91st General Assembly
Summary of SB0412
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Senate Sponsors:
MAITLAND.

House Sponsors:
HOFFMAN-RUTHERFORD

Short description: 
HGHR ED-ISU LAND SALE                                                      

Synopsis of Bill as introduced:
        Amends the Illinois State  University  Law.   Provides  that  the      
   University's  Board of Trustees may sell, lease, or otherwise transfer      
   and convey certain real estate to a bona  fide  purchaser  for  value,      
   without  compliance  with  certain  provisions  of  the State Property      
   Control Act, and retain the proceeds in the University treasury, in  a      
   special, separate development fund account that the Auditor General is      
   to  examine to assure proper use of the proceeds.  Provides for use of      
   the proceeds to  acquire  and  develop  other  lands,  buildings,  and      
   facilities  or interests therein that are for use by the University or      
   that otherwise advance the interests of the University.  Provides that      
   moneys from the development fund account used for  any  other  purpose      
   must be deposited into and appropriated from the General Revenue Fund.      
   Provides  that all development on and usage of the land, buildings, or      
   facilities acquired with development  fund  account  moneys  shall  be      
   subject to control and approval of the University's Board of Trustees.      
   Effective immediately.                                                      
        SENATE AMENDMENT NO. 1.                                                
        Removes the provisions setting forth how the  proceeds  from  the      
   sale,  lease,  or  other  transfer  of  the  real  estate may be used.      
   Provides instead that the proceeds may be used to acquire and  develop      
   other  land to achieve the same purposes for which the real estate was      
   used and for the purpose of demolition on the acquired land.                
          FISCAL NOTE (Illinois State University)                              
          There will be no additional cost to the State.                       
 
Last action on Bill: PUBLIC ACT.............................. 91-0396

   Last action date: 99-07-30

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   1


   END OF INQUIRY 



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