Senate Sponsors: MAITLAND. House Sponsors: HOFFMAN-RUTHERFORD Short description: HGHR ED-ISU LAND SALE Synopsis of Bill as introduced: Amends the Illinois State University Law. Provides that the University's Board of Trustees may sell, lease, or otherwise transfer and convey certain real estate to a bona fide purchaser for value, without compliance with certain provisions of the State Property Control Act, and retain the proceeds in the University treasury, in a special, separate development fund account that the Auditor General is to examine to assure proper use of the proceeds. Provides for use of the proceeds to acquire and develop other lands, buildings, and facilities or interests therein that are for use by the University or that otherwise advance the interests of the University. Provides that moneys from the development fund account used for any other purpose must be deposited into and appropriated from the General Revenue Fund. Provides that all development on and usage of the land, buildings, or facilities acquired with development fund account moneys shall be subject to control and approval of the University's Board of Trustees. Effective immediately. SENATE AMENDMENT NO. 1. Removes the provisions setting forth how the proceeds from the sale, lease, or other transfer of the real estate may be used. Provides instead that the proceeds may be used to acquire and develop other land to achieve the same purposes for which the real estate was used and for the purpose of demolition on the acquired land. FISCAL NOTE (Illinois State University) There will be no additional cost to the State. Last action on Bill: PUBLIC ACT.............................. 91-0396 Last action date: 99-07-30 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1 END OF INQUIRY Full Text Bill Status