during the
fiscal year and expenses of administering the | 19 | | System, but shall not
include the principal of or any | 20 | | redemption premium or interest on any bonds
issued by the Board | 21 | | or any expenses incurred or deposits required in
connection | 22 | | therewith.
| 23 | | (g) If the amount of a participant's earnings for any | 24 | | academic year used to determine the final rate of earnings, | 25 | | determined on a full-time equivalent basis, exceeds the amount | 26 | | of his or her earnings with the same employer for the previous |
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| 1 | | academic year, determined on a full-time equivalent basis, by | 2 | | more than 6%, the participant's employer shall pay to the | 3 | | System, in addition to all other payments required under this | 4 | | Section and in accordance with guidelines established by the | 5 | | System, the present value of the increase in benefits resulting | 6 | | from the portion of the increase in earnings that is in excess | 7 | | of 6%. This present value shall be computed by the System on | 8 | | the basis of the actuarial assumptions and tables used in the | 9 | | most recent actuarial valuation of the System that is available | 10 | | at the time of the computation. The System may require the | 11 | | employer to provide any pertinent information or | 12 | | documentation. | 13 | | Whenever it determines that a payment is or may be required | 14 | | under this subsection (g), the System shall calculate the | 15 | | amount of the payment and bill the employer for that amount. | 16 | | The bill shall specify the calculations used to determine the | 17 | | amount due. If the employer disputes the amount of the bill, it | 18 | | may, within 30 days after receipt of the bill, apply to the | 19 | | System in writing for a recalculation. The application must | 20 | | specify in detail the grounds of the dispute and, if the | 21 | | employer asserts that the calculation is subject to subsection | 22 | | (h) or (i) of this Section, must include an affidavit setting | 23 | | forth and attesting to all facts within the employer's | 24 | | knowledge that are pertinent to the applicability of subsection | 25 | | (h) or (i). Upon receiving a timely application for | 26 | | recalculation, the System shall review the application and, if |
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| 1 | | appropriate, recalculate the amount due.
| 2 | | The employer contributions required under this subsection | 3 | | (f) may be paid in the form of a lump sum within 90 days after | 4 | | receipt of the bill. If the employer contributions are not paid | 5 | | within 90 days after receipt of the bill, then interest will be | 6 | | charged at a rate equal to the System's annual actuarially | 7 | | assumed rate of return on investment compounded annually from | 8 | | the 91st day after receipt of the bill. Payments must be | 9 | | concluded within 3 years after the employer's receipt of the | 10 | | bill. | 11 | | (h) This subsection (h) applies only to payments made or | 12 | | salary increases given on or after June 1, 2005 but before July | 13 | | 1, 2011. The changes made by Public Act 94-1057 shall not | 14 | | require the System to refund any payments received before July | 15 | | 31, 2006 (the effective date of Public Act 94-1057). | 16 | | When assessing payment for any amount due under subsection | 17 | | (g), the System shall exclude earnings increases paid to | 18 | | participants under contracts or collective bargaining | 19 | | agreements entered into, amended, or renewed before June 1, | 20 | | 2005.
| 21 | | When assessing payment for any amount due under subsection | 22 | | (g), the System shall exclude earnings increases paid to a | 23 | | participant at a time when the participant is 10 or more years | 24 | | from retirement eligibility under Section 15-135.
| 25 | | When assessing payment for any amount due under subsection | 26 | | (g), the System shall exclude earnings increases resulting from |
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| 1 | | overload work, including a contract for summer teaching, or | 2 | | overtime when the employer has certified to the System, and the | 3 | | System has approved the certification, that: (i) in the case of | 4 | | overloads (A) the overload work is for the sole purpose of | 5 | | academic instruction in excess of the standard number of | 6 | | instruction hours for a full-time employee occurring during the | 7 | | academic year that the overload is paid and (B) the earnings | 8 | | increases are equal to or less than the rate of pay for | 9 | | academic instruction computed using the participant's current | 10 | | salary rate and work schedule; and (ii) in the case of | 11 | | overtime, the overtime was necessary for the educational | 12 | | mission. | 13 | | When assessing payment for any amount due under subsection | 14 | | (g), the System shall exclude any earnings increase resulting | 15 | | from (i) a promotion for which the employee moves from one | 16 | | classification to a higher classification under the State | 17 | | Universities Civil Service System, (ii) a promotion in academic | 18 | | rank for a tenured or tenure-track faculty position, or (iii) a | 19 | | promotion that the Illinois Community College Board has | 20 | | recommended in accordance with subsection (k) of this Section. | 21 | | These earnings increases shall be excluded only if the | 22 | | promotion is to a position that has existed and been filled by | 23 | | a member for no less than one complete academic year and the | 24 | | earnings increase as a result of the promotion is an increase | 25 | | that results in an amount no greater than the average salary | 26 | | paid for other similar positions. |
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| 1 | | (i) When assessing payment for any amount due under | 2 | | subsection (g), the System shall exclude any salary increase | 3 | | described in subsection (h) of this Section given on or after | 4 | | July 1, 2011 but before July 1, 2014 under a contract or | 5 | | collective bargaining agreement entered into, amended, or | 6 | | renewed on or after June 1, 2005 but before July 1, 2011. | 7 | | Notwithstanding any other provision of this Section, any | 8 | | payments made or salary increases given after June 30, 2014 | 9 | | shall be used in assessing payment for any amount due under | 10 | | subsection (g) of this Section.
| 11 | | (j) The System shall prepare a report and file copies of | 12 | | the report with the Governor and the General Assembly by | 13 | | January 1, 2007 that contains all of the following information: | 14 | | (1) The number of recalculations required by the | 15 | | changes made to this Section by Public Act 94-1057 for each | 16 | | employer. | 17 | | (2) The dollar amount by which each employer's | 18 | | contribution to the System was changed due to | 19 | | recalculations required by Public Act 94-1057. | 20 | | (3) The total amount the System received from each | 21 | | employer as a result of the changes made to this Section by | 22 | | Public Act 94-4. | 23 | | (4) The increase in the required State contribution | 24 | | resulting from the changes made to this Section by Public | 25 | | Act 94-1057. | 26 | | (k) The Illinois Community College Board shall adopt rules |
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| 1 | | for recommending lists of promotional positions submitted to | 2 | | the Board by community colleges and for reviewing the | 3 | | promotional lists on an annual basis. When recommending | 4 | | promotional lists, the Board shall consider the similarity of | 5 | | the positions submitted to those positions recognized for State | 6 | | universities by the State Universities Civil Service System. | 7 | | The Illinois Community College Board shall file a copy of its | 8 | | findings with the System. The System shall consider the | 9 | | findings of the Illinois Community College Board when making | 10 | | determinations under this Section. The System shall not exclude | 11 | | any earnings increases resulting from a promotion when the | 12 | | promotion was not submitted by a community college. Nothing in | 13 | | this subsection (k) shall require any community college to | 14 | | submit any information to the Community College Board.
| 15 | | (l) For purposes of determining the required State | 16 | | contribution to the System, the value of the System's assets | 17 | | shall be equal to the actuarial value of the System's assets, | 18 | | which shall be calculated as follows: | 19 | | As of June 30, 2008, the actuarial value of the System's | 20 | | assets shall be equal to the market value of the assets as of | 21 | | that date. In determining the actuarial value of the System's | 22 | | assets for fiscal years after June 30, 2008, any actuarial | 23 | | gains or losses from investment return incurred in a fiscal | 24 | | year shall be recognized in equal annual amounts over the | 25 | | 5-year period following that fiscal year. | 26 | | (m) For purposes of determining the required State |
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| 1 | | contribution to the system for a particular year, the actuarial | 2 | | value of assets shall be assumed to earn a rate of return equal | 3 | | to the system's actuarially assumed rate of return. | 4 | | (Source: P.A. 95-331, eff. 8-21-07; 95-950, eff. 8-29-08; | 5 | | 96-43, eff. 7-15-09.)
| 6 | | Section 15. The University of Illinois at Springfield Law | 7 | | is amended by changing Section 40-10 as follows:
| 8 | | (110 ILCS 327/40-10)
| 9 | | Sec. 40-10.
Transfer of powers, duties, assets; | 10 | | outstanding contracts,
agreements and bonds. All the rights, | 11 | | powers and duties vested by law in the
Board of Regents and | 12 | | relating to the operation, management, control and
maintenance | 13 | | of Sangamon State University prior to its change of name and | 14 | | status
to the University of Illinois at Springfield are hereby | 15 | | transferred to and
vested in the Board of Trustees of the | 16 | | University of Illinois.
| 17 | | All books, records, papers, documents and pending business | 18 | | in any way
pertaining to Sangamon State University prior to its | 19 | | change of name and status
to the University of Illinois at | 20 | | Springfield and held by the Board of Regents
are hereby | 21 | | transferred from the Board of Regents to the Board of Trustees | 22 | | of
the University of Illinois.
| 23 | | On the effective date of this Article, the rules and | 24 | | regulations previously
promulgated by the Board of Regents and |
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| 1 | | applicable to Sangamon State University
shall be the rules and | 2 | | regulations applicable to the University of Illinois at
| 3 | | Springfield, provided that, after the effective date of this | 4 | | Article, any or
all of the rules and regulations may be changed | 5 | | or rescinded by the Board of
Trustees of the University of | 6 | | Illinois.
| 7 | | All items of income heretofore received by Sangamon State | 8 | | University
prior to its change of name and status to the | 9 | | University of Illinois at
Springfield and paid into the State | 10 | | Treasury and covered into the Board of
Regents Income Fund and | 11 | | not heretofore appropriated by the General Assembly
for the | 12 | | support and improvement of Sangamon State University under the
| 13 | | provisions of paragraph (1) of Section 6a-4 of the State | 14 | | Finance Act or for the
support and improvement of the | 15 | | University of Illinois under the provisions of
paragraph (1) of | 16 | | Section 6d of the State Finance Act shall be transferred by
the | 17 | | State Treasurer and covered into the University Income Fund for
| 18 | | appropriations from time to time to be made by the General | 19 | | Assembly payable
from such fund for the support and improvement | 20 | | of the University of Illinois
and its branches as provided in | 21 | | paragraph (1) of Section 6d of that Act ;
provided that within | 22 | | 10 days after the effective date of this amendatory Act of
| 23 | | 1996, all moneys then remaining in the University Income Fund | 24 | | heretofore
established as a special fund in the State Treasury | 25 | | shall be paid to the
University of Illinois and deposited and | 26 | | credited to the University Income Fund
established by the |
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| 1 | | University of Illinois in its own treasury as provided in
| 2 | | paragraph (1) of Section 6d of the State Finance Act .
| 3 | | The right of custody, possession and control over all items | 4 | | of income, funds
or deposits in any way pertaining to Sangamon | 5 | | State University prior to its
change of name and status to the | 6 | | University of Illinois at Springfield, which
on the effective | 7 | | date of this Article are held or retained by, or under the
| 8 | | jurisdiction of the Board of Regents under the authority of | 9 | | paragraph (2)
of Section 6a-4 of the State Finance Act, is | 10 | | hereby transferred to and vested
in the Board of Trustees of | 11 | | the University of Illinois to be retained by the
University in | 12 | | its own treasury, or deposited with a bank or savings and loan
| 13 | | association, all in accordance with the provisions of paragraph | 14 | | (2)
of Section 6d of that Act.
| 15 | | There is hereby transferred from the Board of Regents to | 16 | | the Board of
Trustees of the University of Illinois the power | 17 | | of order and direction
over the disbursement of those funds | 18 | | which immediately prior to the
effective date of this Article | 19 | | were retained by Sangamon State
University (prior to its change | 20 | | of name and status to the University of
Illinois at | 21 | | Springfield) in its own treasury under the authority of | 22 | | paragraph
(3) of Section 6a-4 of the State Finance Act; | 23 | | provided that such funds shall be
disbursed from time to time | 24 | | pursuant to the order and direction of the Board of
Trustees in | 25 | | accordance with any contracts, pledges, trusts or agreements
| 26 | | heretofore made with respect to the use or application of such |
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| 1 | | funds by the
Board of Regents.
| 2 | | The Board of Trustees of the University of Illinois shall | 3 | | succeed to, assume
and exercise all rights, powers, duties and | 4 | | responsibilities formerly exercised
by the Board of Regents on | 5 | | behalf of Sangamon State University (now known as
the | 6 | | University of Illinois at Springfield) prior to the effective | 7 | | date of this
Article. All contracts and agreements entered into | 8 | | by the Board of Regents on
behalf of Sangamon State University | 9 | | (now known as the University of Illinois at
Springfield) prior | 10 | | to the effective date of this Article shall subsist
| 11 | | notwithstanding the transfer of the functions of the Board of | 12 | | Regents with
respect to Sangamon State University (now known as | 13 | | the University of Illinois
at Springfield) to the Board of | 14 | | Trustees of the University of Illinois. All
bonds, notes, and | 15 | | other evidences of indebtedness outstanding on the effective
| 16 | | date of this Article issued by the Board of Regents on behalf | 17 | | of Sangamon State
University (now known as the University of | 18 | | Illinois at Springfield) shall
become the bonds, notes, or | 19 | | other evidences of indebtedness of the University
of Illinois | 20 | | and shall be otherwise unaffected by the transfer of functions
| 21 | | to the Board of Trustees of the University of Illinois. Any | 22 | | action,
including without limitation, approvals of | 23 | | applications for bonds and
resolutions constituting official | 24 | | action under the Internal Revenue Code by
the Board of Regents | 25 | | prior to the effective date of this Article shall remain
| 26 | | effective to the same extent as if that action had been taken |
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| 1 | | by the Board of
Trustees of the University of Illinois and | 2 | | shall be deemed to be action taken
by that Board of Trustees | 3 | | for the University of Illinois at Springfield.
| 4 | | The title to all other property, whether real, personal or | 5 | | mixed, and all
accounts receivable belonging to or under the | 6 | | jurisdiction of the Board of
Regents for Sangamon State | 7 | | University prior to its change of name and status to
the | 8 | | University of Illinois at Springfield is hereby transferred to | 9 | | and vested
in the Board of Trustees of the University of | 10 | | Illinois to be held for the
People of the State of Illinois.
| 11 | | (Source: P.A. 89-4, eff. 7-1-95 (eff. date changed from 1-1-96 | 12 | | by P.A.
89-24); 89-602, eff. 8-2-96.)
| 13 | | Section 20. The Chicago State University Law is amended by | 14 | | changing Section 5-35 as follows:
| 15 | | (110 ILCS 660/5-35)
| 16 | | Sec. 5-35.
Transfer of powers, duties, assets; outstanding | 17 | | contracts,
agreements and bonds. All the rights, powers and | 18 | | duties vested by law in the
Board of Governors of State | 19 | | Colleges and Universities and relating to the
operation, | 20 | | management, control and maintenance of Chicago State | 21 | | University are
hereby transferred to and vested in the Board of | 22 | | Trustees of Chicago State
University.
| 23 | | All books, records, papers, documents and pending business | 24 | | in any way
pertaining to Chicago State University and held by |
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| 1 | | the Board of Governors of
State Colleges and Universities are | 2 | | hereby transferred from the Board of
Governors of State | 3 | | Colleges and Universities to the Board of Trustees of
Chicago | 4 | | State University.
| 5 | | The employment of the president and all other academic and | 6 | | nonacademic
personnel of Chicago State University is hereby | 7 | | transferred from the
Board of Governors of State Colleges and | 8 | | Universities to the Board of Trustees
of Chicago State | 9 | | University,
but the status and rights of all personnel whose | 10 | | employment is so
transferred under the State Universities Civil | 11 | | Service System, under the
State Universities Retirement System | 12 | | and under any other contract or
benefit plan shall be | 13 | | unaffected thereby.
| 14 | | No rule or regulation promulgated by the Board of Governors | 15 | | of State Colleges
and Universities prior to the effective date | 16 | | of this Article
pursuant to an exercise of any right, power, | 17 | | duty, responsibility or matter
of pending business transferred | 18 | | from the Board of Governors of State Colleges
and Universities | 19 | | to the Board of
Trustees of Chicago State University under the | 20 | | provisions of this
Article shall be affected thereby, and all | 21 | | such rules and
regulations shall become the rules and | 22 | | regulations of the Board of Trustees
of Chicago State | 23 | | University.
| 24 | | All items of income heretofore received by Chicago State | 25 | | University
and paid into the State Treasury and covered into | 26 | | the Board of Governors of
State Colleges and Universities
|
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| 1 | | Income Fund and not heretofore appropriated by the General | 2 | | Assembly for the
support and improvement of Chicago State | 3 | | University under the
provisions of paragraph (1) of Section 6a | 4 | | of the State Finance Act
shall be transferred by the
State | 5 | | Treasurer and covered into the Chicago State University Income
| 6 | | Fund for appropriations from time to time to be made by the | 7 | | General
Assembly payable from such fund for the support and | 8 | | improvement of Chicago
State University as provided in | 9 | | paragraph (1) of Section 6a-1c of that Act ;
provided that | 10 | | within 10 days after the effective date of this amendatory
Act | 11 | | of 1996, all moneys then remaining in the Chicago State | 12 | | University Income
Fund
heretofore established as a special fund | 13 | | in the State Treasury shall be repaid
to the University to be | 14 | | deposited and credited to the University Income Fund
| 15 | | established by Chicago State University in its own treasury as | 16 | | provided in
paragraph (1) of Section 6a-1c of the State Finance | 17 | | Act .
| 18 | | The right of custody, possession and control over all items | 19 | | of income, funds
or deposits in any
way pertaining to Chicago | 20 | | State University, which on the effective date
of this Article | 21 | | are held or retained by, or under the
jurisdiction of the Board | 22 | | of Governors of State Colleges and Universities under
the | 23 | | authority of paragraph (2)
of Section 6a of the State Finance | 24 | | Act,
is hereby transferred to and vested in the Board of
| 25 | | Trustees of Chicago State University to be retained by the | 26 | | University
in its own treasury, or deposited with a bank or |
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| 1 | | savings and loan
association, all in accordance with the | 2 | | provisions of paragraphs (2) and
(6) of Section 6a-1c of that | 3 | | Act.
| 4 | | There is hereby transferred from the Board of Governors of | 5 | | State Colleges and
Universities to the Board of
Trustees of | 6 | | Chicago State University the power of order and direction
over | 7 | | the disbursement of those funds which immediately prior to the
| 8 | | effective date of this Article were retained by Chicago State | 9 | | University in its
own treasury under the authority of
Section | 10 | | 6a-2 of the State Finance Act;
provided that such funds shall | 11 | | be disbursed from time to time
pursuant to the order and | 12 | | direction of the Board of Trustees in accordance
with any | 13 | | contracts, pledges, trusts or agreements heretofore made with
| 14 | | respect to the use or application of such funds by the
Teachers | 15 | | College Board or the Board of Governors of State Colleges and
| 16 | | Universities.
| 17 | | Chicago State University shall succeed to, assume and | 18 | | exercise all rights,
powers, duties and responsibilities | 19 | | formerly exercised by the Board of
Governors of State Colleges | 20 | | and Universities on behalf of Chicago State
University prior to | 21 | | the effective date of this Article. All contracts and
| 22 | | agreements entered into by the Board of Governors of State | 23 | | Colleges and
Universities on behalf of Chicago State University | 24 | | prior to the effective date
of this Article shall be valid and | 25 | | shall subsist notwithstanding the abolition
of the Board of | 26 | | Governors of State Colleges and Universities and the repeal of
|
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| 1 | | the Board of Governors Act and notwithstanding the transfer or | 2 | | the functions of
the Board of Governors of State Colleges and | 3 | | Universities with respect to
Chicago State University to the | 4 | | Board of Trustees of Chicago State University.
All bonds, | 5 | | notes, and other evidences of indebtedness outstanding on the
| 6 | | effective date of this Article issued by the Teachers College | 7 | | Board or the
Board of Governors of State Colleges and | 8 | | Universities on behalf of Chicago
State University shall become | 9 | | the bonds, notes or other evidences of
indebtedness of Chicago | 10 | | State University and shall be otherwise unaffected by
the | 11 | | transfer of functions to Chicago State University. Any action, | 12 | | including
without limitation, approvals of applications for | 13 | | bonds and resolutions
constituting official action under the | 14 | | Internal Revenue Code by the Teachers
College Board or Board of | 15 | | Governors of State Colleges and Universities prior to
the | 16 | | effective date of this Article shall remain effective to the | 17 | | same extent as
if that action had been taken by Chicago State | 18 | | University and shall be deemed
to be action taken by Chicago | 19 | | State University.
| 20 | | The title to all other property, whether real, personal or | 21 | | mixed,
belonging to or under the jurisdiction of the Board of | 22 | | Governors of State
Colleges and Universities for Chicago
State | 23 | | University is hereby transferred to and vested in the Board of
| 24 | | Trustees of Chicago State University to be held for the People | 25 | | of the
State of Illinois for such University.
| 26 | | (Source: P.A. 89-4, eff. 1-1-96; 89-602, eff. 8-2-96.)
|
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| 1 | | Section 25. The Eastern Illinois University Law is amended | 2 | | by changing Section 10-35 as follows:
| 3 | | (110 ILCS 665/10-35)
| 4 | | Sec. 10-35.
Transfer of powers, duties, assets; | 5 | | outstanding contracts,
agreements and bonds. All the rights, | 6 | | powers and duties vested by law in the
Board of Governors of | 7 | | State Colleges and Universities and relating to the
operation, | 8 | | management, control and maintenance of Eastern Illinois | 9 | | University
are hereby transferred to and vested in the Board of | 10 | | Trustees of Eastern
Illinois University.
| 11 | | All books, records, papers, documents and pending business | 12 | | in any way
pertaining to Eastern Illinois
University and held | 13 | | by the Board of Governors of State Colleges and
Universities | 14 | | are hereby transferred from the Board of Governors of State
| 15 | | Colleges and Universities to the Board of
Trustees of Eastern | 16 | | Illinois University.
| 17 | | The employment of the president and all other academic and | 18 | | nonacademic
personnel of Eastern Illinois University is hereby | 19 | | transferred from the
Board of Governors of State Colleges and | 20 | | Universities to the Board of Trustees
of Eastern Illinois | 21 | | University,
but the status and rights of all personnel whose | 22 | | employment is so
transferred under the State Universities Civil | 23 | | Service System, under the
State Universities Retirement System | 24 | | and under any other contract or
benefit plan shall be |
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| 1 | | unaffected thereby.
| 2 | | No rule or regulation promulgated by the Board of Governors | 3 | | of State Colleges
and Universities prior to the effective date | 4 | | of this Article
pursuant to an exercise of any right, power, | 5 | | duty, responsibility or matter
of pending business transferred | 6 | | from the Board of Governors of State Colleges
and Universities | 7 | | to the Board of
Trustees of Eastern Illinois University under | 8 | | the provisions of this
Article shall be affected thereby, and | 9 | | all such rules and
regulations shall become the rules and | 10 | | regulations of the Board of Trustees
of Eastern Illinois | 11 | | University.
| 12 | | All items of income heretofore received by Eastern Illinois | 13 | | University
and paid into the State Treasury and covered into | 14 | | the Board of Governors of
State Colleges and Universities
| 15 | | Income Fund and not heretofore appropriated by the General | 16 | | Assembly for the
support and improvement of Eastern Illinois | 17 | | University under the
provisions of paragraph (1) of Section 6a | 18 | | of the State Finance Act
shall be transferred by the
State | 19 | | Treasurer and covered into the Eastern Illinois University | 20 | | Income
Fund for appropriations from time to time to be made by | 21 | | the General
Assembly payable from such fund for the support and | 22 | | improvement of Eastern
Illinois University as provided in | 23 | | paragraph (1) of Section 6a-1d of that
Act ; provided that | 24 | | within 10 days after the effective date of this amendatory
Act | 25 | | of 1996, all moneys then remaining in the Eastern Illinois | 26 | | University
Income Fund
heretofore established as a special fund |
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| 1 | | in the State Treasury shall be repaid
to the University to be | 2 | | deposited and credited to the University Income Fund
| 3 | | established by Eastern Illinois University in its own treasury | 4 | | as provided
in paragraph (1) of Section 6a-1d of the State | 5 | | Finance Act .
| 6 | | The right of custody, possession and control over all items | 7 | | of income, funds
or deposits in any
way pertaining to Eastern | 8 | | Illinois University, which on the effective date
of this | 9 | | Article are held or retained by, or under the
jurisdiction of | 10 | | the Board of Governors of State Colleges and Universities under
| 11 | | the authority of paragraph (2)
of Section 6a of the State | 12 | | Finance Act,
is hereby transferred to and vested in the Board | 13 | | of
Trustees of Eastern Illinois University to be retained by | 14 | | the University
in its own treasury, or deposited with a bank or | 15 | | savings and loan
association, all in accordance with the | 16 | | provisions of paragraphs (2) and
(6) of Section 6a-1d of that | 17 | | Act.
| 18 | | There is hereby transferred from the Board of Governors of | 19 | | State Colleges and
Universities to the Board of
Trustees of | 20 | | Eastern Illinois University the power of order and direction
| 21 | | over the disbursement of those funds which immediately prior to | 22 | | the
effective date of this Article were retained by Eastern | 23 | | Illinois University in
its
own treasury under the authority of
| 24 | | Section 6a-2 of the State Finance Act;
provided that such funds | 25 | | shall be disbursed from time to time
pursuant to the order and | 26 | | direction of the Board of Trustees in accordance
with any |
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| 1 | | contracts, pledges, trusts or agreements heretofore made with
| 2 | | respect to the use or application of such funds by the
Teachers | 3 | | College Board or the Board of Governors of State Colleges and
| 4 | | Universities.
| 5 | | Eastern Illinois University shall succeed to, assume and | 6 | | exercise all rights,
powers, duties and responsibilities | 7 | | formerly exercised by the Board of
Governors of State Colleges | 8 | | and Universities on behalf of Eastern Illinois
University prior | 9 | | to the effective date of this Article. All contracts and
| 10 | | agreements entered into by the Board of Governors of State | 11 | | Colleges and
Universities on behalf of Eastern Illinois | 12 | | University prior to the effective
date
of this Article shall be | 13 | | valid and shall subsist notwithstanding the abolition
of the | 14 | | Board of Governors of State Colleges and Universities and the | 15 | | repeal of
the Board of Governors Act and notwithstanding the | 16 | | transfer or the functions of
the Board of Governors of State | 17 | | Colleges and Universities with respect to
Eastern Illinois | 18 | | University to the Board of Trustees of Eastern Illinois
| 19 | | University.
All bonds, notes, and other evidences of | 20 | | indebtedness outstanding on the
effective date of this Article | 21 | | issued by the Teachers College Board or the
Board of Governors | 22 | | of State Colleges and Universities on behalf of Eastern
| 23 | | Illinois University shall become the bonds, notes or other | 24 | | evidences of
indebtedness of Eastern Illinois University and | 25 | | shall be otherwise unaffected
by the transfer of functions to | 26 | | Eastern Illinois University. Any action,
including
without |
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| 1 | | limitation, approvals of applications for bonds and | 2 | | resolutions
constituting official action under the Internal | 3 | | Revenue Code by the Teachers
College Board or Board of | 4 | | Governors of State Colleges and Universities prior to
the | 5 | | effective date of this Article shall remain effective to the | 6 | | same extent as
if that action had been taken by Eastern | 7 | | Illinois University and shall be
deemed to be action taken by | 8 | | Eastern Illinois University.
| 9 | | The title to all other property, whether real, personal or | 10 | | mixed,
belonging to or under the jurisdiction of the Board of | 11 | | Governors of State
Colleges and Universities for Eastern | 12 | | Illinois University is hereby transferred
to and vested in the | 13 | | Board of
Trustees of Eastern Illinois University to be held for | 14 | | the People of the
State of Illinois for such University.
| 15 | | (Source: P.A. 89-4, eff. 1-1-96; 89-602, eff. 8-2-96.)
| 16 | | Section 30. The Governors State University Law is amended | 17 | | by changing Section 15-35 as follows:
| 18 | | (110 ILCS 670/15-35)
| 19 | | Sec. 15-35.
Transfer of powers, duties, assets; | 20 | | outstanding contracts,
agreements and bonds. All the rights, | 21 | | powers and duties vested by law in the
Board of Governors of | 22 | | State Colleges and Universities and relating to the
operation, | 23 | | management, control and maintenance of Governors State | 24 | | University
are hereby transferred to and vested in the Board of |
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| 1 | | Trustees of Governors
State University.
| 2 | | All books, records,
papers, documents and pending business | 3 | | in any way pertaining to Governors State
University and held by | 4 | | the Board of Governors of State Colleges and
Universities are | 5 | | hereby transferred from the Board of Governors of State
| 6 | | Colleges and Universities to the Board of
Trustees of Governors | 7 | | State University.
| 8 | | The employment of the president and all other academic and | 9 | | nonacademic
personnel of Governors State University is hereby | 10 | | transferred from the
Board of Governors of State Colleges and | 11 | | Universities to the Board of Trustees
of Governors State | 12 | | University,
but the status and rights of all personnel whose | 13 | | employment is so
transferred under the State Universities Civil | 14 | | Service System, under the
State Universities Retirement System | 15 | | and under any other contract or
benefit plan shall be | 16 | | unaffected thereby.
| 17 | | No rule or regulation promulgated by the Board of Governors | 18 | | of State Colleges
and Universities prior to the effective date | 19 | | of this Article
pursuant to an exercise of any right, power, | 20 | | duty, responsibility or matter
of pending business transferred | 21 | | from the Board of Governors of State Colleges
and Universities | 22 | | to the Board of
Trustees of Governors State University under | 23 | | the provisions of this
Article shall be affected thereby, and | 24 | | all such rules and
regulations shall become the rules and | 25 | | regulations of the Board of Trustees
of Governors State | 26 | | University.
|
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| 1 | | All items of income heretofore received by Governors State | 2 | | University
and paid into the State Treasury and covered into | 3 | | the Board of Governors of
State Colleges and Universities
| 4 | | Income Fund and not heretofore appropriated by the General | 5 | | Assembly for the
support and improvement of Governors State | 6 | | University under the
provisions of paragraph (1) of Section 6a | 7 | | of the State Finance Act
shall be transferred by the
State | 8 | | Treasurer and covered into the Governors State University | 9 | | Income
Fund for appropriations from time to time to be made by | 10 | | the General
Assembly payable from such fund for the support and | 11 | | improvement of Governors
State University as provided in | 12 | | paragraph (1) of Section 6a-1e of that Act ;
provided that | 13 | | within 10 days after the effective date of this amendatory
Act | 14 | | of 1996, all moneys then remaining in the Governors State | 15 | | University Income
Fund
heretofore established as a special fund | 16 | | in the State Treasury shall be repaid
to the University to be | 17 | | deposited and credited to the University Income Fund
| 18 | | established by Governors State University in its own treasury | 19 | | as provided
in paragraph (1) of Section 6a-1e of the State | 20 | | Finance Act .
| 21 | | The right of custody, possession and control over all items | 22 | | of income, funds
or deposits in any
way pertaining to Governors | 23 | | State University, which on the effective date
of this Article | 24 | | are held or retained by, or under the
jurisdiction of the Board | 25 | | of Governors of State Colleges and Universities under
the | 26 | | authority of paragraph (2) of Section 6a of the State Finance |
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| 1 | | Act,
is hereby transferred to and vested in the Board of
| 2 | | Trustees of Governors State University to be retained by the | 3 | | University
in its own treasury, or deposited with a bank or | 4 | | savings and loan
association, all in accordance with the | 5 | | provisions of paragraphs (2) and
(6) of Section 6a-1e of that | 6 | | Act.
| 7 | | There is hereby transferred from the Board of Governors of | 8 | | State Colleges and
Universities to the Board of
Trustees of | 9 | | Governors State University the power of order and direction
| 10 | | over the disbursement of those funds which immediately prior to | 11 | | the
effective date of this Article were retained by Governors | 12 | | State University in
its
own treasury under the authority of | 13 | | Section 6a-2 of the State Finance Act;
provided that such funds | 14 | | shall be disbursed from time to time
pursuant to the order and | 15 | | direction of the Board of Trustees in accordance
with any | 16 | | contracts, pledges, trusts or agreements heretofore made with
| 17 | | respect to the use or application of such funds by the
Teachers | 18 | | College Board or the Board of Governors of State Colleges and
| 19 | | Universities.
| 20 | | Governors State University shall succeed to, assume and | 21 | | exercise all rights,
powers, duties and responsibilities | 22 | | formerly exercised by the Board of
Governors of State Colleges | 23 | | and Universities on behalf of Governors State
University prior | 24 | | to the effective date of this Article. All contracts and
| 25 | | agreements entered into by the Board of Governors of State | 26 | | Colleges and
Universities on behalf of Governors State |
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| 1 | | University prior to the effective
date
of this Article shall be | 2 | | valid and shall subsist notwithstanding the abolition
of the | 3 | | Board of Governors of State Colleges and Universities and the | 4 | | repeal of
the Board of Governors Act and notwithstanding the | 5 | | transfer or the functions of
the Board of Governors of State | 6 | | Colleges and Universities with respect to
Governors State | 7 | | University to the Board of Trustees of Governors State
| 8 | | University.
All bonds, notes, and other evidences of | 9 | | indebtedness outstanding on the
effective date of this Article | 10 | | issued by the Teachers College Board or the
Board of Governors | 11 | | of State Colleges and Universities on behalf of Governors
State | 12 | | University shall become the bonds, notes or other evidences of
| 13 | | indebtedness of Governors State University and shall be | 14 | | otherwise unaffected by
the transfer of functions to Governors | 15 | | State University. Any action, including
without limitation, | 16 | | approvals of applications for bonds and resolutions
| 17 | | constituting official action under the Internal Revenue Code by | 18 | | the Teachers
College Board or Board of Governors of State | 19 | | Colleges and Universities prior to
the effective date of this | 20 | | Article shall remain effective to the same extent as
if that | 21 | | action had been taken by Governors State University and shall | 22 | | be deemed
to be action taken by Governors State University.
| 23 | | The title to all other property, whether real, personal or | 24 | | mixed,
belonging to or under the jurisdiction of the Board of | 25 | | Governors of State
Colleges and Universities for Governors | 26 | | State University is hereby transferred
to and vested in the |
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| 1 | | Board of
Trustees of Governors State University to be held for | 2 | | the People of the
State of Illinois for such University.
| 3 | | (Source: P.A. 89-4, eff. 1-1-96; 89-602, eff. 8-2-96.)
| 4 | | Section 35. The Illinois State University Law is amended by | 5 | | changing Section 20-35 as follows:
| 6 | | (110 ILCS 675/20-35)
| 7 | | Sec. 20-35.
Transfer of powers, duties, assets; | 8 | | outstanding contracts,
agreements and bonds. All the rights, | 9 | | powers and duties vested by law in the
Board of Regents and | 10 | | relating to the operation,
management, control and
maintenance | 11 | | of Illinois State University are hereby transferred to and
| 12 | | vested in the Board of Trustees of Illinois State University.
| 13 | | All books, records,
papers, documents and pending business | 14 | | in any way pertaining to Illinois State
University and held by | 15 | | the Board of Regents are hereby transferred from the
Board of | 16 | | Regents to the Board of
Trustees of Illinois State University.
| 17 | | The employment of the president and all other academic and | 18 | | nonacademic
personnel of Illinois State University is hereby | 19 | | transferred from the
Board of Regents to the Board of Trustees
| 20 | | of Illinois State University,
but the status and rights of all | 21 | | personnel whose employment is so
transferred under the State | 22 | | Universities Civil Service System, under the
State | 23 | | Universities Retirement System and under any other contract or
| 24 | | benefit plan shall be unaffected thereby.
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| 1 | | No rule or regulation promulgated by the Board of Regents | 2 | | prior to the
effective date of this Article
pursuant to an | 3 | | exercise of any right, power, duty, responsibility or matter
of | 4 | | pending business transferred from the Board of Regents to the | 5 | | Board of
Trustees of Illinois State University under the | 6 | | provisions of this
Article shall be affected thereby, and all | 7 | | such rules and
regulations shall become the rules and | 8 | | regulations of the Board of Trustees
of Illinois State | 9 | | University.
| 10 | | All items of income heretofore received by Illinois State | 11 | | University
and paid into the State Treasury and covered into | 12 | | the Board of Regents
Income Fund and not heretofore | 13 | | appropriated by the General Assembly for the
support and | 14 | | improvement of Illinois State University under the
provisions | 15 | | of paragraph (1) of Section 6a-4 of the State Finance Act
shall | 16 | | be transferred by the
State Treasurer and covered into the | 17 | | Illinois State University Income
Fund for appropriations from | 18 | | time to time to be made by the General
Assembly payable from | 19 | | such fund for the support and improvement of Illinois
State | 20 | | University as provided in paragraph (1) of Section 6a-1b of | 21 | | that Act ;
provided that within 10 days after the effective date | 22 | | of this amendatory
Act of 1996, all moneys then remaining in | 23 | | the Illinois State University Income
Fund
heretofore | 24 | | established as a special fund in the State Treasury shall be | 25 | | repaid
to the University to be deposited and credited to the | 26 | | University Income Fund
established by Illinois State |
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| 1 | | University in its own treasury as provided in
paragraph (1) of | 2 | | Section 6a-1b of the State Finance Act .
| 3 | | The right of custody, possession and control over all items | 4 | | of income, funds
or deposits in any
way pertaining to Illinois | 5 | | State University, which on the effective date
of this Article | 6 | | are held or retained by, or under the
jurisdiction of the Board | 7 | | of Regents under
the authority of paragraph (2) of Section 6a-4 | 8 | | of the State Finance Act,
is hereby transferred to and vested | 9 | | in the Board of
Trustees of Illinois State University to be | 10 | | retained by the University
in its own treasury, or deposited | 11 | | with a bank or savings and loan
association, all in accordance | 12 | | with the provisions of paragraphs (2) and
(6) of Section 6a-1b | 13 | | of that Act.
| 14 | | There is hereby transferred from the Board of Regents to | 15 | | the Board of
Trustees of Illinois State University the power of | 16 | | order and direction
over the disbursement of those funds which | 17 | | immediately prior to the
effective date of this Article were | 18 | | retained by Illinois State University in
its own treasury under | 19 | | the authority of paragraph (3) of
Section 6a-4 of the State | 20 | | Finance Act;
provided that such funds shall be disbursed from | 21 | | time to time
pursuant to the order and direction of the Board | 22 | | of Trustees in accordance
with any contracts, pledges, trusts | 23 | | or agreements heretofore made with
respect to the use or | 24 | | application of such funds by the
Teachers College Board, the | 25 | | Board of Governors of State Colleges and
Universities or the | 26 | | Board of Regents.
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| 1 | | Illinois State University shall succeed to, assume and | 2 | | exercise all rights,
powers, duties and responsibilities | 3 | | formerly exercised by the Board of Regents
on behalf of | 4 | | Illinois State
University prior to the effective date of this | 5 | | Article. All contracts and
agreements entered into by the Board | 6 | | of Regents on behalf of Illinois State
University prior to the | 7 | | effective date
of this Article shall be valid and shall subsist | 8 | | notwithstanding the abolition
of the Board of Regents and the | 9 | | repeal of
the Regency Universities Act and notwithstanding the | 10 | | transfer or the functions
of the Board of Regents with respect | 11 | | to Illinois State University to the Board
of Trustees of | 12 | | Illinois State University.
All bonds, notes, and other | 13 | | evidences of indebtedness outstanding on the
effective date of | 14 | | this Article issued by the Teachers College Board, Board of
| 15 | | Governors of State Colleges and Universities or the
Board of | 16 | | Regents on behalf of Illinois State University shall become the | 17 | | bonds,
notes or other evidences of
indebtedness of Illinois | 18 | | State University and shall be otherwise unaffected by
the | 19 | | transfer of functions to Illinois State University. Any action, | 20 | | including
without limitation, approvals of applications for | 21 | | bonds and resolutions
constituting official action under the | 22 | | Internal Revenue Code by the Teachers
College Board, Board of | 23 | | Governors of State Colleges and Universities or Board
of | 24 | | Regents prior to
the effective date of this Article shall | 25 | | remain effective to the same extent as
if that action had been | 26 | | taken by Illinois State University and shall be deemed
to be |
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| 1 | | action taken by Illinois State University.
| 2 | | The title to all other property, whether real, personal or | 3 | | mixed,
belonging to or under the jurisdiction of the Board of | 4 | | Regents for Illinois
State University is hereby transferred to | 5 | | and vested in the Board of
Trustees of Illinois State | 6 | | University to be held for the People of the
State of Illinois | 7 | | for such University.
| 8 | | (Source: P.A. 89-4, eff. 1-1-96; 89-602, eff. 8-2-96.)
| 9 | | Section 40. The Northeastern Illinois University Law is | 10 | | amended by changing Section 25-35 as follows:
| 11 | | (110 ILCS 680/25-35)
| 12 | | Sec. 25-35.
Transfer of powers, duties, assets; | 13 | | outstanding contracts,
agreements and bonds. All the rights, | 14 | | powers and duties vested by law in the
Board of Governors of | 15 | | State Colleges and Universities and relating to the
operation, | 16 | | management, control and maintenance of Northeastern Illinois
| 17 | | University are hereby transferred to and vested in the Board of | 18 | | Trustees of
Northeastern Illinois University.
| 19 | | All books, records, papers, documents and pending business | 20 | | in any way
pertaining to Northeastern Illinois University and | 21 | | held by the Board of
Governors of State Colleges and | 22 | | Universities are hereby transferred from the
Board of Governors | 23 | | of State Colleges and Universities to the Board of
Trustees of | 24 | | Northeastern Illinois University.
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| 1 | | The employment of the president and all other academic and | 2 | | nonacademic
personnel of Northeastern Illinois University is | 3 | | hereby transferred from the
Board of Governors of State | 4 | | Colleges and Universities to the Board of Trustees
of | 5 | | Northeastern Illinois University,
but the status and rights of | 6 | | all personnel whose employment is so
transferred under the | 7 | | State Universities Civil Service System, under the
State | 8 | | Universities Retirement System and under any other contract or
| 9 | | benefit plan shall be unaffected thereby.
| 10 | | No rule or regulation promulgated by the Board of Governors | 11 | | of State Colleges
and Universities prior to the effective date | 12 | | of this Article
pursuant to an exercise of any right, power, | 13 | | duty, responsibility or matter
of pending business transferred | 14 | | from the Board of Governors of State Colleges
and Universities | 15 | | to the Board of
Trustees of Northeastern Illinois University | 16 | | under the provisions of this
Article shall be affected thereby, | 17 | | and all such rules and
regulations shall become the rules and | 18 | | regulations of the Board of Trustees
of Northeastern Illinois | 19 | | University.
| 20 | | All items of income heretofore received by Northeastern | 21 | | Illinois University
and paid into the State Treasury and | 22 | | covered into the Board of Governors of
State Colleges and | 23 | | Universities Income Fund and not heretofore appropriated by
the | 24 | | General Assembly for the support and improvement of | 25 | | Northeastern Illinois
University under the provisions of | 26 | | paragraph (1) of Section 6a of the State
Finance Act shall be |
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| 1 | | transferred by the State Treasurer and covered into the
| 2 | | Northeastern Illinois University Income Fund for | 3 | | appropriations from time to
time to be made by the General | 4 | | Assembly payable from such fund for the support
and improvement | 5 | | of Northeastern Illinois University as provided in paragraph
| 6 | | (1) of Section 6a-1f of that Act ; provided that within 10 days | 7 | | after the
effective date of this amendatory
Act of 1996, all | 8 | | moneys then remaining in the Northeastern Illinois University
| 9 | | Income Fund
heretofore established as a special fund in the | 10 | | State Treasury shall be repaid
to the University to be | 11 | | deposited and credited to the University Income Fund
| 12 | | established by Northeastern Illinois University in its own | 13 | | treasury as
provided in paragraph (1) of Section 6a-1f of the | 14 | | State Finance Act .
| 15 | | The right of custody, possession and control over all items | 16 | | of income, funds
or deposits in any way pertaining to | 17 | | Northeastern Illinois University, which on
the effective date | 18 | | of this Article are held or retained by, or under the
| 19 | | jurisdiction of the Board of Governors of State Colleges and | 20 | | Universities under
the authority of paragraph (2) of Section 6a | 21 | | of the State Finance Act, is
hereby transferred to and vested | 22 | | in the Board of
Trustees of Northeastern Illinois University to | 23 | | be retained by the University
in its own treasury, or deposited | 24 | | with a bank or savings and loan
association, all in accordance | 25 | | with the provisions of paragraphs (2) and
(6) of Section 6a-1f | 26 | | of that Act.
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| 1 | | There is hereby transferred from the Board of Governors of | 2 | | State Colleges and
Universities to the Board of
Trustees of | 3 | | Northeastern Illinois University the power of order and | 4 | | direction
over the disbursement of those funds which | 5 | | immediately prior to the
effective date of this Article were | 6 | | retained by Northeastern Illinois
University in its own | 7 | | treasury under the authority of Section 6a-2 of the State
| 8 | | Finance Act; provided that such funds shall be disbursed from | 9 | | time to time
pursuant to the order and direction of the Board | 10 | | of Trustees in accordance
with any contracts, pledges, trusts | 11 | | or agreements heretofore made with
respect to the use or | 12 | | application of such funds by the
Teachers College Board or the | 13 | | Board of Governors of State Colleges and
Universities.
| 14 | | Northeastern Illinois University shall succeed to, assume | 15 | | and exercise all
rights, powers, duties and responsibilities | 16 | | formerly exercised by the Board of
Governors of State Colleges | 17 | | and Universities on behalf of Northeastern Illinois
University | 18 | | prior to the effective date of this Article. All contracts and
| 19 | | agreements entered into by the Board of Governors of State | 20 | | Colleges and
Universities on behalf of Northeastern Illinois | 21 | | University prior to the
effective date of this Article shall be | 22 | | valid and shall subsist notwithstanding
the abolition of the | 23 | | Board of Governors of State Colleges and Universities and
the | 24 | | repeal of the Board of Governors Act and notwithstanding the | 25 | | transfer or
the functions of the Board of Governors of State | 26 | | Colleges and Universities with
respect to Northeastern |
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| 1 | | Illinois University to the Board of Trustees of
Northeastern | 2 | | Illinois University. All bonds, notes, and other evidences of
| 3 | | indebtedness outstanding on the effective date of this Article | 4 | | issued by the
Teachers College Board or the Board of Governors | 5 | | of State Colleges and
Universities on behalf of Northeastern | 6 | | Illinois University shall become the
bonds, notes or other | 7 | | evidences of indebtedness of Northeastern Illinois
University | 8 | | and shall be otherwise unaffected by
the transfer of functions | 9 | | to Northeastern Illinois University. Any action,
including | 10 | | without limitation, approvals of applications for bonds and
| 11 | | resolutions constituting official action under the Internal | 12 | | Revenue Code by the
Teachers College Board or Board of | 13 | | Governors of State Colleges and Universities
prior to the | 14 | | effective date of this Article shall remain effective to the | 15 | | same
extent as if that action had been taken by Northeastern | 16 | | Illinois University and
shall be deemed to be action taken by | 17 | | Northeastern Illinois University.
| 18 | | The title to all other property, whether real, personal or | 19 | | mixed,
belonging to or under the jurisdiction of the Board of | 20 | | Governors of State
Colleges and Universities for Northeastern | 21 | | Illinois University is hereby
transferred to and vested in the | 22 | | Board of Trustees of Northeastern Illinois
University to be | 23 | | held for the People of the
State of Illinois for such | 24 | | University.
| 25 | | (Source: P.A. 89-4, eff. 1-1-96; 89-602, eff. 8-2-96.)
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| 1 | | Section 45. The Northern Illinois University Law is amended | 2 | | by changing Section 30-35 as follows:
| 3 | | (110 ILCS 685/30-35)
| 4 | | Sec. 30-35.
Transfer of powers, duties, assets; | 5 | | outstanding contracts,
agreements and bonds. All the rights, | 6 | | powers and duties vested by law in the
Board of Regents and | 7 | | relating to the operation, management, control and
maintenance | 8 | | of Northern Illinois University are hereby transferred to and
| 9 | | vested in the Board of Trustees of Northern Illinois | 10 | | University.
| 11 | | All books, records,
papers, documents and pending business | 12 | | in any way pertaining to Northern
Illinois
University and held | 13 | | by the Board of Regents are hereby transferred from the
Board | 14 | | of Regents to the Board of
Trustees of Northern Illinois | 15 | | University.
| 16 | | The employment of the president and all other academic and | 17 | | nonacademic
personnel of Northern Illinois University is | 18 | | hereby transferred from the
Board of Regents to the Board of | 19 | | Trustees of Northern Illinois University,
but the status and | 20 | | rights of all personnel whose employment is so
transferred | 21 | | under the State Universities Civil Service System, under the
| 22 | | State Universities Retirement System and under any other | 23 | | contract or
benefit plan shall be unaffected thereby.
| 24 | | No rule or regulation promulgated by the Board of Regents | 25 | | prior to the
effective date of this Article
pursuant to an |
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| 1 | | exercise of any right, power, duty, responsibility or matter
of | 2 | | pending business transferred from the Board of Regents to the | 3 | | Board of
Trustees of Northern Illinois University under the | 4 | | provisions of this
Article shall be affected thereby, and all | 5 | | such rules and
regulations shall become the rules and | 6 | | regulations of the Board of Trustees
of Northern Illinois | 7 | | University.
| 8 | | All items of income heretofore received by Northern | 9 | | Illinois University
and paid into the State Treasury and | 10 | | covered into the Board of Regents
Income Fund and not | 11 | | heretofore appropriated by the General Assembly for the
support | 12 | | and improvement of Northern Illinois University under the
| 13 | | provisions of paragraph (1) of Section 6a-4 of the State | 14 | | Finance Act
shall be transferred by the
State Treasurer and | 15 | | covered into the Northern Illinois University Income
Fund for | 16 | | appropriations from time to time to be made by the General
| 17 | | Assembly payable from such fund for the support and improvement | 18 | | of Northern
Illinois University as provided in paragraph (1) of | 19 | | Section 6a-1a of that
Act ; provided that within 10 days after | 20 | | the effective date of this amendatory
Act of 1996, all moneys | 21 | | then remaining in the Northern Illinois University
Income Fund
| 22 | | heretofore established as a special fund in the State Treasury | 23 | | shall be repaid
to the University to be deposited and credited | 24 | | to the University Income Fund
established by Northern Illinois | 25 | | University in its own treasury as provided
in paragraph (1) of | 26 | | Section 6a-1a of the State Finance Act .
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| 1 | | The right of custody, possession and control over all items | 2 | | of income, funds
or deposits in any
way pertaining to Northern | 3 | | Illinois University, which on the effective date
of this | 4 | | Article are held or retained by, or under the
jurisdiction of | 5 | | the Board of Regents under the authority of paragraph (2)
of | 6 | | Section 6a-4 of the State Finance Act,
is hereby transferred to | 7 | | and vested in the Board of
Trustees of Northern Illinois | 8 | | University to be retained by the University
in its own | 9 | | treasury, or deposited with a bank or savings and loan
| 10 | | association, all in accordance with the provisions of | 11 | | paragraphs (2) and
(6) of Section 6a-1a of that Act.
| 12 | | There is hereby transferred from the Board of Regents to | 13 | | the Board of
Trustees of Northern Illinois University the power | 14 | | of order and direction
over the disbursement of those funds | 15 | | which immediately prior to the
effective date of this Article | 16 | | were retained by Northern
Illinois University in its own | 17 | | treasury under the authority of paragraph
(3) of Section 6a-4 | 18 | | of the State Finance Act;
provided that such funds shall be | 19 | | disbursed from time to time
pursuant to the order and direction | 20 | | of the Board of Trustees in accordance
with any contracts, | 21 | | pledges, trusts or agreements heretofore made with
respect to | 22 | | the use or application of such funds by the
Teachers College | 23 | | Board, the Board of Governors of State Colleges and
| 24 | | Universities or the Board of Regents.
| 25 | | Northern Illinois University shall succeed to, assume and | 26 | | exercise all rights,
powers, duties and responsibilities |
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| 1 | | formerly exercised by the Board of Regents
on behalf of | 2 | | Northern
Illinois University prior to the effective date of | 3 | | this Article. All contracts
and agreements entered into by the | 4 | | Board of Regents on behalf of Northern
Illinois University | 5 | | prior to the effective date of this Article shall be valid
and | 6 | | shall subsist notwithstanding the abolition of the Board of | 7 | | Regents and the
repeal of the Regency Universities Act and | 8 | | notwithstanding the transfer of the
functions of the Board of | 9 | | Regents with respect to Northern Illinois University
to the | 10 | | Board of Trustees of Northern Illinois University. All bonds, | 11 | | notes,
and other evidences of indebtedness outstanding on the | 12 | | effective date of this
Article issued by the Teachers College | 13 | | Board, the Board of Governors of State
Colleges and | 14 | | Universities or the Board of Regents on behalf of Northern
| 15 | | Illinois University shall become the bonds, notes or other | 16 | | evidences of
indebtedness of Northern Illinois University and | 17 | | shall be otherwise unaffected
by the transfer of functions to | 18 | | Northern Illinois University. Any action,
including without | 19 | | limitation, approvals of applications for bonds and
| 20 | | resolutions constituting official action under the Internal | 21 | | Revenue Code by the
Teachers College Board, Board of Governors | 22 | | of State Colleges and Universities
or Board of Regents prior to | 23 | | the effective date of this Article shall remain
effective to | 24 | | the same extent as if that action had been taken by Northern
| 25 | | Illinois University and shall be deemed to be action taken by | 26 | | Northern Illinois
University.
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| 1 | | The title to all other property, whether real, personal or | 2 | | mixed,
belonging to or under the jurisdiction of the Board of | 3 | | Regents for Northern
Illinois University is hereby transferred | 4 | | to and vested in the Board of
Trustees of Northern Illinois | 5 | | University to be held for the People of the
State of Illinois | 6 | | for such University.
| 7 | | (Source: P.A. 89-4, eff. 1-1-96; 89-602, eff. 8-2-96.)
| 8 | | Section 50. The Western Illinois University Law is amended | 9 | | by changing Section 35-35 as follows:
| 10 | | (110 ILCS 690/35-35)
| 11 | | Sec. 35-35.
Transfer of powers, duties, assets; | 12 | | outstanding contracts,
agreements and bonds. All the rights, | 13 | | powers and duties vested by law in the
Board of Governors of | 14 | | State Colleges and Universities and relating to the
operation, | 15 | | management, control and
maintenance of Western Illinois | 16 | | University are hereby transferred to and
vested in the Board of | 17 | | Trustees of Western Illinois University.
| 18 | | All books, records,
papers, documents and pending business | 19 | | in any way pertaining to Western
Illinois University and held | 20 | | by the Board of Governors of State Colleges and
Universities | 21 | | are hereby transferred from the Board of Governors of State
| 22 | | Colleges and Universities to the Board of
Trustees of Western | 23 | | Illinois University.
| 24 | | The employment of the president and all other academic and |
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| 1 | | nonacademic
personnel of Western Illinois University is hereby | 2 | | transferred from the
Board of Governors of State Colleges and | 3 | | Universities to the Board of Trustees
of Western Illinois | 4 | | University,
but the status and rights of all personnel whose | 5 | | employment is so
transferred under the State Universities Civil | 6 | | Service System, under the
State Universities Retirement System | 7 | | and under any other contract or
benefit plan shall be | 8 | | unaffected thereby.
| 9 | | No rule or regulation promulgated by the Board of Governors | 10 | | of State Colleges
and Universities prior to the effective date | 11 | | of this Article
pursuant to an exercise of any right, power, | 12 | | duty, responsibility or matter
of pending business transferred | 13 | | from the Board of Governors of State Colleges
and Universities | 14 | | to the Board of
Trustees of Western Illinois University under | 15 | | the provisions of this
Article shall be affected thereby, and | 16 | | all such rules and
regulations shall become the rules and | 17 | | regulations of the Board of Trustees
of Western Illinois | 18 | | University.
| 19 | | All items of income heretofore received by Western Illinois | 20 | | University
and paid into the State Treasury and covered into | 21 | | the Board of Governors of
State Colleges and Universities
| 22 | | Income Fund and not heretofore appropriated by the General | 23 | | Assembly for the
support and improvement of Western Illinois | 24 | | University under the
provisions of paragraph (1) of Section 6a | 25 | | of the State Finance Act
shall be transferred by the
State | 26 | | Treasurer and covered into the Western Illinois University |
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| 1 | | Income
Fund for appropriations from time to time to be made by | 2 | | the General
Assembly payable from such fund for the support and | 3 | | improvement of Western
Illinois University as provided in | 4 | | paragraph (1) of Section 6a-1g of that
Act ; provided that | 5 | | within 10 days after the effective date of this amendatory
Act | 6 | | of 1996, all moneys then remaining in the Western Illinois | 7 | | University
Income Fund
heretofore established as a special fund | 8 | | in the State Treasury shall be repaid
to the University to be | 9 | | deposited and credited to the University Income Fund
| 10 | | established by Western Illinois University in its own treasury | 11 | | as provided
in paragraph (1) of Section 6a-1g of the State | 12 | | Finance Act .
| 13 | | The right of custody, possession and control over all items | 14 | | of income, funds
or deposits in any
way pertaining to Western | 15 | | Illinois University, which on the effective date
of this | 16 | | Article are held or retained by, or under the
jurisdiction of | 17 | | the Board of Governors of State Colleges and Universities under
| 18 | | the authority of paragraph (2)
of Section 6a of the State | 19 | | Finance Act,
is hereby transferred to and vested in the Board | 20 | | of
Trustees of Western Illinois University to be retained by | 21 | | the University
in its own treasury, or deposited with a bank or | 22 | | savings and loan
association, all in accordance with the | 23 | | provisions of paragraphs (2) and
(6) of Section 6a-1g of that | 24 | | Act.
| 25 | | There is hereby transferred from the Board of Governors of | 26 | | State Colleges and
Universities to the Board of
Trustees of |
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| 1 | | Western Illinois University the power of order and direction
| 2 | | over the disbursement of those funds which immediately prior to | 3 | | the
effective date of this Article were retained by Western | 4 | | Illinois University in
its own treasury under the authority of | 5 | | Section 6a-2 of the State Finance Act;
provided that such funds | 6 | | shall be disbursed from time to time
pursuant to the order and | 7 | | direction of the Board of Trustees in accordance
with any | 8 | | contracts, pledges, trusts or agreements heretofore made with
| 9 | | respect to the use or application of such funds by the
Teachers | 10 | | College Board or the Board of Governors of State Colleges and
| 11 | | Universities.
| 12 | | Western Illinois University shall succeed to, assume and | 13 | | exercise all rights,
powers, duties and responsibilities | 14 | | formerly exercised by the Board of
Governors of State Colleges | 15 | | and Universities on behalf of Western Illinois
University prior | 16 | | to the effective date of this Article. All contracts and
| 17 | | agreements entered into by the Board of Governors of State | 18 | | Colleges and
Universities on behalf of Western Illinois | 19 | | University prior to the effective
date
of this Article shall be | 20 | | valid and shall subsist notwithstanding the abolition
of the | 21 | | Board of Governors of State Colleges and Universities and the | 22 | | repeal of
the Board of Governors Act and notwithstanding the | 23 | | transfer or the functions of
the Board of Governors of State | 24 | | Colleges and Universities with respect to
Western Illinois | 25 | | University to the Board of Trustees of Western Illinois
| 26 | | University.
All bonds, notes, and other evidences of |
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| 1 | | indebtedness outstanding on the
effective date of this Article | 2 | | issued by the Teachers College Board or the
Board of Governors | 3 | | of State Colleges and Universities on behalf of Western
| 4 | | Illinois University shall become the bonds, notes or other | 5 | | evidences of
indebtedness of Western Illinois University and | 6 | | shall be otherwise unaffected
by the transfer of functions to | 7 | | Western Illinois University. Any action,
including
without | 8 | | limitation, approvals of applications for bonds and | 9 | | resolutions
constituting official action under the Internal | 10 | | Revenue Code by the Teachers
College Board or Board of | 11 | | Governors of State Colleges and Universities prior to
the | 12 | | effective date of this Article shall remain effective to the | 13 | | same extent as
if that action had been taken by Western | 14 | | Illinois University and shall be
deemed to be action taken by | 15 | | Western Illinois University.
| 16 | | The title to all other property, whether real, personal or | 17 | | mixed,
belonging to or under the jurisdiction of the Board of | 18 | | Governors of State
Colleges and Universities for Western | 19 | | Illinois University is hereby transferred
to and vested in the | 20 | | Board of
Trustees of Western Illinois University to be held for | 21 | | the People of the
State of Illinois for such University.
| 22 | | (Source: P.A. 89-4, eff. 1-1-96; 89-602, eff. 8-2-96.)
| 23 | | Section 99. Effective date. This Act takes effect July 1, | 24 | | 2011.".
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