Section 1031.40  Distribution and Refund Formula

a)         The distribution formula is specified in Section 25-10 of the Act.  [30 ILCS 769]

b)         It is anticipated that the appropriation of funds from the Build Illinois Bond Fund will be made available in multiple rounds as bonds are sold and funds become available for this program.  If for any reason the amount of funds available in a given round is not sufficient to distribute the base grant amounts or any FTE grant amounts as specified in Section 25-10 of the Act, the Board shall release prorated shares to grantees along with an explanation.

c)         If, within 10 years after the completion of any capital project for which a grant was made under this program, the property ceases to meet the nonsectarian requirements of a capital project as defined in this Part or the institution ceases to be an independent college as defined in the Act and this Part, the grantee shall refund to the State an amount determined as follows.  Grant Funds Used for Project ($)/120 (months) X Duration of Noncompliance (months) = Required Refund ($).  For purposes of this formula, the grant agreement shall define the scope of the project upon which the refund is required.

d)         The amount of funds available to each institution that receives an award over the life of the program will be estimated during the application phase. If any additional funds subsequently become available for redistribution because an institution that received a grant subsequently fails to meet the definition of independent college, or for any other reason, the Board will redistribute these funds as provided in this Section 1031.40 and Section 25-10 of the Act.