HB6623 Summary

• Exempts University of Illinois procurement expenditures from the Illinois Procurement Code and removes the University from the definition of "State agency" under the code.

• Removes University of Illinois property from the definition of "property" under the State Property Control Act.

• Establishes the University of Illinois Investment, Performance, and Accountability Commitment requiring minimum annual state appropriations of $662.1 million for FY2018, with inflation-based increases thereafter, contingent on meeting enrollment and graduation rate targets; repeals June 30, 2022.

• Authorizes University to issue certificates of participation for capital improvements up to $100 million in maximum annual debt service, subject to review and approval by the Commission on Government Forecasting and Accountability.

• Creates the Illinois Excellence Fund and Illinois Excellence Program to fund faculty recruitment and retention through capital investment in University facilities, subject to appropriation.