(110 ILCS 610/7)
Sec. 7.
Assumption of obligations.
All contracts and agreements entered
into by the Board of Governors of State Colleges and Universities on behalf of
Chicago State University, Eastern Illinois University, Governors State
University, Illinois State University, Northeastern Illinois University,
Northern Illinois University and Western Illinois University prior to January
1, 1996, the effective date of this amendatory Act of 1995, shall be valid and
shall subsist notwithstanding the abolition of the Board of Governors of State
Colleges and Universities and the repeal of the Board of Governors Act on
January 31, 1996 and notwithstanding the transfer of the functions of the Board
of Governors of State Colleges and Universities with respect to each such
university to the new board of trustees created for such university as provided
by law. All bonds, notes, and other evidences of indebtedness outstanding on
the effective date of this amendatory Act of 1995 issued by the Teachers
College Board or the Board of Governors of State Colleges and Universities on
behalf of any such university shall become the bonds, notes or other evidences
of indebtedness of that university and shall be otherwise unaffected by the
transfer of functions to the new board of trustees of that university. Any
action, including, without limitation, approvals of applications for bonds and
resolutions constituting official action under the Internal Revenue Code by the
Teachers College Board or Board of Governors of State Colleges and Universities
prior to January 1, 1996, shall remain effective to the same extent as if that
action had been taken by the board of trustees of that university and shall be
deemed to be action taken by that university's board of trustees.
(Source: P.A. 89-4, eff. 1-1-96.)
|