IL HB3944

Amends the Board of Higher Education Act to allow up to 10% of capital appropriations for new construction at public universities to be set aside in a separate local fund for capital renewal and deferred maintenance needs.

Permits public university boards of trustees to request that funds be set aside for addressing facility renovation needs as they arise rather than spending the full appropriation on initial construction projects.

Allows the Board of Higher Education to permit universities to recalculate and reprioritize project requests if they elect to use the capital renewal set-aside option.

Takes effect July 1, 2014.