(110 ILCS 710/3)
(from Ch. 144, par. 353)
The Board shall have power for each 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
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
4. Borrow money and issue bonds to acquire for each University any
one project, or more than one, or any combination thereof, or to refund
bonds heretofore or hereafter issued, for each 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 Act.
6. Retain in its treasury (a) all moneys received from the sale of
all bonds issued under this Act, (b) 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, (c) all health, hospital, medical, laboratory, admission,
student activities, student services, and all other fees collected from
students matriculated, registered or otherwise enrolled at and attending
each such University pledged under the terms of any resolution
authorizing bonds pursuant to this Act, and (d) all rentals from any
facility or building leased 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 which details the
proposed budget year and 3 year capital needs of each 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 which will justify the
projects 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. 81-660.)