(30 ILCS 500/53-25)
Public institutions of higher education.
(a) Each public
institution of higher education may enter into concessions, including the
assignment, license, sale, or transfer of interests in or rights to
discoveries, inventions, patents, or copyrightable works, for property,
whether tangible or intangible, over which it has jurisdiction. Concessions
shall be reduced to writing and shall be awarded at the discretion of the
institution with jurisdiction over the property. Notice of the award of a concession shall be
published in the higher education volume of the Illinois Procurement Bulletin.
(b) The duration and terms of concessions and leases for personal property shall be at the discretion of the institution with jurisdiction over the property.
(c) Notwithstanding any other provision of law, if the Illinois Finance Authority issues bonds for the financing of buildings, structures, or facilities that are determined by the governing board of a public institution of higher education to be either required by or necessary for the use or benefit of that public institution of higher education, then the duration of any lease for real property entered into by that public institution of higher education, as lessee or lessor, in connection with the issuance of those bonds shall be at the discretion of that public institution of higher education.
(Source: P.A. 98-90, eff. 7-15-13.)