IL SB3288

Boards of Trustees at Illinois public universities are authorized to sell, lease, or transfer surplus real estate to bona fide purchasers on terms determined to be in the institution's best interests.

Public universities may retain proceeds from the disposition of surplus real estate in a separate treasury account dedicated to deferred maintenance and emergency repairs of institution property.

The Auditor General is required to examine the separate accounts to ensure proceeds are used consistently with their stated purpose of deferred maintenance and emergency repairs.

The law applies to the University of Illinois, Southern Illinois University, Chicago State University, Eastern Illinois University, Governors State University, Illinois State University, Northeastern Illinois University, Northern Illinois University, Western Illinois University, and any future public universities established by the General Assembly.

This Act takes effect upon becoming law.