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91_HB3850eng HB3850 Engrossed LRB9111818MWgc 1 AN ACT concerning State moneys for medical schools. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 1. Short title. This Act may be cited as the 5 State Medical School Matching Endowment Fund Act. 6 Section 5. Definitions. In this Act: 7 "Board" means the Board of Higher Education. 8 "Fund" means the State Medical School Matching Endowment 9 Fund. 10 "Qualifying gift" means a monetary donation that (i) is a 11 single monetary donation from a single donor or entity or is 12 a joint monetary donation from or on behalf of 2 or more 13 donors or entities that are directly related or associated or 14 that are otherwise determined by the Board to have common 15 characteristics or similarities such that the joint monetary 16 donation conforms with the purposes of this Act, (ii) is made 17 at one time in cash or the equivalent of cash, and (iii) has 18 been received by the endowment association of a State 19 university for the purpose of funding an endowed chair of 20 medicine. 21 "State university" means the University of Illinois, 22 Southern Illinois University, and any other public university 23 in this State authorized to operate a medical school. 24 Section 10. Matching grants. 25 (a) When a State university receives a qualifying gift, 26 the president or chancellor of that State university shall 27 notify the Board. Upon receiving the notice, the Board must 28 determine if the donation is a qualifying gift for that State 29 university. 30 (b) In each fiscal year beginning on or after the HB3850 Engrossed -2- LRB9111818MWgc 1 effective date of this Act, the Board may make grants from 2 the State Medical School Matching Endowment Fund to each 3 State university in an amount that equals not more than 50% 4 of the total amount of qualifying gifts received by that 5 State university. 6 Section 15. State Medical School Matching Endowment 7 Fund. There is created the State Medical School Matching 8 Endowment Fund, a special fund in the State treasury. Moneys 9 appropriated for the purposes of this Act shall be deposited 10 into the Fund. The Board may use moneys in the Fund, subject 11 to appropriations, to make grants to State universities under 12 Section 10 of this Act. 13 Section 20. Rules. The Board may adopt any rules 14 necessary to implement this Act. 15 Section 100. The State Finance Act is amended by adding 16 Section 5.541 as follows: 17 (30 ILCS 105/5.541 new) 18 Sec. 5.541. The State Medical School Matching Endowment 19 Fund. 20 Section 99. Effective date. This Act takes effect upon 21 becoming law.