Synopsis As Introduced Creates the Public University Procurement Act. Creates the State University Procurement System, governed by a board consisting of one member appointed by each public university's board of trustees. Requires the System to (1) develop a proposed Procurement Code for Public Universities; (2) implement the Code, in conjunction with each university, after approval by the Joint Committee on Administrative Rules; (3) hire and oversee a full-time Chief Procurement Officer for Public Universities; (4) develop university procurement policies on an ongoing basis; (5) evaluate a university's procurement performance on an ongoing basis; (6) develop an electronic procurement bulletin for the public advertising of all university purchasing opportunities above bid limits; (7) provide sole source hearings for those items in which vendor questions or issues have been raised, with final determinations made by the Chief Procurement Officer; (8) under the Code, require certification to conduct business in this State at the time of an award; and (9) develop diversity goals and a certification process that recognizes higher education's commitment to diversity and to annually publish the results. Provides for an Auditor General audit and report. Repeals the Act on July 1, 2016. Amends the Illinois Procurement Code to provide that from the effective date of the amendatory Act until July 1, 2016, the Code does not apply to public universities in this State. Amends various Acts relating to the governance of public universities in Illinois to provide that no university shall be obligated to comply with (i) any mandate in the Act enacted after the effective date of the amendatory Act or (2) any regulatory mandate promulgated by the Board of Higher Education and adopted by rule. Effective immediately.