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| Public Act 098-0715 | ||||
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AN ACT concerning finance.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Private Colleges and Universities Capital | ||||
Distribution Formula Act is amended by adding Section 25-15 as | ||||
follows: | ||||
(30 ILCS 769/25-15 new) | ||||
Sec. 25-15. Transfer of funds to another independent | ||||
college. | ||||
(a) If an institution received a grant under this Article | ||||
and subsequently fails to meet the definition of "independent | ||||
college", the remaining funds shall be re-distributed as | ||||
provided in Section 25-10, unless the campus or facilities for | ||||
which the grant was given are operated by another institution | ||||
that qualifies as an independent college under this Article. | ||||
(b) If the facilities of a former independent college are | ||||
operated by another entity that qualifies as an independent | ||||
college as provided in subsection (a) of this Section, then the | ||||
entire balance of the grant provided under this Article | ||||
remaining on the date the former independent college ceased | ||||
operations, including any amount that had been withheld after | ||||
the former independent college ceased operations, shall be | ||||
transferred to the successor independent college for the | ||||
purpose of operating those facilities for the duration of the | ||
grant. | ||
(c) In the event that, on or before the effective date of | ||
this amendatory Act of the 98th General Assembly, the remaining | ||
funds have been re-allocated or re-distributed to other | ||
independent colleges, or the Illinois Board of Higher Education | ||
has planned for the remaining funds to be re-allocated or | ||
re-distributed to other independent colleges, before the | ||
5-year period provided under this Act for the utilization of | ||
funds has ended, any funds so re-allocated or re-distributed | ||
shall be deducted from future allocations to those other | ||
independent colleges and re-allocated or re-distributed to the | ||
initial institution or the successor entity operating the | ||
facilities of the original institution if: (i) the institution | ||
that failed to meet the definition of "independent college" | ||
once again meets the definition of "independent college" before | ||
the 5-year period has expired; or (ii) the facility or | ||
facilities of the former independent college are operated by | ||
another entity that qualifies as an independent college before | ||
the 5-year period has expired.
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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