IL HB2909

Authorizes the Illinois Mathematics and Science Academy (IMSA) to retain in its own treasury all moneys received from the sale of debt obligations, including bonds, and any tuition, fee, and room and board revenue pledged to payment of such obligations or necessary to meet financial covenants.

Amends the State Finance Act to allow IMSA to retain endowment funds, gifts, trust funds, alumni contributions, laboratory fees, food service fees, student health program funds, and athletics/activities funds in its own treasury rather than depositing them in the State Treasury.

Adds Section 4.5 to the Illinois Mathematics and Science Academy Law authorizing the Board of Trustees to issue revenue bonds for acquiring, constructing, or improving Academy facilities including classrooms, labs, dormitories, dining facilities, athletic facilities, and parking areas, with bonds payable only from tuition, fee, and room and board revenue.

Permits IMSA bonds to mature up to 40 years from issuance with interest rates not exceeding the Bond Authorization Act maximum, and allows bonds to be refunded and refinanced when determined to be in the Academy's best interests.

Clarifies in the Bond Authorization Act that IMSA is included as a "public corporation" authorized to issue bonds.