Illinois General Assembly - Full Text of SB3288
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Full Text of SB3288  100th General Assembly




SB3288 EngrossedLRB100 20557 RJF 35961 b

1    AN ACT concerning finance.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The State Property Control Act is amended by
5adding Section 7.7 as follows:
6    (30 ILCS 605/7.7 new)
7    Sec. 7.7. Public university surplus real estate.
8    (a) Notwithstanding any other provision of this Act or any
9other law to the contrary, the Board of Trustees of any public
10institution of higher education in this State, as defined in
11subsection (d), is authorized to dispose of surplus real estate
12of that public institution of higher education as provided
13under subsection (b).
14    (b) The Board of Trustees of any public institution of
15higher education in this State may sell, lease, or otherwise
16transfer and convey all or part of real estate deemed by the
17Board to be surplus real estate, together with the improvements
18situated thereon, to a bona fide purchaser for value and on
19such terms as the Board shall determine are in the best
20interests of that public institution of higher education and
21consistent with that institution's objects and purposes.
22    (c) A Board of Trustees disposing of surplus real estate
23may retain the proceeds from the sale, lease, or other transfer



SB3288 Engrossed- 2 -LRB100 20557 RJF 35961 b

1of all or any part of the real estate deemed surplus real
2estate under subsection (b), including the improvements
3situated thereon, in a separate account in the treasury of the
4public institution of higher education for the purpose of
5deferred maintenance and emergency repair of institution
6property. The Auditor General shall examine the separate
7account to ensure the use or deposit of the proceeds authorized
8under this subsection (c) in a manner consistent with the
9stated purpose.
10    (d) For the purposes of this Section, "public institution
11of higher education" or "institution" means the University of
12Illinois; Southern Illinois University; Chicago State
13University; Eastern Illinois University; Governors State
14University; Illinois State University; Northeastern Illinois
15University; Northern Illinois University; Western Illinois
16University; and any other public universities, now or hereafter
17established or authorized by the General Assembly.
18    Section 99. Effective date. This Act takes effect upon
19becoming law.