IL SB0222

Removes University of Illinois from Illinois Procurement Code requirements and from the definition of "State agency," and exempts University property from State Property Control Act (though University must still send usable surplus equipment to Department of Central Management Services).

Creates University of Illinois Investment, Performance, and Accountability Commitment requiring minimum state appropriation of $662,100,000 for FY2018, with subsequent years indexed to Consumer Price Index; commitment expires June 30, 2022.

Caps in-state undergraduate tuition and mandatory fee increases at the rate of inflation (CPI-U) beginning 2018-2019 academic year and requires University to provide need-based financial aid of at least 12.5% of appropriation, with minimum $15,000,000 annually for underrepresented students.

Establishes performance metrics for University including minimum enrollment of Illinois residents (14,000 at Urbana-Champaign, 11,800 at Chicago, 1,500 at Springfield), 87% first-to-second year retention rate, and 72% six-year graduation rate; appropriations may be adjusted by joint resolution if metrics not met.

Authorizes University to issue certificates of participation for capital improvements (capped at $100,000,000 annual maximum debt service) subject to Commission on Government Forecasting and Accountability review; creates Illinois Excellence Program to recruit and retain faculty through capital investment in facilities.