|SB3288 Engrossed||LRB100 20557 RJF 35961 b|
AN ACT concerning finance.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The State Property Control Act is amended by
adding Section 7.7 as follows:
(30 ILCS 605/7.7 new)
Public university surplus real estate.
(a) Notwithstanding any other provision of this Act or any
other law to the contrary, the Board of Trustees of any public
institution of higher education in this State, as defined in
subsection (d), is authorized to dispose of surplus real estate
of that public institution of higher education as provided
under subsection (b).
(b) The Board of Trustees of any public institution of
higher education in this State may sell, lease, or otherwise
transfer and convey all or part of real estate deemed by the
Board to be surplus real estate, together with the improvements
situated thereon, to a bona fide purchaser for value and on
such terms as the Board shall determine are in the best
interests of that public institution of higher education and
consistent with that institution's objects and purposes.
(c) A Board of Trustees disposing of surplus real estate
may retain the proceeds from the sale, lease, or other transfer