(110 ILCS 710/14)
Sec. 14.
Assumption of obligations.
(a) All contracts and agreements entered into before July 1, 1995 by the
Board of Regents on behalf of the branch of the University of Illinois formerly
known as Sangamon State University and now known as the University of Illinois
at Springfield shall be valid and shall subsist notwithstanding the transfer
of the functions of the Board of Regents with respect to that University to the
Board of Trustees of the University of Illinois as provided by law. All bonds,
notes, and other evidences of indebtedness outstanding on July 1, 1995 issued
by the Board of Regents on behalf of the university formerly
known as Sangamon State University and now known as the University of Illinois
at Springfield shall become the bonds, notes, or other evidences of the
University of Illinois and shall be otherwise unaffected by the transfer of
functions to the Board of Trustees of the University of Illinois. Any action,
including without limitation, approvals of applications for bonds and
resolutions constituting official action under the Internal Revenue Code by the
Board of Regents with respect to the university formerly known as Sangamon
State University and now known as the University of Illinois at Springfield
before July 1, 1995 shall remain effective to the same extent as if that action
had been taken by the Board of Trustees of the University of Illinois and shall
be deemed to be action taken by the Board of Trustees of the University of
Illinois.
(b) All contracts and agreements entered into by the Board of Regents on
behalf of Illinois State University and Northern Illinois University prior to
January 1, 1996 shall be valid and shall subsist notwithstanding the abolition
of the Board of Regents and the repeal of the Regency Universities Act on
January 31, 1996 and notwithstanding the transfer of the functions of the Board
of Regents with respect to each such university to the board of trustees of
that university as provided by law. All bonds, notes, and other evidences of
indebtedness outstanding on January 1, 1996 issued by the Teachers College
Board, the Board of Governors of State Colleges and Universities, or the Board
of Regents 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 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, Board of
Governors of State Colleges and Universities, or Board of Regents 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. 7-1-95; 89-24, eff. 7-1-95.)
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