093_HB1263

 
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 1        AN ACT relating to higher education.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 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,
 6    6a-1g, 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
10    Act  of  1996,  The following items of income received by the
11    Southern Illinois  University  for  general  operational  and
12    educational  purposes  shall be retained by the University in
13    its own treasury and credited to  an  account  known  as  the
14    University  Income  Fund  that  it  shall  establish  in  its
15    treasury  for  purposes of this paragraph paid into the State
16    Treasury without delay and shall be deposited into a  special
17    fund  to  be known as the Southern Illinois University Income
18    Fund:  (a)  tuition  and  laboratory  fees  not  pledged   to
19    discharge  obligations arising out of the issuance of revenue
20    bonds, library fees, and all any interest which may be earned
21    thereon not later than 20 days  after  receipt  of  the  same
22    without  any  deductions  except  for refunds to students for
23    whom duplicate payments have been made and  to  students  who
24    have  withdrawn  after  registration and are entitled to such
25    refunds; and (b) excess income from auxiliary enterprises and
26    activities as provided in paragraph (2) of this Section,  and
27    all  other  income arising out of any activity or purpose not
28    specified in paragraph (2) of this  Section  or  in  Sections
29    6a-2 or 6a-3 upon not later than 10 days after receipt of the
30    same  without  any  deduction whatever.  Such items of income
31    shall be either paid into the  State  treasury  or  deposited
 
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 1    into  a  college  or  university bank account within the time
 2    period established for like amounts in Section 2 of the State
 3    Officers and Employees Money Disposition Act.  Within 10 days
 4    after the effective date of this amendatory Act of 1996,  all
 5    moneys  then  remaining  in  the Southern Illinois University
 6    Income Fund heretofore established as a special fund  in  the
 7    State  treasury  that were covered and paid into that fund by
 8    the University shall be repaid to  the  University  upon  the
 9    warrant  of  the  State  Comptroller,  directed  to the State
10    Treasurer as an order to pay the sum required  to  be  repaid
11    under  this  paragraph  and shown as due on the warrant.  The
12    University shall deposit the amount so  repaid  to  it  in  a
13    college  or  university  bank  account within the time period
14    established for like  amounts  in  Section  2  of  the  State
15    Officers  and Employees Money Disposition Act, to be credited
16    to the University Income Fund established by  the  University
17    in  its  own  treasury  for  purposes of this paragraph.  All
18    moneys from time to time held in the University  Income  Fund
19    in  the  treasury  of  the  University  shall  be used by the
20    University, pursuant to the order and direction of the  Board
21    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,
27    such items together with interest thereon shall be paid  into
28    the  State  treasury  as  provided in the preceding sentence.
29    The  General  Assembly  shall  from   time   to   time   make
30    appropriations  payable  from  such  fund for the support and
31    improvement of Southern Illinois University.
32        (2)  The following items of income shall be  retained  by
33    the  University  in its own treasury: endowment funds, gifts,
34    trust funds, and Federal aid; funds  received  in  connection
 
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 1    with contracts with governmental, public, or private agencies
 2    or  persons,  for  research or services including funds which
 3    are paid as reimbursement to the University;  funds  received
 4    in  connection  with reserves authorized by Section 8a of the
 5    Southern Illinois University Management Act;  funds  received
 6    in connection with its operation of medical research and high
 7    technology    parks   and   with   the   retention,  receipt,
 8    assignment, license, sale or transfer of interests in, rights
 9    to, or  income  from  discoveries,  inventions,  patents,  or
10    copyrightable  works;  funds retained by the University under
11    the authority of Sections 6a-2 and 6a-3; and  funds  received
12    from  the operation of student or staff residence facilities,
13    student  and  staff  medical  and  health   programs,   Union
14    buildings,  bookstores,  farms,  stores,  and other auxiliary
15    enterprises or activities which are self-supporting in  whole
16    or   in   part.   Any  income  derived  from  such  auxiliary
17    enterprises or activities which is  not  necessary  to  their
18    support,  maintenance,  or development shall not, however, be
19    applied to any general operational  or  educational  purposes
20    but  shall  be retained by the University in its own treasury
21    and credited to the University  Income  Fund  that  it  shall
22    establish  in  its  treasury  paid into the State treasury as
23    provided in paragraph (1) of this Section.
24        Whenever such funds retained by the University in its own
25    treasury are deposited  with  a  bank  or  savings  and  loan
26    association  and the amount of the deposit exceeds the amount
27    of federal deposit insurance  coverage,  a  bond  or  pledged
28    securities  shall  be obtained.  Only the types of securities
29    which the State Treasurer may, in his discretion, accept  for
30    amounts   not   insured  by  the  Federal  Deposit  Insurance
31    Corporation  or  the  Federal  Savings  and  Loan   Insurance
32    Corporation  under  Section 11 of the Deposit of State Moneys
33    Act, may be accepted as pledged securities. The market  value
34    of the bond or pledged securities shall at all times be equal
 
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 1    to or greater than the uninsured portion of the deposit.
 2        The  Auditor  General  shall audit or cause to be audited
 3    the  above  items  of  income  and  all  other   income   and
 4    expenditures of such institution.
 5        (3)  The  provisions  of this Section, as amended by this
 6    amendatory Act of the 93rd General Assembly, apply to  moneys
 7    received  by the University on or after July 1, 2003.  Moneys
 8    held by the University in the University Income Fund that was
 9    created under this Section pursuant to Public Act 89-602  may
10    be  expended  as  authorized  by  that  Public  Act,  but  no
11    additional  moneys  shall  be  deposited into that Fund after
12    June 30, 2003.
13    (Source: P.A. 89-602, eff. 8-2-96.)

14        (30 ILCS 105/6a-1a)
15        Sec. 6a-1a. Northern Illinois University Income Fund.
16        (1)  Beginning on the effective date of  this  amendatory
17    Act  of  1996,  The  following  items  of  income received by
18    Northern Illinois  University  for  general  operational  and
19    educational  purposes  shall be retained by the University in
20    its own treasury and credited to  an  account  known  as  the
21    University  Income  Fund  that  it  shall  establish  in  its
22    treasury  for  purposes of this paragraph paid into the State
23    treasury without delay and shall be deposited into a  special
24    fund  to  be known as the Northern Illinois University Income
25    Fund:  (a)  tuition  and  laboratory  fees  not  pledged   to
26    discharge  obligations arising out of the issuance of revenue
27    bonds, library fees, all and any interest which may be earned
28    thereon not later than 20 days  after  receipt  of  the  same
29    without  any  deductions  except  for refunds to students for
30    whom duplicate payments have been made and  to  students  who
31    have  withdrawn  after  registration and are entitled to such
32    refunds; and (b) excess income from auxiliary enterprises and
33    activities as provided in paragraph (2) of this Section,  and
 
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 1    all  other  income arising out of any activity or purpose not
 2    specified in paragraph (2), (3), (4) or (5) of  this  Section
 3    upon not later than 10 days after receipt of the same without
 4    any  deduction  whatever.  Within 10 days after the effective
 5    date of this amendatory Act of 1996, all moneys then held  in
 6    the  Northern  Illinois 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
 9    the University upon the warrant  of  the  State  Comptroller,
10    directed  to  the  State Treasurer as an order to pay the sum
11    required to be repaid under this paragraph and shown  as  due
12    on  the  warrant.  The University shall deposit the amount so
13    repaid to it in a university bank  account  within  the  time
14    period established for like amounts in Section 2 of the State
15    Officers  and Employees Money Disposition Act, to be credited
16    to the University Income Fund established by  the  University
17    in  its  own  treasury  for  purposes of this paragraph.  All
18    moneys from time to time held in the University  Income  Fund
19    in  the  treasury  of  the  University  shall  be used by the
20    University, pursuant to the order and direction of the  Board
21    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.  The  General  Assembly shall from time to time make
27    appropriations payable from such fund  for  the  support  and
28    improvement of Northern Illinois University.
29        (2)  The  following  items of income shall be retained by
30    the University in its own treasury: endowment  funds,  gifts,
31    trust  funds,  and  Federal aid; funds received in connection
32    with contracts with governmental, public, or private agencies
33    or persons, for research or services  including  funds  which
34    are  paid  as reimbursement to the University; funds received
 
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 1    in connection with reserves authorized by  Section  30-60  of
 2    the  Northern  Illinois  University  Law;   funds received in
 3    connection with its operation of research and high technology
 4    parks and with the retention, receipt,  assignment,  license,
 5    sale  or  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
11    buildings, bookstores, farms,  stores,  and  other  auxiliary
12    enterprises  or activities which are self-supporting in whole
13    or  in  part.  Any  income  derived   from   such   auxiliary
14    enterprises  or  activities  which  is not necessary to their
15    support, maintenance, or development shall not,  however,  be
16    applied  to  any  general operational or educational purposes
17    but shall be retained by the University in its  own  treasury
18    and  credited  to  the  University  Income Fund that it shall
19    establish in its treasury paid into  the  State  treasury  as
20    provided in paragraph (1) of this Section.
21        (3)  The   Board   of   Trustees   of  Northern  Illinois
22    University may retain in its treasury any funds derived  from
23    rentals,  service charges and laboratory and building service
24    charges or other sources, assessed or obtained for or arising
25    out  of  the  operation  of  any  building  or  buildings  or
26    structure or structures and pledged to discharge  obligations
27    created  in  order  to  complete  or operate such building or
28    structure, or for the payment of  revenue  bonds  issued  for
29    such  University  by the Teachers College Board, the Board of
30    Governors of State Colleges and Universities,  the  Board  of
31    Regents,  or  the  Board  of  Trustees  of  Northern Illinois
32    University, such funds to be  disbursed  from  time  to  time
33    pursuant  to the order and direction of the Board of Trustees
34    of Northern Illinois University, and in accordance  with  any
 
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 1    contracts, pledges, trusts or agreements heretofore made with
 2    respect  thereto  by the Teachers College Board, the Board of
 3    Governors of State Colleges and Universities or the Board  of
 4    Regents,  or  hereafter  made  by  the  Board  of Trustees of
 5    Northern Illinois University.
 6        (4)  The  Board  of   Trustees   of   Northern   Illinois
 7    University  may  also  retain in its treasury, out of student
 8    fees and tuition, such sums annually as the Board  determines
 9    are necessary to supplement revenue derived from any building
10    or   buildings  constructed  or  acquired  on  or  after  the
11    effective  date  of  this  amendatory  Act  of  1995,  or  to
12    supplement revenues derived from any  building  or  buildings
13    having  bonds outstanding thereon which bonds have heretofore
14    been issued for the University by the Teachers College Board,
15    the Board of Governors of State Colleges and Universities  or
16    the  Board  of Regents and which bonds are refunded under the
17    provisions of the Act under which they were issued  or  under
18    the provisions of any other law of this State authorizing the
19    refunding  of such bonds, and may pledge or by resolution may
20    make a supplementary allocation of the funds so retained  out
21    of  students'  fees  and  tuition  for the retirement of such
22    bonds as may be issued under any such Act or law. Such  funds
23    as  are  so pledged shall annually be credited to the account
24    to  which   the   pledge   applies.   Such   funds   as   are
25    supplementarily  allocated  by Board resolution subsequent to
26    the resolution  creating  the  bonds  shall  be  credited  in
27    accordance  with  the  terms  of  the  resolution making such
28    supplementary  allocation  to  the  account  to   which   the
29    allocation    applies.   The   Board   may   authorize   such
30    supplementation only after a determination  by  it  that  the
31    maximum  revenues  which  may  reasonably and economically be
32    derived from the operation  of  a  building  proposed  to  be
33    constructed  or  acquired under the Act under which the bonds
34    therefor are issued will be insufficient to meet the costs of
 
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 1    operation and maintenance and to pay  the  principal  of  and
 2    interest  on  bonds  so  issued for such building, or after a
 3    determination by it  that  the  maximum  revenues  which  may
 4    reasonably  and economically be derived from the operation of
 5    a building already constructed  or  acquired  under  the  Act
 6    under  which  the  bonds  therefor were issued are or will be
 7    insufficient to meet the costs of operation  and  maintenance
 8    and  to pay the principal of and interest on bonds issued for
 9    such building. In no event  shall  the  supplementation  from
10    University income be in excess of an amount which, when added
11    to  the  revenues  to  be  derived  from the operation of the
12    building or buildings, will be sufficient to meet the  annual
13    debt  service  requirements on the bonds issued in respect to
14    such building or buildings, the annual cost of maintenance or
15    operation of such building or buildings, and to  provide  for
16    such  reserves,  accounts  or  covenants which the resolution
17    authorizing the issuing of such bonds may require.
18        (5)  The  Board  of   Trustees   of   Northern   Illinois
19    University  may  also  retain  in its treasury (a) all moneys
20    received from the sale of all bonds issued under the Northern
21    Illinois University Revenue Bond Law, (b) all  fees,  rentals
22    and  other  charges  from  students, staff members and others
23    using or being served by, or having the right to use  or  the
24    right  to  be  served  by, or to operate any project acquired
25    under the Northern Illinois University Revenue Bond Law,  (c)
26    all  tuition,  registration, matriculation, health, hospital,
27    medical, laboratory, admission, student  activities,  student
28    services,   and   all  other  fees  collected  from  students
29    matriculated,  registered  or  otherwise  enrolled   at   and
30    attending  the  University  pledged  under  the  terms of any
31    resolution authorizing bonds, or authorizing  a  supplemental
32    allocation  of  fees  for  debt  service of bonds theretofore
33    issued pursuant to the Northern Illinois  University  Revenue
34    Bond  Law,  and (d) all rentals from any facility or building
 
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 1    acquired under the Northern Illinois University Revenue  Bond
 2    Law and leased to the United States of America.
 3        (6)  Whenever funds retained by the University in its own
 4    treasury  as  provided  in  this Section are deposited with a
 5    bank or savings and loan association and the  amount  of  the
 6    deposit  exceeds  the  amount  of  federal  deposit insurance
 7    coverage, a bond or pledged  securities  shall  be  obtained.
 8    Only  the  types of securities which the State Treasurer may,
 9    in his discretion, accept for  amounts  not  insured  by  the
10    Federal  Deposit Insurance Corporation or the Federal Savings
11    and Loan  Insurance  Corporation  under  Section  11  of  the
12    Deposit  of  State  Moneys  Act  may  be  accepted as pledged
13    securities.  The  market  value  of  the  bond   or   pledged
14    securities shall at all times be equal to or greater than the
15    uninsured portion of the deposit.
16        (7)  The  Auditor  General  shall  audit  or  cause to be
17    audited all items of income referred to in this  Section  and
18    all other income and expenditures of the University.
19        (8)  The  provisions  of this Section, as amended by this
20    amendatory Act of the 93rd General Assembly, apply to  moneys
21    received  by the University on or after July 1, 2003.  Moneys
22    held by the University in the University Income Fund that was
23    created under this Section pursuant to Public Act 89-602  may
24    be  expended  as  authorized  by  that  Public  Act,  but  no
25    additional  moneys  shall  be  deposited into that Fund after
26    June 30, 2003.
27    (Source: P.A. 89-4, eff. 1-1-96; 89-602, eff. 8-2-96.)

28        (30 ILCS 105/6a-1b)
29        Sec. 6a-1b. Illinois State University Income Fund.
30        (1)  Beginning on the effective date of  this  amendatory
31    Act  of  1996,  The  following  items  of  income received by
32    Illinois  State  University  for  general   operational   and
33    educational  purposes  shall be retained by the University in
 
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 1    its own treasury and credited to  an  account  known  as  the
 2    University  Income  Fund  that  it  shall  establish  in  its
 3    treasury  for  purposes of this paragraph paid into the State
 4    treasury without delay and shall be deposited into a  special
 5    fund  to  be  known  as  the Illinois State University Income
 6    Fund:  (a)  tuition  and  laboratory  fees  not  pledged   to
 7    discharge  obligations arising out of the issuance of revenue
 8    bonds, library fees, and all any interest which may be earned
 9    thereon not later than 20 days  after  receipt  of  the  same
10    without  any  deductions  except  for refunds to students for
11    whom duplicate payments have been made and  to  students  who
12    have  withdrawn  after  registration and are entitled to such
13    refunds; and (b) excess income from auxiliary enterprises and
14    activities as provided in paragraph (2) of this Section,  and
15    all  other  income arising out of any activity or purpose not
16    specified in paragraph (2), (3), (4) or (5) of  this  Section
17    upon not later than 10 days after receipt of the same without
18    any  deduction  whatever.  Within 10 days after the effective
19    date of this amendatory Act of 1996, all moneys then held  in
20    the  Illinois State University Income Fund established in the
21    State treasury that have been covered and paid into that fund
22    by or on behalf of that University shall  be  repaid  to  the
23    University   upon  the  warrant  of  the  State  Comptroller,
24    directed to the State Treasurer as an order to  pay  the  sum
25    required  to  be repaid under this paragraph and shown as due
26    on the warrant.  The University shall deposit the  amount  so
27    repaid  to  it  in  a university bank account within the time
28    period established for like amounts in Section 2 of the State
29    Officers and Employees Money Disposition Act, to be  credited
30    to  the  University Income Fund established by the University
31    in its own treasury for  purposes  of  this  paragraph.   All
32    moneys  from  time to time held in the University Income Fund
33    in the treasury of  the  University  shall  be  used  by  the
34    University,  pursuant to the order and direction of the Board
 
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 1    of  Trustees  of  the  University,  for   the   support   and
 2    improvement  of  the University, except for amounts disbursed
 3    from that University Income Fund for refunds to students  for
 4    whom duplicate payment has been made and to students who have
 5    withdrawn  after  registration  and  who are entitled to such
 6    refunds. The General Assembly shall from time  to  time  make
 7    appropriations  payable  from  such  fund for the support and
 8    improvement of Illinois State University.
 9        (2)  The following items of income shall be  retained  by
10    the  University  in its own treasury: endowment funds, gifts,
11    trust funds, and Federal aid; funds  received  in  connection
12    with contracts with governmental, public, or private agencies
13    or  persons,  for  research or services including funds which
14    are paid as reimbursement to the University;  funds  received
15    in  connection  with  reserves authorized by Section 20-60 of
16    the  Illinois  State  University  Law;    funds  received  in
17    connection with its operation of research and high technology
18    parks and with the retention, receipt,  assignment,  license,
19    sale  or  transfer of interests in, rights to, or income from
20    discoveries, inventions,  patents,  or  copyrightable  works;
21    funds  retained  by  the  University  under  the authority of
22    paragraph (3), (4) or (5) of this Section; and funds received
23    from the operation of student or staff residence  facilities,
24    student   and   staff  medical  and  health  programs,  Union
25    buildings, bookstores, farms,  stores,  and  other  auxiliary
26    enterprises  or activities which are self-supporting in whole
27    or  in  part.  Any  income  derived   from   such   auxiliary
28    enterprises  or  activities  which  is not necessary to their
29    support, maintenance, or development shall not,  however,  be
30    applied  to  any  general operational or educational purposes
31    but shall be retained by the University in its  own  treasury
32    and  credited  to  the  University  Income Fund that it shall
33    establish in its treasury paid into  the  State  treasury  as
34    provided in paragraph (1) of this Section.
 
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 1        (3)  The  Board  of Trustees of Illinois State University
 2    may retain in its treasury any funds  derived  from  rentals,
 3    service  charges  and laboratory and building service charges
 4    or other sources, assessed or obtained for or arising out  of
 5    the  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
 8    for the payment of revenue bonds issued for  such  University
 9    by  the  Teachers  College  Board,  the Board of Governors of
10    State Colleges and Universities, the Board of Regents, or the
11    Board of Trustees of Illinois State University, such funds to
12    be disbursed from time to time  pursuant  to  the  order  and
13    direction  of  the  Board  of  Trustees  of Northern Illinois
14    University, and in accordance with  any  contracts,  pledges,
15    trusts  or agreements heretofore made with respect thereto by
16    the Teachers College Board, the Board of Governors  of  State
17    Colleges  and  Universities  or  the  Board  of  Regents,  or
18    hereafter  made  by  the  Board of Trustees of Illinois State
19    University.
20        (4)  The Board of Trustees of Illinois  State  University
21    may  also  retain  in  its  treasury, out of student fees and
22    tuition, such sums  annually  as  the  Board  determines  are
23    necessary  to supplement revenue derived from any building or
24    buildings constructed or acquired on or after  the  effective
25    date  of  this  amendatory  Act  of  1995,  or  to supplement
26    revenues derived from any building or buildings having  bonds
27    outstanding  thereon  which bonds have heretofore been issued
28    for the University by the Teachers College Board,  the  Board
29    of  Governors of State Colleges and Universities or the Board
30    of Regents and which bonds are refunded under the  provisions
31    of  the  Act  under  which  they  were  issued  or  under the
32    provisions of any other law of  this  State  authorizing  the
33    refunding  of such bonds, and may pledge or by resolution may
34    make a supplementary allocation of the funds so retained  out
 
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 1    of  students'  fees  and  tuition  for the retirement of such
 2    bonds as may be issued under any such Act or law. Such  funds
 3    as  are  so pledged shall annually be credited to the account
 4    to  which   the   pledge   applies.   Such   funds   as   are
 5    supplementarily  allocated  by Board resolution subsequent to
 6    the resolution  creating  the  bonds  shall  be  credited  in
 7    accordance  with  the  terms  of  the  resolution making such
 8    supplementary  allocation  to  the  account  to   which   the
 9    allocation    applies.   The   Board   may   authorize   such
10    supplementation only after a determination  by  it  that  the
11    maximum  revenues  which  may  reasonably and economically be
12    derived from the operation  of  a  building  proposed  to  be
13    constructed  or  acquired under the Act under which the bonds
14    therefor are issued will be insufficient to meet the costs of
15    operation and maintenance and to pay  the  principal  of  and
16    interest  on  bonds  so  issued for such building, or after a
17    determination by it  that  the  maximum  revenues  which  may
18    reasonably  and economically be derived from the operation of
19    a building already constructed  or  acquired  under  the  Act
20    under  which  the  bonds  therefor were issued are or will be
21    insufficient to meet the costs of operation  and  maintenance
22    and  to pay the principal of and interest on bonds issued for
23    such building. In no event  shall  the  supplementation  from
24    University income be in excess of an amount which, when added
25    to  the  revenues  to  be  derived  from the operation of the
26    building or buildings, will be sufficient to meet the  annual
27    debt  service  requirements on the bonds issued in respect to
28    such building or buildings, the annual cost of maintenance or
29    operation of such building or buildings, and to  provide  for
30    such  reserves,  accounts  or  covenants which the resolution
31    authorizing the issuing of such bonds may require.
32        (5)  The Board of Trustees of Illinois  State  University
33    may  also retain in its treasury (a) all moneys received from
34    the sale  of  all  bonds  issued  under  the  Illinois  State
 
                            -14-     LRB093 06612 NHT 06743 b
 1    University  Revenue Bond Law, (b) all fees, rentals and other
 2    charges from students, staff  members  and  others  using  or
 3    being  served  by, or having the right to use or the right to
 4    be served by, or to operate any project  acquired  under  the
 5    Illinois  State University Revenue Bond Law, (c) all tuition,
 6    registration,  matriculation,  health,   hospital,   medical,
 7    laboratory,  admission, student activities, student services,
 8    and all other  fees  collected  from  students  matriculated,
 9    registered   or  otherwise  enrolled  at  and  attending  the
10    University  pledged  under  the  terms  of   any   resolution
11    authorizing  bonds,  or authorizing a supplemental allocation
12    of fees for debt service of bonds theretofore issued pursuant
13    to the Illinois State University Revenue Bond  Law,  and  (d)
14    all  rentals from any facility or building acquired under the
15    Illinois State University Revenue Bond Law and leased to  the
16    United States of America.
17        (6)  Whenever funds retained by the University in its own
18    treasury  as  provided  in  this Section are deposited with a
19    bank or savings and loan association and the  amount  of  the
20    deposit  exceeds  the  amount  of  federal  deposit insurance
21    coverage, a bond or pledged  securities  shall  be  obtained.
22    Only  the  types of securities which the State Treasurer may,
23    in his discretion, accept for  amounts  not  insured  by  the
24    Federal  Deposit Insurance Corporation or the Federal Savings
25    and Loan  Insurance  Corporation  under  Section  11  of  the
26    Deposit  of  State  Moneys  Act  may  be  accepted as pledged
27    securities.  The  market  value  of  the  bond   or   pledged
28    securities shall at all times be equal to or greater than the
29    uninsured portion of the deposit.
30        (7)  The  Auditor  General  shall  audit  or  cause to be
31    audited all items of income referred to in this  Section  and
32    all other income and expenditures of the University.
33        (8)  The  provisions  of this Section, as amended by this
34    amendatory Act of the 93rd General Assembly, apply to  moneys
 
                            -15-     LRB093 06612 NHT 06743 b
 1    received  by the University on or after July 1, 2003.  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
 4    be  expended  as  authorized  by  that  Public  Act,  but  no
 5    additional  moneys  shall  be  deposited into that Fund after
 6    June 30, 2003.
 7    (Source: P.A. 89-4, eff. 1-1-96; 89-602, eff. 8-2-96.)

 8        (30 ILCS 105/6a-1c)
 9        Sec. 6a-1c. Chicago State University Income Fund.
10        (1)  Beginning on the effective date of  this  amendatory
11    Act  of  1996,  The  following  items  of  income received by
12    Chicago  State  University  for   general   operational   and
13    educational  purposes  shall be retained by the University in
14    its own treasury and credited to  an  account  known  as  the
15    University  Income  Fund  that  it  shall  establish  in  its
16    treasury  for  purposes of this paragraph paid into the State
17    treasury without delay and shall be deposited into a  special
18    fund to be known as the Chicago State University Income Fund:
19    (a)  tuition  and  laboratory  fees  not pledged to discharge
20    obligations arising out of the  issuance  of  revenue  bonds,
21    library  fees,  and  all  any  interest  which  may be earned
22    thereon not later than 20 days  after  receipt  of  the  same
23    without  any  deductions  except  for refunds to students for
24    whom duplicate payments have been made and  to  students  who
25    have  withdrawn  after  registration and are entitled to such
26    refunds; and (b) excess income from auxiliary enterprises and
27    activities as provided in paragraph (2) of this Section,  and
28    all  other  income arising out of any activity or purpose not
29    specified in paragraph (2), (3), (4) or (5) of  this  Section
30    upon not later than 10 days after receipt of the same without
31    any  deduction  whatever.  Within 10 days after the effective
32    date of this amendatory Act of 1996, all moneys then held  in
33    the  Chicago  State University Income Fund established in the
 
                            -16-     LRB093 06612 NHT 06743 b
 1    State treasury that have been covered and paid into that fund
 2    by or on behalf of that University shall  be  repaid  to  the
 3    University   upon  the  warrant  of  the  State  Comptroller,
 4    directed to the State Treasurer as an order to  pay  the  sum
 5    required  to  be repaid under this paragraph and shown as due
 6    on the warrant.  The University shall deposit the  amount  so
 7    repaid  to  it  in  a university bank account within the time
 8    period established for like amounts in Section 2 of the State
 9    Officers and Employees Money Disposition Act, to be  credited
10    to  the  University Income Fund established by the University
11    in its own treasury for  purposes  of  this  paragraph.   All
12    moneys  from  time to time held in the University Income Fund
13    in the treasury of  the  University  shall  be  used  by  the
14    University,  pursuant to the order and direction of the Board
15    of  Trustees  of  the  University,  for   the   support   and
16    improvement  of  the University, except for amounts disbursed
17    from that University Income Fund for refunds to students  for
18    whom duplicate payment has been made and to students who have
19    withdrawn  after  registration  and  who are entitled to such
20    refunds. The General Assembly shall from time  to  time  make
21    appropriations  payable  from  such  fund for the support and
22    improvement of Chicago State University.
23        (2)  The following items of income shall be  retained  by
24    the  University  in its own treasury: endowment funds, gifts,
25    trust funds, and Federal aid; funds  received  in  connection
26    with contracts with governmental, public, or private agencies
27    or  persons,  for  research or services including funds which
28    are paid as reimbursement to the University;  funds  received
29    in connection with reserves authorized by Section 5-60 of the
30    Chicago  State  University Law;  funds received in connection
31    with its operation of research and high technology  parks and
32    with the retention, receipt,  assignment,  license,  sale  or
33    transfer   of   interests  in,  rights  to,  or  income  from
34    discoveries, inventions,  patents,  or  copyrightable  works;
 
                            -17-     LRB093 06612 NHT 06743 b
 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
 5    buildings, bookstores, farms,  stores,  and  other  auxiliary
 6    enterprises  or activities which are self-supporting in whole
 7    or  in  part.   Any  income  derived  from   such   auxiliary
 8    enterprises  or  activities  which  is not necessary to their
 9    support, maintenance, or development shall not,  however,  be
10    applied  to  any  general operational or educational purposes
11    but shall be retained by the University in its  own  treasury
12    and  credited  to  the  University  Income Fund that it shall
13    establish in its treasury paid into  the  State  treasury  as
14    provided in paragraph (1) of this Section.
15        (3)  The  Board  of  Trustees of Chicago State University
16    may retain in its treasury any funds  derived  from  rentals,
17    service  charges  and laboratory and building service charges
18    or other sources, assessed or obtained for or arising out  of
19    the  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
22    for the payment of revenue bonds issued for  such  University
23    by  the  Teachers  College  Board,  the Board of Governors of
24    State Colleges and Universities or the Board of  Trustees  of
25    Chicago  State  University,  such  funds to be disbursed from
26    time to time pursuant to the order and direction of the Board
27    of Trustees of Chicago State University,  and  in  accordance
28    with  any contracts, pledges, trusts or agreements heretofore
29    made with respect thereto by the Teachers  College  Board  or
30    the Board of Governors of State Colleges and Universities, or
31    hereafter  made  by  the  Board  of Trustees of Chicago State
32    University.
33        (4)  The Board of Trustees of  Chicago  State  University
34    may  also  retain  in  its  treasury, out of student fees and
 
                            -18-     LRB093 06612 NHT 06743 b
 1    tuition, such sums  annually  as  the  Board  determines  are
 2    necessary  to supplement revenue derived from any building or
 3    buildings constructed or acquired on or after  the  effective
 4    date  of  this  amendatory  Act  of  1995,  or  to supplement
 5    revenues derived from any building or buildings having  bonds
 6    outstanding  thereon  which bonds have heretofore been issued
 7    for the University by the Teachers College Board or the Board
 8    of Governors of State Colleges  and  Universities  and  which
 9    bonds  are  refunded  under  the  provisions of the Act under
10    which they were issued or under the provisions of  any  other
11    law  of  this  State authorizing the refunding of such bonds,
12    and may pledge or by  resolution  may  make  a  supplementary
13    allocation of the funds so retained out of students' fees and
14    tuition  for  the  retirement  of such bonds as may be issued
15    under any such Act or law.  Such  funds  as  are  so  pledged
16    shall annually be credited to the account to which the pledge
17    applies.   Such  funds  as  are  supplementarily allocated by
18    Board resolution subsequent to the  resolution  creating  the
19    bonds  shall  be credited in accordance with the terms of the
20    resolution  making  such  supplementary  allocation  to   the
21    account  to  which  the  allocation  applies.   The Board may
22    authorize such supplementation only after a determination  by
23    it  that  the  maximum  revenues  which  may  reasonably  and
24    economically  be  derived  from  the  operation of a building
25    proposed to be constructed or acquired under  the  Act  under
26    which  the  bonds therefor are issued will be insufficient to
27    meet the costs of operation and maintenance and  to  pay  the
28    principal  of  and  interest  on  bonds  so  issued  for such
29    building, or after a determination by  it  that  the  maximum
30    revenues  which  may  reasonably  and economically be derived
31    from the operation  of  a  building  already  constructed  or
32    acquired  under  the  Act under which the bonds therefor were
33    issued are or will be  insufficient  to  meet  the  costs  of
34    operation  and  maintenance  and  to pay the principal of and
 
                            -19-     LRB093 06612 NHT 06743 b
 1    interest on bonds issued for  such  building.   In  no  event
 2    shall the supplementation from University income be in excess
 3    of  an amount which, when added to the revenues to be derived
 4    from the operation of the  building  or  buildings,  will  be
 5    sufficient  to  meet  the annual debt service requirements on
 6    the bonds issued in respect to such  building  or  buildings,
 7    the  annual cost of maintenance or operation of such building
 8    or buildings, and to provide for such reserves,  accounts  or
 9    covenants  which  the  resolution  authorizing the issuing of
10    such bonds may require.
11        (5)  The Board of Trustees of  Chicago  State  University
12    may  also retain in its treasury (a) all moneys received from
13    the  sale  of  all  bonds  issued  under  the  Chicago  State
14    University Revenue Bond Law, (b) all fees, rentals and  other
15    charges  from  students,  staff  members  and others using or
16    being served by, or having the right to use or the  right  to
17    be  served  by,  or to operate any project acquired under the
18    Chicago State University Revenue Bond Law, (c)  all  tuition,
19    registration,   matriculation,   health,  hospital,  medical,
20    laboratory, admission, student activities, student  services,
21    and  all  other  fees  collected  from students matriculated,
22    registered  or  otherwise  enrolled  at  and  attending   the
23    University   pledged   under  the  terms  of  any  resolution
24    authorizing bonds, or authorizing a  supplemental  allocation
25    of fees for debt service of bonds theretofore issued pursuant
26    to the Chicago State University Revenue Bond Law, and (d) all
27    rentals  from  any  facility  or  building acquired under the
28    Chicago State University Revenue Bond Law and leased  to  the
29    United States of America.
30        (6)  Whenever funds retained by the University in its own
31    treasury  as  provided  in  this Section are deposited with a
32    bank or savings and loan association and the  amount  of  the
33    deposit  exceeds  the  amount  of  federal  deposit insurance
34    coverage, a bond or pledged  securities  shall  be  obtained.
 
                            -20-     LRB093 06612 NHT 06743 b
 1    Only  the  types of securities which the State Treasurer may,
 2    in his discretion, accept for  amounts  not  insured  by  the
 3    Federal  Deposit Insurance Corporation or the Federal Savings
 4    and Loan  Insurance  Corporation  under  Section  11  of  the
 5    Deposit  of  State  Moneys  Act  may  be  accepted as pledged
 6    securities.   The  market  value  of  the  bond  or   pledged
 7    securities shall at all times be equal to or greater than the
 8    uninsured portion of the deposit.
 9        (7)  The  Auditor  General  shall  audit  or  cause to be
10    audited all items of income referred to in this  Section  and
11    all other income and expenditures of the University.
12        (8)  The  provisions  of this Section, as amended by this
13    amendatory Act of the 93rd General Assembly, apply to  moneys
14    received  by the University on or after July 1, 2003.  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
17    be  expended  as  authorized  by  that  Public  Act,  but  no
18    additional  moneys  shall  be  deposited into that Fund after
19    June 30, 2003.
20    (Source: P.A. 89-4, eff. 1-1-96; 89-602, eff. 8-2-96.)

21        (30 ILCS 105/6a-1d)
22        Sec. 6a-1d. Eastern Illinois University Income Fund.
23        (1)  Beginning on the effective date of  this  amendatory
24    Act  of  1996,  The  following  items  of  income received by
25    Eastern  Illinois  University  for  general  operational  and
26    educational  purposes  shall be retained by the University in
27    its own treasury and credited to  an  account  known  as  the
28    University  Income  Fund  that  it  shall  establish  in  its
29    treasury  for  purposes of this paragraph paid into the State
30    treasury without delay and shall be deposited into a  special
31    fund  to  be  known as the Eastern Illinois University Income
32    Fund:  (a)  tuition  and  laboratory  fees  not  pledged   to
33    discharge  obligations arising out of the issuance of revenue
 
                            -21-     LRB093 06612 NHT 06743 b
 1    bonds, library fees, and all any interest which may be earned
 2    thereon not later than 20 days  after  receipt  of  the  same
 3    without  any  deductions  except  for refunds to students for
 4    whom duplicate payments have been made and  to  students  who
 5    have  withdrawn  after  registration and are entitled to such
 6    refunds; and (b) excess income from auxiliary enterprises and
 7    activities as provided in paragraph (2) of this Section,  and
 8    all  other  income arising out of any activity or purpose not
 9    specified in paragraph (2), (3), (4) or (5) of  this  Section
10    upon not later than 10 days after receipt of the same without
11    any  deduction  whatever.  Within 10 days after the effective
12    date of this amendatory Act of 1996, all moneys then held  in
13    the  Eastern  Illinois  University Income Fund established in
14    the State treasury that have been covered and paid into  that
15    fund  by  or  on behalf of that University shall be repaid to
16    the University upon the warrant  of  the  State  Comptroller,
17    directed  to  the  State Treasurer as an order to pay the sum
18    required to be repaid under this paragraph and shown  as  due
19    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
23    to the University Income Fund established by  the  University
24    in  its  own  treasury  for  purposes of this paragraph.  All
25    moneys from time to time held in the University  Income  Fund
26    in  the  treasury  of  the  University  shall  be used by the
27    University, pursuant to the order and direction of the  Board
28    of   Trustees   of   the  University,  for  the  support  and
29    improvement of the University, except for  amounts  disbursed
30    from  that University Income Fund for refunds to students for
31    whom duplicate payment has been made and to students who have
32    withdrawn after registration and who  are  entitled  to  such
33    refunds.  The  General  Assembly shall from time to time make
34    appropriations payable from such fund  for  the  support  and
 
                            -22-     LRB093 06612 NHT 06743 b
 1    improvement of Eastern Illinois University.
 2        (2)  The  following  items of income shall be retained by
 3    the University in its own treasury: endowment  funds,  gifts,
 4    trust  funds,  and  Federal aid; funds received in connection
 5    with contracts with governmental, public, or private agencies
 6    or persons, for research or services  including  funds  which
 7    are  paid  as reimbursement to the University; funds received
 8    in connection with reserves authorized by  Section  10-60  of
 9    the  Eastern  Illinois  University  Law;    funds received in
10    connection with its operation of research and high technology
11    parks and with the retention, receipt,  assignment,  license,
12    sale  or  transfer of interests in, rights to, or income from
13    discoveries, inventions,  patents,  or  copyrightable  works;
14    funds  retained  by  the  University  under  the authority of
15    paragraph (3), (4) or (5) of this Section; and funds received
16    from the operation of student or staff residence  facilities,
17    student   and   staff  medical  and  health  programs,  Union
18    buildings, bookstores, farms,  stores,  and  other  auxiliary
19    enterprises  or activities which are self-supporting in whole
20    or  in  part.   Any  income  derived  from   such   auxiliary
21    enterprises  or  activities  which  is not necessary to their
22    support, maintenance, or development shall not,  however,  be
23    applied  to  any  general operational or educational purposes
24    but shall be retained by the University in its  own  treasury
25    and  credited  to  the  University  Income Fund that it shall
26    establish in its treasury paid into  the  State  treasury  as
27    provided in paragraph (1) of this Section.
28        (3)  The Board of Trustees of Eastern Illinois University
29    may  retain  in  its treasury any funds derived from rentals,
30    service charges and laboratory and building  service  charges
31    or  other sources, assessed or obtained for or arising out of
32    the operation of any building or buildings  or  structure  or
33    structures  and  pledged  to discharge obligations created in
34    order to complete or operate such building or  structure,  or
 
                            -23-     LRB093 06612 NHT 06743 b
 1    for  the  payment of revenue bonds issued for such University
 2    by the Teachers College Board,  the  Board  of  Governors  of
 3    State  Colleges  and Universities or the Board of Trustees of
 4    Eastern Illinois University, such funds to be disbursed  from
 5    time to time pursuant to the order and direction of the Board
 6    of Trustees of Eastern Illinois University, and in accordance
 7    with  any contracts, pledges, trusts or agreements heretofore
 8    made with respect thereto by the Teachers  College  Board  or
 9    the Board of Governors of State Colleges and Universities, or
10    hereafter  made  by the Board of Trustees of Eastern Illinois
11    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
18    revenues  derived from any building or buildings having bonds
19    outstanding thereon which bonds have heretofore  been  issued
20    for the University by the Teachers College Board or the Board
21    of  Governors  of  State  Colleges and Universities and which
22    bonds are refunded under the  provisions  of  the  Act  under
23    which  they  were issued or under the provisions of any other
24    law of this State authorizing the refunding  of  such  bonds,
25    and  may  pledge  or  by  resolution may make a supplementary
26    allocation of the funds so retained out of students' fees and
27    tuition for the retirement of such bonds  as  may  be  issued
28    under  any  such  Act  or  law.  Such funds as are so pledged
29    shall annually be credited to the account to which the pledge
30    applies.  Such funds  as  are  supplementarily  allocated  by
31    Board  resolution  subsequent  to the resolution creating the
32    bonds shall be credited in accordance with the terms  of  the
33    resolution   making  such  supplementary  allocation  to  the
34    account to  which  the  allocation  applies.  The  Board  may
 
                            -24-     LRB093 06612 NHT 06743 b
 1    authorize  such supplementation only after a determination by
 2    it  that  the  maximum  revenues  which  may  reasonably  and
 3    economically be derived from  the  operation  of  a  building
 4    proposed  to  be  constructed or acquired under the Act under
 5    which the bonds therefor are issued will be  insufficient  to
 6    meet  the  costs  of operation and maintenance and to pay the
 7    principal of  and  interest  on  bonds  so  issued  for  such
 8    building,  or  after  a  determination by it that the maximum
 9    revenues which may reasonably  and  economically  be  derived
10    from  the  operation  of  a  building  already constructed or
11    acquired under the Act under which the  bonds  therefor  were
12    issued  are  or  will  be  insufficient  to meet the costs of
13    operation and maintenance and to pay  the  principal  of  and
14    interest  on  bonds  issued  for  such building.  In no event
15    shall the supplementation from University income be in excess
16    of an amount which, when added to the revenues to be  derived
17    from  the  operation  of  the  building or buildings, will be
18    sufficient to meet the annual debt  service  requirements  on
19    the  bonds  issued  in respect to such building or buildings,
20    the annual cost of maintenance or operation of such  building
21    or  buildings,  and to provide for such reserves, accounts or
22    covenants which the resolution  authorizing  the  issuing  of
23    such bonds may require.
24        (5)  The Board of Trustees of Eastern Illinois University
25    may  also retain in its treasury (a) all moneys received from
26    the sale of all  bonds  issued  under  the  Eastern  Illinois
27    University  Revenue Bond Law, (b) all fees, rentals and other
28    charges from students, staff  members  and  others  using  or
29    being  served  by, or having the right to use or the right to
30    be served by, or to operate any project  acquired  under  the
31    Eastern   Illinois  University  Revenue  Bond  Law,  (c)  all
32    tuition,  registration,  matriculation,   health,   hospital,
33    medical,  laboratory,  admission, student activities, student
34    services,  and  all  other  fees  collected   from   students
 
                            -25-     LRB093 06612 NHT 06743 b
 1    matriculated,   registered   or  otherwise  enrolled  at  and
 2    attending the University  pledged  under  the  terms  of  any
 3    resolution  authorizing  bonds, or authorizing a supplemental
 4    allocation of fees for  debt  service  of  bonds  theretofore
 5    issued  pursuant  to  the Eastern Illinois University Revenue
 6    Bond Law, and (d) all rentals from any facility  or  building
 7    acquired  under  the Eastern Illinois University Revenue Bond
 8    Law and leased to the United States of America.
 9        (6)  Whenever funds retained by the University in its own
10    treasury as provided in this Section  are  deposited  with  a
11    bank  or  savings  and loan association and the amount of the
12    deposit exceeds  the  amount  of  federal  deposit  insurance
13    coverage,  a  bond  or  pledged securities shall be obtained.
14    Only the types of securities which the State  Treasurer  may,
15    in  his  discretion,  accept  for  amounts not insured by the
16    Federal Deposit Insurance Corporation or the Federal  Savings
17    and  Loan  Insurance  Corporation  under  Section  11  of the
18    Deposit of State  Moneys  Act  may  be  accepted  as  pledged
19    securities.    The  market  value  of  the  bond  or  pledged
20    securities shall at all times be equal to or greater than the
21    uninsured portion of the deposit.
22        (7)  The Auditor General  shall  audit  or  cause  to  be
23    audited  all  items of income referred to in this Section and
24    all other income and expenditures of the University.
25        (8)  The provisions of this Section, as amended  by  this
26    amendatory  Act of the 93rd General Assembly, apply to moneys
27    received by the University on or after July 1, 2003.   Moneys
28    held by the University in the University Income Fund that was
29    created  under this Section pursuant to Public Act 89-602 may
30    be  expended  as  authorized  by  that  Public  Act,  but  no
31    additional moneys shall be deposited  into  that  Fund  after
32    June 30, 2003.
33    (Source: P.A. 89-4, eff. 1-1-96; 89-602, eff. 8-2-96.)
 
                            -26-     LRB093 06612 NHT 06743 b
 1        (30 ILCS 105/6a-1e)
 2        Sec. 6a-1e. Governors State University Income Fund.
 3        (1)  Beginning  on  the effective date of this amendatory
 4    Act of 1996,  The  following  items  of  income  received  by
 5    Governors   State  University  for  general  operational  and
 6    educational purposes shall be retained by the  University  in
 7    its  own  treasury  and  credited  to an account known as the
 8    University  Income  Fund  that  it  shall  establish  in  its
 9    treasury for purposes of this paragraph paid into  the  State
10    treasury  without delay and shall be deposited into a special
11    fund to be known as the  Governors  State  University  Income
12    Fund:   (a)  tuition  and  laboratory  fees  not  pledged  to
13    discharge obligations arising out of the issuance of  revenue
14    bonds, library fees, and all any interest which may be earned
15    thereon  not  later  than  20  days after receipt of the same
16    without any deductions except for  refunds  to  students  for
17    whom  duplicate  payments  have been made and to students who
18    have withdrawn after registration and are  entitled  to  such
19    refunds; and (b) excess income from auxiliary enterprises and
20    activities  as provided in paragraph (2) of this Section, and
21    all other income arising out of any activity or  purpose  not
22    specified  in  paragraph (2), (3), (4) or (5) of this Section
23    upon not later than 10 days after receipt of the same without
24    any deduction whatever. Within 10 days  after  the  effective
25    date  of this amendatory Act of 1996, all moneys then held in
26    the Governors State University Income Fund established in the
27    State treasury that have been covered and paid into that fund
28    by or on behalf of that University shall  be  repaid  to  the
29    University   upon  the  warrant  of  the  State  Comptroller,
30    directed to the State Treasurer as an order to  pay  the  sum
31    required  to  be repaid under this paragraph and shown as due
32    on the warrant.  The University shall deposit the  amount  so
33    repaid  to  it  in  a university bank account within the time
34    period established for like amounts in Section 2 of the State
 
                            -27-     LRB093 06612 NHT 06743 b
 1    Officers and Employees Money Disposition Act, to be  credited
 2    to  the  University Income Fund established by the University
 3    in its own treasury for  purposes  of  this  paragraph.   All
 4    moneys  from  time to time held in the University Income Fund
 5    in the treasury of  the  University  shall  be  used  by  the
 6    University,  pursuant to the order and direction of the Board
 7    of  Trustees  of  the  University,  for   the   support   and
 8    improvement  of  the University, except for amounts disbursed
 9    from that University Income Fund for refunds to students  for
10    whom duplicate payment has been made and to students who have
11    withdrawn  after  registration  and  who are entitled to such
12    refunds. The General Assembly shall from time  to  time  make
13    appropriations  payable  from  such  fund for the support and
14    improvement of Governors State University.
15        (2)  The following items of income shall be  retained  by
16    the  University  in its own treasury: endowment funds, gifts,
17    trust funds, and Federal aid; funds  received  in  connection
18    with contracts with governmental, public, or private agencies
19    or  persons,  for  research or services including funds which
20    are paid as reimbursement to the University;  funds  received
21    in  connection  with  reserves authorized by Section 15-60 of
22    the Governors  State  University  Law;    funds  received  in
23    connection with its operation of research and high technology
24    parks  and  with the retention, receipt, assignment, license,
25    sale or transfer of interests in, rights to, or  income  from
26    discoveries,  inventions,  patents,  or  copyrightable works;
27    funds retained by  the  University  under  the  authority  of
28    paragraph (3), (4) or (5) of this Section; and funds received
29    from  the operation of student or staff residence facilities,
30    student  and  staff  medical  and  health   programs,   Union
31    buildings,  bookstores,  farms,  stores,  and other auxiliary
32    enterprises or activities which are self-supporting in  whole
33    or   in   part.   Any  income  derived  from  such  auxiliary
34    enterprises or activities which is  not  necessary  to  their
 
                            -28-     LRB093 06612 NHT 06743 b
 1    support,  maintenance,  or development shall not, however, be
 2    applied to any general operational  or  educational  purposes
 3    but  shall  be retained by the University in its own treasury
 4    and credited to the University  Income  Fund  that  it  shall
 5    establish  in  its  treasury  paid into the State treasury as
 6    provided in paragraph (1) of this Section.
 7        (3)  The Board of Trustees of Governors State  University
 8    may  retain  in  its treasury any funds derived from rentals,
 9    service charges and laboratory and building  service  charges
10    or  other sources, assessed or obtained for or arising out of
11    the 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
14    for  the  payment of revenue bonds issued for such University
15    by the Teachers College Board,  the  Board  of  Governors  of
16    State  Colleges  and Universities or the Board of Trustees of
17    Governors State University, such funds to be  disbursed  from
18    time to time pursuant to the order and direction of the Board
19    of  Trustees of Governors State University, and in accordance
20    with any contracts, pledges, trusts or agreements  heretofore
21    made  with  respect  thereto by the Teachers College Board or
22    the Board of Governors of State Colleges and Universities, or
23    hereafter made by the Board of Trustees  of  Governors  State
24    University.
25        (4)  The  Board of Trustees of Governors State University
26    may also retain in its treasury,  out  of  student  fees  and
27    tuition,  such  sums  annually  as  the  Board determines are
28    necessary to supplement revenue derived from any building  or
29    buildings  constructed  or acquired on or after the effective
30    date of  this  amendatory  Act  of  1995,  or  to  supplement
31    revenues  derived from any building or buildings having bonds
32    outstanding thereon which bonds have heretofore  been  issued
33    for the University by the Teachers College Board or the Board
34    of  Governors  of  State  Colleges and Universities and which
 
                            -29-     LRB093 06612 NHT 06743 b
 1    bonds are refunded under the  provisions  of  the  Act  under
 2    which  they  were issued or under the provisions of any other
 3    law of this State authorizing the refunding  of  such  bonds,
 4    and  may  pledge  or  by  resolution may make a supplementary
 5    allocation of the funds so retained out of students' fees and
 6    tuition for the retirement of such bonds  as  may  be  issued
 7    under  any  such  Act  or  law.  Such funds as are so pledged
 8    shall annually be credited to the account to which the pledge
 9    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
13    account to which  the  allocation  applies.   The  Board  may
14    authorize  such supplementation only after a determination by
15    it  that  the  maximum  revenues  which  may  reasonably  and
16    economically be derived from  the  operation  of  a  building
17    proposed  to  be  constructed or acquired under the Act under
18    which the bonds therefor are issued will be  insufficient  to
19    meet  the  costs  of operation and maintenance and to pay the
20    principal of  and  interest  on  bonds  so  issued  for  such
21    building,  or  after  a  determination by it that the maximum
22    revenues which may reasonably  and  economically  be  derived
23    from  the  operation  of  a  building  already constructed or
24    acquired under the Act under which the  bonds  therefor  were
25    issued  are  or  will  be  insufficient  to meet the costs of
26    operation and maintenance and to pay  the  principal  of  and
27    interest  on  bonds  issued  for  such building.  In no event
28    shall the supplementation from University income be in excess
29    of an amount which, when added to the revenues to be  derived
30    from  the  operation  of  the  building or buildings, will be
31    sufficient to meet the annual debt  service  requirements  on
32    the  bonds  issued  in respect to such building or buildings,
33    the annual cost of maintenance or operation of such  building
34    or  buildings,  and to provide for such reserves, accounts or
 
                            -30-     LRB093 06612 NHT 06743 b
 1    covenants which the resolution  authorizing  the  issuing  of
 2    such bonds may require.
 3        (5)  The  Board of Trustees of Governors State University
 4    may also retain in its treasury (a) all moneys received  from
 5    the  sale  of  all  bonds  issued  under  the Governors State
 6    University Revenue Bond Law, (b) all fees, rentals and  other
 7    charges  from  students,  staff  members  and others using or
 8    being served by, or having the right to use or the  right  to
 9    be  served  by,  or to operate any project acquired under the
10    Governors State University Revenue Bond Law, (c) all tuition,
11    registration,  matriculation,  health,   hospital,   medical,
12    laboratory,  admission, student activities, student services,
13    and all other  fees  collected  from  students  matriculated,
14    registered   or  otherwise  enrolled  at  and  attending  the
15    University  pledged  under  the  terms  of   any   resolution
16    authorizing  bonds,  or authorizing a supplemental allocation
17    of fees for debt service of bonds theretofore issued pursuant
18    to the Governors State University Revenue Bond Law,  and  (d)
19    all  rentals from any facility or building acquired under the
20    Governors State University Revenue Bond Law and leased to the
21    United States of America.
22        (6)  Whenever funds retained by the University in its own
23    treasury as provided in this Section  are  deposited  with  a
24    bank  or  savings  and loan association and the amount of the
25    deposit exceeds  the  amount  of  federal  deposit  insurance
26    coverage,  a  bond  or  pledged securities shall be obtained.
27    Only the types of securities which the State  Treasurer  may,
28    in  his  discretion,  accept  for  amounts not insured by the
29    Federal Deposit Insurance Corporation or the Federal  Savings
30    and  Loan  Insurance  Corporation  under  Section  11  of the
31    Deposit of State  Moneys  Act  may  be  accepted  as  pledged
32    securities.    The  market  value  of  the  bond  or  pledged
33    securities shall at all times be equal to or greater than the
34    uninsured portion of the deposit.
 
                            -31-     LRB093 06612 NHT 06743 b
 1        (7)  The Auditor General  shall  audit  or  cause  to  be
 2    audited  all  items of income referred to in this Section and
 3    all other income and expenditures of the University.
 4        (8)  The provisions of this Section, as amended  by  this
 5    amendatory  Act of the 93rd General Assembly, apply to moneys
 6    received by the University on or after July 1, 2003.   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
 9    be  expended  as  authorized  by  that  Public  Act,  but  no
10    additional moneys shall be deposited  into  that  Fund  after
11    June 30, 2003.
12    (Source: P.A. 89-4, eff. 1-1-96; 89-602, eff. 8-2-96.)

13        (30 ILCS 105/6a-1f)
14        Sec. 6a-1f. Northeastern Illinois University Income Fund.
15        (1)  Beginning  on  the effective date of this amendatory
16    Act of 1996,  The  following  items  of  income  received  by
17    Northeastern  Illinois University for general operational and
18    educational purposes shall be retained by the  University  in
19    its  own  treasury  and  credited  to an account known as the
20    University  Income  Fund  that  it  shall  establish  in  its
21    treasury for purposes of this paragraph paid into  the  State
22    treasury  without delay and shall be deposited into a special
23    fund to be known  as  the  Northeastern  Illinois  University
24    Income  Fund:  (a) tuition and laboratory fees not pledged to
25    discharge obligations arising out of the issuance of  revenue
26    bonds, library fees, and all any interest which may be earned
27    thereon  not  later  than  20  days after receipt of the same
28    without any deductions except for  refunds  to  students  for
29    whom  duplicate  payments  have been made and to students who
30    have withdrawn after registration and are  entitled  to  such
31    refunds; and (b) excess income from auxiliary enterprises and
32    activities  as provided in paragraph (2) of this Section, and
33    all other income arising out of any activity or  purpose  not
 
                            -32-     LRB093 06612 NHT 06743 b
 1    specified  in  paragraph (2), (3), (4) or (5) of this Section
 2    upon not later than 10 days after receipt of the same without
 3    any deduction whatever. Within 10 days  after  the  effective
 4    date  of this amendatory Act of 1996, all moneys then held in
 5    the Northeastern Illinois University Income Fund  established
 6    in  the  State  treasury that have been covered and paid into
 7    that fund by or on behalf of that University shall be  repaid
 8    to  the University upon the warrant of the State Comptroller,
 9    directed to the State Treasurer as an order to  pay  the  sum
10    required  to  be repaid under this paragraph and shown as due
11    on the warrant.  The University shall deposit the  amount  so
12    repaid  to  it  in  a university bank account within the time
13    period established for like amounts in Section 2 of the State
14    Officers and Employees Money Disposition Act, to be  credited
15    to  the  University Income Fund established by the University
16    in its own treasury for  purposes  of  this  paragraph.   All
17    moneys  from  time to time held in the University Income Fund
18    in the treasury of  the  University  shall  be  used  by  the
19    University,  pursuant to the order and direction of the Board
20    of  Trustees  of  the  University,  for   the   support   and
21    improvement  of  the University, except for amounts disbursed
22    from that University Income Fund for refunds to students  for
23    whom duplicate payment has been made and to students who have
24    withdrawn  after  registration  and  who are entitled to such
25    refunds. The General Assembly shall from time  to  time  make
26    appropriations  payable  from  such  fund for the support and
27    improvement of Northeastern Illinois University.
28        (2)  The following items of income shall be  retained  by
29    the  University  in its own treasury: endowment funds, gifts,
30    trust funds, and Federal aid; funds  received  in  connection
31    with contracts with governmental, public, or private agencies
32    or  persons,  for  research or services including funds which
33    are paid as reimbursement to the University;  funds  received
34    in  connection  with  reserves authorized by Section 25-60 of
 
                            -33-     LRB093 06612 NHT 06743 b
 1    the Northeastern Illinois University Law;  funds received  in
 2    connection with its operation of research and high technology
 3    parks  and  with the retention, receipt, assignment, license,
 4    sale or transfer of interests in, rights to, or  income  from
 5    discoveries,  inventions,  patents,  or  copyrightable works;
 6    funds retained by  the  University  under  the  authority  of
 7    paragraph (3), (4) or (5) of this Section; and funds received
 8    from  the operation of student or staff residence facilities,
 9    student  and  staff  medical  and  health   programs,   Union
10    buildings,  bookstores,  farms,  stores,  and other auxiliary
11    enterprises or activities which are self-supporting in  whole
12    or   in   part.   Any  income  derived  from  such  auxiliary
13    enterprises or activities which is  not  necessary  to  their
14    support,  maintenance,  or development shall not, however, be
15    applied to any general operational  or  educational  purposes
16    but  shall  be retained by the University in its own treasury
17    and credited to the University  Income  Fund  that  it  shall
18    establish  in  its  treasury  paid into the State treasury as
19    provided in paragraph (1) of this Section.
20        (3)  The  Board  of  Trustees  of  Northeastern  Illinois
21    University may retain in its treasury any funds derived  from
22    rentals,  service charges and laboratory and building service
23    charges or other sources, assessed or obtained for or arising
24    out  of  the  operation  of  any  building  or  buildings  or
25    structure or structures and pledged to discharge  obligations
26    created  in  order  to  complete  or operate such building or
27    structure, or for the payment of  revenue  bonds  issued  for
28    such  University  by the Teachers College Board, the Board of
29    Governors of State Colleges and Universities or the Board  of
30    Trustees  of  Northeastern Illinois University, such funds to
31    be disbursed from time to time  pursuant  to  the  order  and
32    direction  of  the Board of Trustees of Northeastern Illinois
33    University, and in accordance with  any  contracts,  pledges,
34    trusts  or agreements heretofore made with respect thereto by
 
                            -34-     LRB093 06612 NHT 06743 b
 1    the Teachers College Board or the Board of Governors of State
 2    Colleges and Universities, or hereafter made by the Board  of
 3    Trustees of Northeastern Illinois University.
 4        (4)  The  Board  of  Trustees  of  Northeastern  Illinois
 5    University  may  also  retain in its treasury, out of student
 6    fees and tuition, such sums annually as the Board  determines
 7    are necessary to supplement revenue derived from any building
 8    or   buildings  constructed  or  acquired  on  or  after  the
 9    effective  date  of  this  amendatory  Act  of  1995,  or  to
10    supplement revenues derived from any  building  or  buildings
11    having  bonds outstanding thereon which bonds have heretofore
12    been issued for the University by the Teachers College  Board
13    or  the Board of Governors of State Colleges and Universities
14    and which bonds are refunded under the provisions of the  Act
15    under  which  they were issued or under the provisions of any
16    other law of this State authorizing  the  refunding  of  such
17    bonds,   and   may   pledge  or  by  resolution  may  make  a
18    supplementary allocation of the  funds  so  retained  out  of
19    students'  fees  and tuition for the retirement of such bonds
20    as may be issued under any such Act or law.   Such  funds  as
21    are  so  pledged shall annually be credited to the account to
22    which the pledge applies.  Such funds as are  supplementarily
23    allocated  by  Board  resolution subsequent to the resolution
24    creating the bonds shall be credited in accordance  with  the
25    terms  of the resolution making such supplementary allocation
26    to the account to which the allocation  applies.   The  Board
27    may authorize such supplementation only after a determination
28    by  it  that  the  maximum  revenues which may reasonably and
29    economically be derived from  the  operation  of  a  building
30    proposed  to  be  constructed or acquired under the Act under
31    which the bonds therefor are issued will be  insufficient  to
32    meet  the  costs  of operation and maintenance and to pay the
33    principal of  and  interest  on  bonds  so  issued  for  such
34    building,  or  after  a  determination by it that the maximum
 
                            -35-     LRB093 06612 NHT 06743 b
 1    revenues which may reasonably  and  economically  be  derived
 2    from  the  operation  of  a  building  already constructed or
 3    acquired under the Act under which the  bonds  therefor  were
 4    issued  are  or  will  be  insufficient  to meet the costs of
 5    operation and maintenance and to pay  the  principal  of  and
 6    interest  on  bonds  issued  for  such building.  In no event
 7    shall the supplementation from University income be in excess
 8    of an amount which, when added to the revenues to be  derived
 9    from  the  operation  of  the  building or buildings, will be
10    sufficient to meet the annual debt  service  requirements  on
11    the  bonds  issued  in respect to such building or buildings,
12    the annual cost of maintenance or operation of such  building
13    or  buildings,  and to provide for such reserves, accounts or
14    covenants which the resolution  authorizing  the  issuing  of
15    such bonds may require.
16        (5)  The  Board  of  Trustees  of  Northeastern  Illinois
17    University  may  also  retain  in its treasury (a) all moneys
18    received  from  the  sale  of  all  bonds  issued  under  the
19    Northeastern Illinois University Revenue Bond  Law,  (b)  all
20    fees,  rentals and other charges from students, staff members
21    and others using or being served by, or having the  right  to
22    use  or  the right to be served by, or to operate any project
23    acquired under the Northeastern Illinois  University  Revenue
24    Bond  Law,  (c)  all  tuition,  registration,  matriculation,
25    health,  hospital,  medical,  laboratory,  admission, student
26    activities, student services, and all  other  fees  collected
27    from  students matriculated, registered or otherwise enrolled
28    at and attending the University pledged under  the  terms  of
29    any   resolution   authorizing   bonds,   or   authorizing  a
30    supplemental allocation of fees for  debt  service  of  bonds
31    theretofore  issued  pursuant  to  the  Northeastern Illinois
32    University Revenue Bond Law, and (d)  all  rentals  from  any
33    facility or building acquired under the Northeastern Illinois
34    University  Revenue  Bond Law and leased to the United States
 
                            -36-     LRB093 06612 NHT 06743 b
 1    of America.
 2        (6)  Whenever funds retained by the University in its own
 3    treasury as provided in this Section  are  deposited  with  a
 4    bank  or  savings  and loan association and the amount of the
 5    deposit exceeds  the  amount  of  federal  deposit  insurance
 6    coverage,  a  bond  or  pledged securities shall be obtained.
 7    Only the types of securities which the State  Treasurer  may,
 8    in  his  discretion,  accept  for  amounts not insured by the
 9    Federal Deposit Insurance Corporation or the Federal  Savings
10    and  Loan  Insurance  Corporation  under  Section  11  of the
11    Deposit of State  Moneys  Act  may  be  accepted  as  pledged
12    securities.    The  market  value  of  the  bond  or  pledged
13    securities shall at all times be equal to or greater than the
14    uninsured portion of the deposit.
15        (7)  The Auditor General  shall  audit  or  cause  to  be
16    audited  all  items of income referred to in this Section and
17    all other income and expenditures of the University.
18        (8)  The provisions of this Section, as amended  by  this
19    amendatory  Act of the 93rd General Assembly, apply to moneys
20    received by the University on or after July 1, 2003.   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
23    be  expended  as  authorized  by  that  Public  Act,  but  no
24    additional moneys shall be deposited  into  that  Fund  after
25    June 30, 2003.
26    (Source: P.A. 89-4, eff. 1-1-96; 89-602, eff. 8-2-96.)

27        (30 ILCS 105/6a-1g)
28        Sec. 6a-1g. Western Illinois University Income Fund.
29        (1)  Beginning  on  the effective date of this amendatory
30    Act of 1996,  The  following  items  of  income  received  by
31    Western  Illinois  University  for  general  operational  and
32    educational  purposes  shall be retained by the University in
33    its own treasury and credited to  an  account  known  as  the
 
                            -37-     LRB093 06612 NHT 06743 b
 1    University  Income  Fund  that  it  shall  establish  in  its
 2    treasury  for  purposes of this paragraph paid into the State
 3    treasury without delay and shall be deposited into a  special
 4    fund  to  be  known as the Western Illinois University Income
 5    Fund:  (a)  tuition  and  laboratory  fees  not  pledged   to
 6    discharge  obligations arising out of the issuance of revenue
 7    bonds, library fees, and all any interest which may be earned
 8    thereon not later than 20 days  after  receipt  of  the  same
 9    without  any  deductions  except  for refunds to students for
10    whom duplicate payments have been made and  to  students  who
11    have  withdrawn  after  registration and are entitled to such
12    refunds; and (b) excess income from auxiliary enterprises and
13    activities as provided in paragraph (2) of this Section,  and
14    all  other  income arising out of any activity or purpose not
15    specified in paragraph (2), (3), (4) or (5) of  this  Section
16    upon not later than 10 days after receipt of the same without
17    any  deduction  whatever.  Within 10 days after the effective
18    date of this amendatory Act of 1996, all moneys then held  in
19    the  Western  Illinois  University Income Fund established in
20    the State treasury that have been covered and paid into  that
21    fund  by  or  on behalf of that University shall be repaid to
22    the University upon the warrant  of  the  State  Comptroller,
23    directed  to  the  State Treasurer as an order to pay the sum
24    required to be repaid under this paragraph and shown  as  due
25    on  the  warrant.  The University shall deposit the amount so
26    repaid to it in a university bank  account  within  the  time
27    period established for like amounts in Section 2 of the State
28    Officers  and Employees Money Disposition Act, to be credited
29    to the University Income Fund established by  the  University
30    in  its  own  treasury  for  purposes of this paragraph.  All
31    moneys from time to time held in the University  Income  Fund
32    in  the  treasury  of  the  University  shall  be used by the
33    University, pursuant to the order and direction of the  Board
34    of   Trustees   of   the  University,  for  the  support  and
 
                            -38-     LRB093 06612 NHT 06743 b
 1    improvement of the University, except for  amounts  disbursed
 2    from  that University Income Fund for refunds to students for
 3    whom duplicate payment has been made and to students who have
 4    withdrawn after registration and who  are  entitled  to  such
 5    refunds.  The  General  Assembly shall from time to time make
 6    appropriations payable from such fund  for  the  support  and
 7    improvement of Western Illinois University.
 8        (2)  The  following  items of income shall be retained by
 9    the University in its own treasury: endowment  funds,  gifts,
10    trust  funds,  and  Federal aid; funds received in connection
11    with contracts with governmental, public, or private agencies
12    or persons, for research or services  including  funds  which
13    are  paid  as reimbursement to the University; funds received
14    in connection with reserves authorized by  Section  35-60  of
15    the  Western  Illinois  University  Law;    funds received in
16    connection with its operation of research and high technology
17    parks and with the retention, receipt,  assignment,  license,
18    sale  or  transfer of interests in, rights to, or income from
19    discoveries, inventions,  patents,  or  copyrightable  works;
20    funds  retained  by  the  University  under  the authority of
21    paragraph (3), (4) or (5) of this Section; and funds received
22    from the operation of student or staff residence  facilities,
23    student   and   staff  medical  and  health  programs,  Union
24    buildings, bookstores, farms,  stores,  and  other  auxiliary
25    enterprises  or activities which are self-supporting in whole
26    or  in  part.   Any  income  derived  from   such   auxiliary
27    enterprises  or  activities  which  is not necessary to their
28    support, maintenance, or development shall not,  however,  be
29    applied  to  any  general operational or educational purposes
30    but shall be retained by the University in its  own  treasury
31    and  credited  to  the  University  Income Fund that it shall
32    establish in its treasury paid into  the  State  treasury  as
33    provided in paragraph (1) of this Section.
34        (3)  The Board of Trustees of Western Illinois University
 
                            -39-     LRB093 06612 NHT 06743 b
 1    may  retain  in  its treasury any funds derived from rentals,
 2    service charges and laboratory and building  service  charges
 3    or  other sources, assessed or obtained for or arising out of
 4    the operation of any building or buildings  or  structure  or
 5    structures  and  pledged  to discharge obligations created in
 6    order to complete or operate such building or  structure,  or
 7    for  the  payment of revenue bonds issued for such University
 8    by the Teachers College Board,  the  Board  of  Governors  of
 9    State  Colleges  and Universities or the Board of Trustees of
10    Western Illinois University, such funds to be disbursed  from
11    time to time pursuant to the order and direction of the Board
12    of Trustees of Western Illinois University, and in accordance
13    with  any contracts, pledges, trusts or agreements heretofore
14    made with respect thereto by the Teachers  College  Board  or
15    the Board of Governors of State Colleges and Universities, or
16    hereafter  made  by the Board of Trustees of Western Illinois
17    University.
18        (4)  The Board of Trustees of Western Illinois University
19    may also retain in its treasury,  out  of  student  fees  and
20    tuition,  such  sums  annually  as  the  Board determines are
21    necessary to supplement revenue derived from any building  or
22    buildings  constructed  or acquired on or after the effective
23    date of  this  amendatory  Act  of  1995,  or  to  supplement
24    revenues  derived from any building or buildings having bonds
25    outstanding thereon which bonds have heretofore  been  issued
26    for the University by the Teachers College Board or the Board
27    of  Governors  of  State  Colleges and Universities and which
28    bonds are refunded under the  provisions  of  the  Act  under
29    which  they  were issued or under the provisions of any other
30    law of this State authorizing the refunding  of  such  bonds,
31    and  may  pledge  or  by  resolution may make a supplementary
32    allocation of the funds so retained out of students' fees and
33    tuition for the retirement of such bonds  as  may  be  issued
34    under  any  such  Act  or  law.  Such funds as are so pledged
 
                            -40-     LRB093 06612 NHT 06743 b
 1    shall annually be credited to the account to which the pledge
 2    applies.  Such funds  as  are  supplementarily  allocated  by
 3    Board  resolution  subsequent  to the resolution creating the
 4    bonds shall be credited in accordance with the terms  of  the
 5    resolution   making  such  supplementary  allocation  to  the
 6    account to which  the  allocation  applies.   The  Board  may
 7    authorize  such supplementation only after a determination by
 8    it  that  the  maximum  revenues  which  may  reasonably  and
 9    economically be derived from  the  operation  of  a  building
10    proposed  to  be  constructed or acquired under the Act under
11    which the bonds therefor are issued will be  insufficient  to
12    meet  the  costs  of operation and maintenance and to pay the
13    principal of  and  interest  on  bonds  so  issued  for  such
14    building,  or  after  a  determination by it that the maximum
15    revenues which may reasonably  and  economically  be  derived
16    from  the  operation  of  a  building  already constructed or
17    acquired under the Act under which the  bonds  therefor  were
18    issued  are  or  will  be  insufficient  to meet the costs of
19    operation and maintenance and to pay  the  principal  of  and
20    interest  on  bonds  issued  for  such building.  In no event
21    shall the supplementation from University income be in excess
22    of an amount which, when added to the revenues to be  derived
23    from  the  operation  of  the  building or buildings, will be
24    sufficient to meet the annual debt  service  requirements  on
25    the  bonds  issued  in respect to such building or buildings,
26    the annual cost of maintenance or operation of such  building
27    or  buildings,  and to provide for such reserves, accounts or
28    covenants which the resolution  authorizing  the  issuing  of
29    such bonds may require.
30        (5)  The Board of Trustees of Western Illinois University
31    may  also retain in its treasury (a) all moneys received from
32    the sale of all  bonds  issued  under  the  Western  Illinois
33    University  Revenue Bond Law, (b) all fees, rentals and other
34    charges from students, staff  members  and  others  using  or
 
                            -41-     LRB093 06612 NHT 06743 b
 1    being  served  by, or having the right to use or the right to
 2    be served by, or to operate any project  acquired  under  the
 3    Western   Illinois  University  Revenue  Bond  Law,  (c)  all
 4    tuition,  registration,  matriculation,   health,   hospital,
 5    medical,  laboratory,  admission, student activities, student
 6    services,  and  all  other  fees  collected   from   students
 7    matriculated,   registered   or  otherwise  enrolled  at  and
 8    attending the University  pledged  under  the  terms  of  any
 9    resolution  authorizing  bonds, or authorizing a supplemental
10    allocation of fees for  debt  service  of  bonds  theretofore
11    issued  pursuant  to  the Western Illinois University Revenue
12    Bond Law, and (d) all rentals from any facility  or  building
13    acquired  under  the Western Illinois University Revenue Bond
14    Law and leased to the 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
17    bank  or  savings  and loan association and the amount of the
18    deposit exceeds  the  amount  of  federal  deposit  insurance
19    coverage,  a  bond  or  pledged securities shall be obtained.
20    Only the types of securities which the State  Treasurer  may,
21    in  his  discretion,  accept  for  amounts not insured by the
22    Federal Deposit Insurance Corporation or the Federal  Savings
23    and  Loan  Insurance  Corporation  under  Section  11  of the
24    Deposit of State  Moneys  Act  may  be  accepted  as  pledged
25    securities.    The  market  value  of  the  bond  or  pledged
26    securities shall at all times be equal to or greater than the
27    uninsured portion of the deposit.
28        (7)  The Auditor General  shall  audit  or  cause  to  be
29    audited  all  items of income referred to in this Section and
30    all other income and expenditures of the University.
31        (8)  The provisions of this Section, as amended  by  this
32    amendatory  Act of the 93rd General Assembly, apply to moneys
33    received by the University on or after July 1, 2003.   Moneys
34    held by the University in the University Income Fund that was
 
                            -42-     LRB093 06612 NHT 06743 b
 1    created  under this Section pursuant to Public Act 89-602 may
 2    be  expended  as  authorized  by  that  Public  Act,  but  no
 3    additional moneys shall be deposited  into  that  Fund  after
 4    June 30, 2003.
 5    (Source: P.A. 89-4, eff. 1-1-96; 89-602, eff. 8-2-96.)

 6        (30 ILCS 105/6d) (from Ch. 127, par. 142d)
 7        Sec.  6d.   University  income fund; Retention of certain
 8    items by University; Audit.
 9        (1)  Beginning on the effective date of  this  amendatory
10    Act  of  1996,  The  following  items  of  income,  except as
11    otherwise provided in Section 6g, received by the  University
12    of  Illinois for general operational and educational purposes
13    shall be retained by the University in its own  treasury  and
14    credited  to  an  account known as the University Income Fund
15    that it shall establish in its treasury for purposes of  this
16    paragraph  paid  into  the  State  treasury without delay and
17    shall be deposited into a special fund to  be  known  as  the
18    "University   Income  Fund":   (a)  tuition,  laboratory  and
19    library fees, and  all  any  interest  which  may  be  earned
20    thereon,  not  later  than 20 days after receipt of the same,
21    without any deductions except for  refunds  to  students  for
22    whom duplicate payment has been made and to students who have
23    withdrawn  after  registration  and  who are entitled to such
24    refunds; and (b) excess income from auxiliary enterprises and
25    activities as provided in paragraph (2) of this Section,  and
26    all  other  income arising out of any activity or purpose not
27    specified in paragraph (2) upon not later than 10 days  after
28    receipt  of the same and without any deduction whatever. Such
29    items shall  be  either  paid  into  the  State  treasury  or
30    deposited  into  a  college or university bank account within
31    the time period established for like amounts in Section 2  of
32    the  State  Officers  and  Employees  Money  Disposition Act.
33    Within 10 days after the effective date  of  this  amendatory
 
                            -43-     LRB093 06612 NHT 06743 b
 1    Act  of  1996,  all  moneys  then remaining in the University
 2    Income Fund heretofore established as a special fund  in  the
 3    State  treasury  that were covered and paid into that fund by
 4    the University shall be repaid to  the  University  upon  the
 5    warrant  of  the  State  Comptroller,  directed  to the State
 6    Treasurer as an order to pay the sum required  to  be  repaid
 7    under  this  paragraph  and shown as due on the warrant.  The
 8    University shall deposit the amount so  repaid  to  it  in  a
 9    college  or  university  bank  account within the time period
10    established for like  amounts  in  Section  2  of  the  State
11    Officers  and Employees Money Disposition Act, to be credited
12    to the University Income Fund established by  the  University
13    in  its  own  treasury  for  purposes of this paragraph.  All
14    moneys from time to time held in the University  Income  Fund
15    in  the  treasury  of  the  University  shall  be used by the
16    University, pursuant to the order and direction of the  Board
17    of   Trustees   of   the  University,  for  the  support  and
18    improvement of the University, except for  amounts  disbursed
19    from  that University Income Fund for refunds to students for
20    whom duplicate payment has been made and to students who have
21    withdrawn after registration and who  are  entitled  to  such
22    refunds;  provided,  that  if  deposited into a bank account,
23    such items together with interest thereon shall be paid  into
24    the  State  treasury  as  provided in the preceding sentence.
25    The  General  Assembly  from  time   to   time   shall   make
26    appropriations  payable  from  the University Income Fund for
27    the support, operation and improvement of the  University  of
28    Illinois.
29        (2)  The  following  items of income shall be retained by
30    the University in its own treasury: endowment  funds,  gifts,
31    trust  funds,  and  Federal aid; funds received in connection
32    with contracts with governmental, public, or private agencies
33    or persons, for research or services  including  funds  which
34    are  paid  as  reimbursement  to  the  University  and  funds
 
                            -44-     LRB093 06612 NHT 06743 b
 1    received in connection with its operation of medical research
 2    and  high technology parks; funds received in connection with
 3    the retention, receipt, assignment, license, sale or transfer
 4    of interests in,  rights  to,  or  income  from  discoveries,
 5    inventions,  patents,  or copyrightable works; funds retained
 6    by the University under the  authority  of  Section  6g;  and
 7    funds  received  from  the  operation  of  student  or  staff
 8    residence  facilities,  student  and staff medical and health
 9    programs, Union buildings, bookstores, farms, stores, service
10    activities, and other  auxiliary  enterprises  or  activities
11    which are self-supporting in whole or in part; provided, that
12    any   income  derived  from  such  auxiliary  enterprises  or
13    activities  which  is  not  necessary   to   their   support,
14    maintenance,  or  development  shall  not  be  applied to any
15    general operational  or  educational  purpose  but  shall  be
16    retained  by  the University in its own treasury and credited
17    to the University Income Fund that it shall establish in  its
18    treasury   paid  into  the  State  treasury  as  provided  in
19    paragraph (1) of this Section.
20        Whenever such funds retained by the University in its own
21    treasury are deposited  with  a  bank  or  savings  and  loan
22    association  and the amount of the deposit exceeds the amount
23    of federal deposit insurance  coverage,  a  bond  or  pledged
24    securities  shall  be  obtained. Only the types of securities
25    which the State Treasurer may, in his discretion, accept  for
26    amounts   not   insured  by  the  Federal  Deposit  Insurance
27    Corporation  or  the  Federal  Savings  and  Loan   Insurance
28    Corporation  under  Section 11 of the Deposit of State Moneys
29    Act may be accepted as pledged securities. The  market  value
30    of the bond or pledged securities shall at all times be equal
31    to or greater than the uninsured portion of the deposit.
32        The  Auditor  General  shall audit or cause to be audited
33    the  above  items  of  income  and  all  other   income   and
34    expenditures of such institution.
 
                            -45-     LRB093 06612 NHT 06743 b
 1        (3)  The  provisions  of this Section, as amended by this
 2    amendatory Act of the 93rd General Assembly, apply to  moneys
 3    received  by the University on or after July 1, 2003.  Moneys
 4    held by the University in the University Income Fund that was
 5    created under this Section pursuant to Public Act 89-602  may
 6    be  expended  as  authorized  by  that  Public  Act,  but  no
 7    additional  moneys  shall  be  deposited into that Fund after
 8    June 30, 2003.
 9    (Source: P.A. 89-602, eff. 8-2-96.)

10        Section 10.  The Illinois  Pension  Code  is  amended  by
11    changing Section 15-155 as follows:

12        (40 ILCS 5/15-155) (from Ch. 108 1/2, par. 15-155)
13        Sec. 15-155.  Employer contributions.
14        (a)  The  State  of  Illinois shall make contributions by
15    appropriations of amounts  which,  together  with  the  other
16    employer  contributions from trust, federal, and other funds,
17    employee contributions, income from  investments,  and  other
18    income of this System, will be sufficient to meet the cost of
19    maintaining  and  administering  the  System  on a 90% funded
20    basis in accordance with actuarial recommendations.
21        The  Board  shall   determine   the   amount   of   State
22    contributions  required  for each fiscal year on the basis of
23    the actuarial tables and other  assumptions  adopted  by  the
24    Board  and  the  recommendations  of  the  actuary, using the
25    formula in subsection (a-1).
26        (a-1)  For State fiscal  years  2011  through  2045,  the
27    minimum  contribution  to  the System to be made by the State
28    for each fiscal year shall be an  amount  determined  by  the
29    System  to  be  sufficient  to  bring the total assets of the
30    System up to 90% of the total actuarial  liabilities  of  the
31    System by the end of State fiscal year 2045.  In making these
32    determinations,  the  required  State  contribution  shall be
 
                            -46-     LRB093 06612 NHT 06743 b
 1    calculated each year as a level percentage  of  payroll  over
 2    the  years  remaining  to  and including fiscal year 2045 and
 3    shall be determined under the projected unit credit actuarial
 4    cost method.
 5        For State fiscal  years  1996  through  2010,  the  State
 6    contribution to the System, as a percentage of the applicable
 7    employee   payroll,   shall  be  increased  in  equal  annual
 8    increments so that by State fiscal year 2011,  the  State  is
 9    contributing at the rate required under this Section.
10        Beginning  in  State  fiscal year 2046, the minimum State
11    contribution for each fiscal year shall be the amount  needed
12    to  maintain  the  total  assets  of the System at 90% of the
13    total actuarial liabilities of the System.
14        (b)  If an employee is paid from trust or federal  funds,
15    the  employer shall pay to the Board contributions from those
16    funds which are sufficient to cover the accruing normal costs
17    on behalf of  the  employee.   However,  universities  having
18    employees  who  are compensated out of local auxiliary funds,
19    income funds, or service enterprise funds are not required to
20    pay such contributions on behalf  of  those  employees.   The
21    local  auxiliary  funds, income funds, and service enterprise
22    funds of universities shall not be considered trust funds for
23    the  purpose  of  this   Article,   but   funds   of   alumni
24    associations,  foundations,  and  athletic associations which
25    are affiliated with the universities  included  as  employers
26    under  this  Article and other employers which do not receive
27    State appropriations are considered to be trust funds for the
28    purpose of this Article.
29        (b-1)  The City of Urbana and the City of Champaign shall
30    each make employer contributions to  this  System  for  their
31    respective  firefighter  employees  who  participate  in this
32    System pursuant to subsection (h)  of  Section  15-107.   The
33    rate  of  contributions  to  be  made by those municipalities
34    shall be determined annually by the Board on the basis of the
 
                            -47-     LRB093 06612 NHT 06743 b
 1    actuarial  assumptions  adopted  by   the   Board   and   the
 2    recommendations  of  the actuary, and shall be expressed as a
 3    percentage of salary for each such employee.  The Board shall
 4    certify the rate to the affected municipalities  as  soon  as
 5    may  be practical.  The employer contributions required under
 6    this subsection shall be remitted by the municipality to  the
 7    System  at  the  same time and in the same manner as employee
 8    contributions.
 9        (c)  Through State fiscal year 1995: The  total  employer
10    contribution  shall be apportioned among the various funds of
11    the State and other employers,  whether  trust,  federal,  or
12    other funds, in accordance with actuarial procedures approved
13    by  the board.  State of Illinois contributions for employers
14    receiving State appropriations for personal services shall be
15    payable from appropriations made to the employers or  to  the
16    System.   The  contributions  for  Class I community colleges
17    covering earnings  other  than  those  paid  from  trust  and
18    federal funds, shall be payable solely from appropriations to
19    the  Illinois  Community  College  Board  or  the  System for
20    employer contributions.
21        (d)  Beginning in State fiscal year  1996,  the  required
22    State  contributions  to  the  System  shall  be appropriated
23    directly to the System and shall be payable through  vouchers
24    issued in accordance with subsection (c) of Section 15-165.
25        (e)  The State Comptroller shall draw warrants payable to
26    the  System upon proper certification by the System or by the
27    employer in accordance with the appropriation laws  and  this
28    Code.
29        (f)  Normal  costs under this Section means liability for
30    pensions and other  benefits  which  accrues  to  the  System
31    because  of  the  credits  earned for service rendered by the
32    participants  during  the  fiscal  year   and   expenses   of
33    administering the System, but shall not include the principal
34    of  or any redemption premium or interest on any bonds issued
 
                            -48-     LRB093 06612 NHT 06743 b
 1    by the board or any expenses incurred or deposits required in
 2    connection therewith.
 3    (Source: P.A. 89-602, eff. 8-2-96; 90-576, eff. 3-31-98.)

 4        Section 99.  Effective date.  This Act takes effect  upon
 5    becoming law.