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91_HB3850
LRB9111818MWgc
1 AN ACT concerning State moneys for medical schools.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 1. Short title. This Act may be cited as the
5 State Medical School Matching Endowment Fund Act.
6 Section 5. Definitions. In this Act:
7 "Board" means the Board of Higher Education.
8 "Fund" means the State Medical School Matching Endowment
9 Fund.
10 "Qualifying gift" means a monetary donation that (i) is a
11 single monetary donation from a single donor or entity or is
12 a joint monetary donation from or on behalf of 2 or more
13 donors or entities that are directly related or associated or
14 that are otherwise determined by the Board to have common
15 characteristics or similarities such that the joint monetary
16 donation conforms with the purposes of this Act, (ii) is made
17 at one time in cash or the equivalent of cash, and (iii) has
18 been received by the endowment association of a State
19 university for the purpose of funding an endowed chair of
20 medicine.
21 "State university" means the University of Illinois,
22 Southern Illinois University, and any other public university
23 in this State authorized to operate a medical school.
24 Section 10. Matching grants.
25 (a) When a State university receives a qualifying gift,
26 the president or chancellor of that State university shall
27 notify the Board. Upon receiving the notice, the Board must
28 determine if the donation is a qualifying gift for that State
29 university.
30 (b) In each fiscal year beginning on or after the
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1 effective date of this Act, the Board may make grants from
2 the State Medical School Matching Endowment Fund to each
3 State university in an amount that equals not more than 50%
4 of the total amount of qualifying gifts received by that
5 State university.
6 Section 15. State Medical School Matching Endowment
7 Fund. There is created the State Medical School Matching
8 Endowment Fund, a special fund in the State treasury. Moneys
9 appropriated for the purposes of this Act shall be deposited
10 into the Fund. The Board may use moneys in the Fund, subject
11 to appropriations, to make grants to State universities under
12 Section 10 of this Act.
13 Section 20. Rules. The Board may adopt any rules
14 necessary to implement this Act.
15 Section 100. The State Finance Act is amended by adding
16 Section 5.541 as follows:
17 (30 ILCS 105/5.541 new)
18 Sec. 5.541. The State Medical School Matching Endowment
19 Fund.
20 Section 99. Effective date. This Act takes effect upon
21 becoming law.