(110 ILCS 520/7)
(from Ch. 144, par. 657)
The Board shall have power to enter into contracts, to sue and be
sued, provided that any suit against the Board based upon a claim sounding
in tort must be filed in the Court of Claims, to acquire, hold and convey
real property as it shall deem appropriate and personal property in
accordance with the State Property Control Act, and to expend the funds
appropriated to the University; provided that the Board in the exercise of
the powers conferred by this Act shall not create any liability or
indebtedness of funds from the Treasury of the State in excess of the funds
appropriated to the University.
Any lease to the Board of lands, buildings or facilities
which will support scientific research and development in such
areas as high technology, super computing, microelectronics,
biotechnology, robotics, physics and engineering shall be for
a term not to exceed 18 years, and may grant to the Board the option to
purchase the lands, buildings or facilities. The lease shall recite that
it is subject to termination and cancellation in any year for which the
General Assembly fails to make an appropriation to pay the rent payable
under the terms of the lease.
Leases for the purposes described herein exceeding 5 years shall have
the approval of the Illinois Board of Higher Education.
The Board's power to enter into contracts includes but is not limited
to the power to enter into contracts with municipalities within which the
university or any branch thereof is located, in whole or in part, for such
municipality to provide fire protection or other essential municipal
services upon properties leased to for-profit entities the title to which
properties is held by the Board.
(Source: P.A. 84-780.)