(110 ILCS 666/11-10)
The Board shall have power for such University to:
(1) Acquire any project or projects, or any combination thereof, and to own,
operate and maintain the same.
(2) Acquire by purchase, gift, or the exercise of eminent domain, and hold
or dispose of real or personal property or rights or interest therein.
(3) Accept grants of money or materials or property of any kind from a
federal agency, or others, upon such terms and conditions as may be imposed.
(4) Borrow money and issue bonds to acquire for such University any one
project, or more than one, or any combination thereof, or to refund bonds
heretofore or hereafter issued, for such University, or for either or both of
said purposes, and to provide for the security and payment of said bonds and
for the rights of the holders thereof.
(5) Make contracts and leases and execute all instruments and perform all
acts and do all things necessary or convenient to carry out the powers granted
in this Article.
(6) Retain in its treasury (i) all moneys received from the sale of all
bonds issued under this Article, (ii) all fees, rentals and other charges from
students, staff members and others using or being served by, or having the
right to use or the right to be served by, or to operate any project, (iii) all
tuition, registration, matriculation, health, hospital, medical, laboratory,
admission, student activities, student services, and all other fees collected
from students matriculated, registered or otherwise enrolled at and attending
such University pledged under the terms of any resolution authorizing bonds
pursuant to this Article, and (iv) all rentals from any facility or building
to the United States of America, all of which shall be considered always
appropriated to the Board.
(7) The Board shall prepare an annual capital plan that details the
proposed budget year and 3 year capital needs of such University for capital
expenditures to finance revenue producing facilities through the issuance of
revenue bonds. This plan shall detail each project and the project cost in
current dollar amounts. The plan shall contain the appropriate detail for the
proposed budget year and the 3 year plan that will justify each project's
ability to meet the debt service requirements by producing sufficient revenue,
life expectancy and maintenance requirements. Such annual capital plans shall
be submitted to the Board of Higher Education.
(Source: P.A. 89-4, eff. 1-1-96.)