IL HB0359

Authorizes Boards of Trustees at Illinois public institutions of higher education to sell, lease, or transfer surplus real estate to generate revenue

Public universities covered include 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

Permits universities to retain proceeds from surplus real estate disposals in a separate institutional account for deferred maintenance and emergency repairs

Requires the Auditor General to examine the separate account to ensure proceeds are used consistently with the stated purpose of deferred maintenance and emergency repairs

Takes effect immediately upon becoming law