093_HB1263
LRB093 06612 NHT 06743 b
1 AN ACT relating to higher education.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The State Finance Act is amended by changing
5 Sections 6a-1, 6a-1a, 6a-1b, 6a-1c, 6a-1d, 6a-1e, 6a-1f,
6 6a-1g, and 6d as follows:
7 (30 ILCS 105/6a-1) (from Ch. 127, par. 142a1)
8 Sec. 6a-1. Southern Illinois University Income Fund.
9 (1) Beginning on the effective date of this amendatory
10 Act of 1996, The following items of income received by the
11 Southern Illinois University for general operational and
12 educational purposes shall be retained by the University in
13 its own treasury and credited to an account known as the
14 University Income Fund that it shall establish in its
15 treasury for purposes of this paragraph paid into the State
16 Treasury without delay and shall be deposited into a special
17 fund to be known as the Southern Illinois University Income
18 Fund: (a) tuition and laboratory fees not pledged to
19 discharge obligations arising out of the issuance of revenue
20 bonds, library fees, and all any interest which may be earned
21 thereon not later than 20 days after receipt of the same
22 without any deductions except for refunds to students for
23 whom duplicate payments have been made and to students who
24 have withdrawn after registration and are entitled to such
25 refunds; and (b) excess income from auxiliary enterprises and
26 activities as provided in paragraph (2) of this Section, and
27 all other income arising out of any activity or purpose not
28 specified in paragraph (2) of this Section or in Sections
29 6a-2 or 6a-3 upon not later than 10 days after receipt of the
30 same without any deduction whatever. Such items of income
31 shall be either paid into the State treasury or deposited
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1 into a college or university bank account within the time
2 period established for like amounts in Section 2 of the State
3 Officers and Employees Money Disposition Act. Within 10 days
4 after the effective date of this amendatory Act of 1996, all
5 moneys then remaining in the Southern Illinois University
6 Income Fund heretofore established as a special fund in the
7 State treasury that were covered and paid into that fund by
8 the University shall be repaid to the University upon the
9 warrant of the State Comptroller, directed to the State
10 Treasurer as an order to pay the sum required to be repaid
11 under this paragraph and shown as due on the warrant. The
12 University shall deposit the amount so repaid to it in a
13 college or university bank account within the time period
14 established for like amounts in Section 2 of the State
15 Officers and Employees Money Disposition Act, to be credited
16 to the University Income Fund established by the University
17 in its own treasury for purposes of this paragraph. All
18 moneys from time to time held in the University Income Fund
19 in the treasury of the University shall be used by the
20 University, pursuant to the order and direction of the Board
21 of Trustees of the University, for the support and
22 improvement of the University, except for amounts disbursed
23 from that University Income Fund for refunds to students for
24 whom duplicate payment has been made and to students who have
25 withdrawn after registration and who are entitled to such
26 refunds; provided, that if deposited into a bank account,
27 such items together with interest thereon shall be paid into
28 the State treasury as provided in the preceding sentence.
29 The General Assembly shall from time to time make
30 appropriations payable from such fund for the support and
31 improvement of Southern Illinois University.
32 (2) The following items of income shall be retained by
33 the University in its own treasury: endowment funds, gifts,
34 trust funds, and Federal aid; funds received in connection
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1 with contracts with governmental, public, or private agencies
2 or persons, for research or services including funds which
3 are paid as reimbursement to the University; funds received
4 in connection with reserves authorized by Section 8a of the
5 Southern Illinois University Management Act; funds received
6 in connection with its operation of medical research and high
7 technology parks and with the retention, receipt,
8 assignment, license, sale or transfer of interests in, rights
9 to, or income from discoveries, inventions, patents, or
10 copyrightable works; funds retained by the University under
11 the authority of Sections 6a-2 and 6a-3; and funds received
12 from the operation of student or staff residence facilities,
13 student and staff medical and health programs, Union
14 buildings, bookstores, farms, stores, and other auxiliary
15 enterprises or activities which are self-supporting in whole
16 or in part. Any income derived from such auxiliary
17 enterprises or activities which is not necessary to their
18 support, maintenance, or development shall not, however, be
19 applied to any general operational or educational purposes
20 but shall be retained by the University in its own treasury
21 and credited to the University Income Fund that it shall
22 establish in its treasury paid into the State treasury as
23 provided in paragraph (1) of this Section.
24 Whenever such funds retained by the University in its own
25 treasury are deposited with a bank or savings and loan
26 association and the amount of the deposit exceeds the amount
27 of federal deposit insurance coverage, a bond or pledged
28 securities shall be obtained. Only the types of securities
29 which the State Treasurer may, in his discretion, accept for
30 amounts not insured by the Federal Deposit Insurance
31 Corporation or the Federal Savings and Loan Insurance
32 Corporation under Section 11 of the Deposit of State Moneys
33 Act, may be accepted as pledged securities. The market value
34 of the bond or pledged securities shall at all times be equal
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1 to or greater than the uninsured portion of the deposit.
2 The Auditor General shall audit or cause to be audited
3 the above items of income and all other income and
4 expenditures of such institution.
5 (3) The provisions of this Section, as amended by this
6 amendatory Act of the 93rd General Assembly, apply to moneys
7 received by the University on or after July 1, 2003. Moneys
8 held by the University in the University Income Fund that was
9 created under this Section pursuant to Public Act 89-602 may
10 be expended as authorized by that Public Act, but no
11 additional moneys shall be deposited into that Fund after
12 June 30, 2003.
13 (Source: P.A. 89-602, eff. 8-2-96.)
14 (30 ILCS 105/6a-1a)
15 Sec. 6a-1a. Northern Illinois University Income Fund.
16 (1) Beginning on the effective date of this amendatory
17 Act of 1996, The following items of income received by
18 Northern Illinois University for general operational and
19 educational purposes shall be retained by the University in
20 its own treasury and credited to an account known as the
21 University Income Fund that it shall establish in its
22 treasury for purposes of this paragraph paid into the State
23 treasury without delay and shall be deposited into a special
24 fund to be known as the Northern Illinois University Income
25 Fund: (a) tuition and laboratory fees not pledged to
26 discharge obligations arising out of the issuance of revenue
27 bonds, library fees, all and any interest which may be earned
28 thereon not later than 20 days after receipt of the same
29 without any deductions except for refunds to students for
30 whom duplicate payments have been made and to students who
31 have withdrawn after registration and are entitled to such
32 refunds; and (b) excess income from auxiliary enterprises and
33 activities as provided in paragraph (2) of this Section, and
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1 all other income arising out of any activity or purpose not
2 specified in paragraph (2), (3), (4) or (5) of this Section
3 upon not later than 10 days after receipt of the same without
4 any deduction whatever. Within 10 days after the effective
5 date of this amendatory Act of 1996, all moneys then held in
6 the Northern Illinois University Income Fund established in
7 the State treasury that have been covered and paid into that
8 fund by or on behalf of that University shall be repaid to
9 the University upon the warrant of the State Comptroller,
10 directed to the State Treasurer as an order to pay the sum
11 required to be repaid under this paragraph and shown as due
12 on the warrant. The University shall deposit the amount so
13 repaid to it in a university bank account within the time
14 period established for like amounts in Section 2 of the State
15 Officers and Employees Money Disposition Act, to be credited
16 to the University Income Fund established by the University
17 in its own treasury for purposes of this paragraph. All
18 moneys from time to time held in the University Income Fund
19 in the treasury of the University shall be used by the
20 University, pursuant to the order and direction of the Board
21 of Trustees of the University, for the support and
22 improvement of the University, except for amounts disbursed
23 from that University Income Fund for refunds to students for
24 whom duplicate payment has been made and to students who have
25 withdrawn after registration and who are entitled to such
26 refunds. The General Assembly shall from time to time make
27 appropriations payable from such fund for the support and
28 improvement of Northern Illinois University.
29 (2) The following items of income shall be retained by
30 the University in its own treasury: endowment funds, gifts,
31 trust funds, and Federal aid; funds received in connection
32 with contracts with governmental, public, or private agencies
33 or persons, for research or services including funds which
34 are paid as reimbursement to the University; funds received
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1 in connection with reserves authorized by Section 30-60 of
2 the Northern Illinois University Law; funds received in
3 connection with its operation of research and high technology
4 parks and with the retention, receipt, assignment, license,
5 sale or transfer of interests in, rights to, or income from
6 discoveries, inventions, patents, or copyrightable works;
7 funds retained by the University under the authority of
8 paragraph (3), (4) or (5) of this Section; and funds received
9 from the operation of student or staff residence facilities,
10 student and staff medical and health programs, Union
11 buildings, bookstores, farms, stores, and other auxiliary
12 enterprises or activities which are self-supporting in whole
13 or in part. Any income derived from such auxiliary
14 enterprises or activities which is not necessary to their
15 support, maintenance, or development shall not, however, be
16 applied to any general operational or educational purposes
17 but shall be retained by the University in its own treasury
18 and credited to the University Income Fund that it shall
19 establish in its treasury paid into the State treasury as
20 provided in paragraph (1) of this Section.
21 (3) The Board of Trustees of Northern Illinois
22 University may retain in its treasury any funds derived from
23 rentals, service charges and laboratory and building service
24 charges or other sources, assessed or obtained for or arising
25 out of the operation of any building or buildings or
26 structure or structures and pledged to discharge obligations
27 created in order to complete or operate such building or
28 structure, or for the payment of revenue bonds issued for
29 such University by the Teachers College Board, the Board of
30 Governors of State Colleges and Universities, the Board of
31 Regents, or the Board of Trustees of Northern Illinois
32 University, such funds to be disbursed from time to time
33 pursuant to the order and direction of the Board of Trustees
34 of Northern Illinois University, and in accordance with any
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1 contracts, pledges, trusts or agreements heretofore made with
2 respect thereto by the Teachers College Board, the Board of
3 Governors of State Colleges and Universities or the Board of
4 Regents, or hereafter made by the Board of Trustees of
5 Northern Illinois University.
6 (4) The Board of Trustees of Northern Illinois
7 University may also retain in its treasury, out of student
8 fees and tuition, such sums annually as the Board determines
9 are necessary to supplement revenue derived from any building
10 or buildings constructed or acquired on or after the
11 effective date of this amendatory Act of 1995, or to
12 supplement revenues derived from any building or buildings
13 having bonds outstanding thereon which bonds have heretofore
14 been issued for the University by the Teachers College Board,
15 the Board of Governors of State Colleges and Universities or
16 the Board of Regents and which bonds are refunded under the
17 provisions of the Act under which they were issued or under
18 the provisions of any other law of this State authorizing the
19 refunding of such bonds, and may pledge or by resolution may
20 make a supplementary allocation of the funds so retained out
21 of students' fees and tuition for the retirement of such
22 bonds as may be issued under any such Act or law. Such funds
23 as are so pledged shall annually be credited to the account
24 to which the pledge applies. Such funds as are
25 supplementarily allocated by Board resolution subsequent to
26 the resolution creating the bonds shall be credited in
27 accordance with the terms of the resolution making such
28 supplementary allocation to the account to which the
29 allocation applies. The Board may authorize such
30 supplementation only after a determination by it that the
31 maximum revenues which may reasonably and economically be
32 derived from the operation of a building proposed to be
33 constructed or acquired under the Act under which the bonds
34 therefor are issued will be insufficient to meet the costs of
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1 operation and maintenance and to pay the principal of and
2 interest on bonds so issued for such building, or after a
3 determination by it that the maximum revenues which may
4 reasonably and economically be derived from the operation of
5 a building already constructed or acquired under the Act
6 under which the bonds therefor were issued are or will be
7 insufficient to meet the costs of operation and maintenance
8 and to pay the principal of and interest on bonds issued for
9 such building. In no event shall the supplementation from
10 University income be in excess of an amount which, when added
11 to the revenues to be derived from the operation of the
12 building or buildings, will be sufficient to meet the annual
13 debt service requirements on the bonds issued in respect to
14 such building or buildings, the annual cost of maintenance or
15 operation of such building or buildings, and to provide for
16 such reserves, accounts or covenants which the resolution
17 authorizing the issuing of such bonds may require.
18 (5) The Board of Trustees of Northern Illinois
19 University may also retain in its treasury (a) all moneys
20 received from the sale of all bonds issued under the Northern
21 Illinois University Revenue Bond Law, (b) all fees, rentals
22 and other charges from students, staff members and others
23 using or being served by, or having the right to use or the
24 right to be served by, or to operate any project acquired
25 under the Northern Illinois University Revenue Bond Law, (c)
26 all tuition, registration, matriculation, health, hospital,
27 medical, laboratory, admission, student activities, student
28 services, and all other fees collected from students
29 matriculated, registered or otherwise enrolled at and
30 attending the University pledged under the terms of any
31 resolution authorizing bonds, or authorizing a supplemental
32 allocation of fees for debt service of bonds theretofore
33 issued pursuant to the Northern Illinois University Revenue
34 Bond Law, and (d) all rentals from any facility or building
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1 acquired under the Northern Illinois University Revenue Bond
2 Law and leased to the United States of America.
3 (6) Whenever funds retained by the University in its own
4 treasury as provided in this Section are deposited with a
5 bank or savings and loan association and the amount of the
6 deposit exceeds the amount of federal deposit insurance
7 coverage, a bond or pledged securities shall be obtained.
8 Only the types of securities which the State Treasurer may,
9 in his discretion, accept for amounts not insured by the
10 Federal Deposit Insurance Corporation or the Federal Savings
11 and Loan Insurance Corporation under Section 11 of the
12 Deposit of State Moneys Act may be accepted as pledged
13 securities. The market value of the bond or pledged
14 securities shall at all times be equal to or greater than the
15 uninsured portion of the deposit.
16 (7) The Auditor General shall audit or cause to be
17 audited all items of income referred to in this Section and
18 all other income and expenditures of the University.
19 (8) The provisions of this Section, as amended by this
20 amendatory Act of the 93rd General Assembly, apply to moneys
21 received by the University on or after July 1, 2003. Moneys
22 held by the University in the University Income Fund that was
23 created under this Section pursuant to Public Act 89-602 may
24 be expended as authorized by that Public Act, but no
25 additional moneys shall be deposited into that Fund after
26 June 30, 2003.
27 (Source: P.A. 89-4, eff. 1-1-96; 89-602, eff. 8-2-96.)
28 (30 ILCS 105/6a-1b)
29 Sec. 6a-1b. Illinois State University Income Fund.
30 (1) Beginning on the effective date of this amendatory
31 Act of 1996, The following items of income received by
32 Illinois State University for general operational and
33 educational purposes shall be retained by the University in
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1 its own treasury and credited to an account known as the
2 University Income Fund that it shall establish in its
3 treasury for purposes of this paragraph paid into the State
4 treasury without delay and shall be deposited into a special
5 fund to be known as the Illinois State University Income
6 Fund: (a) tuition and laboratory fees not pledged to
7 discharge obligations arising out of the issuance of revenue
8 bonds, library fees, and all any interest which may be earned
9 thereon not later than 20 days after receipt of the same
10 without any deductions except for refunds to students for
11 whom duplicate payments have been made and to students who
12 have withdrawn after registration and are entitled to such
13 refunds; and (b) excess income from auxiliary enterprises and
14 activities as provided in paragraph (2) of this Section, and
15 all other income arising out of any activity or purpose not
16 specified in paragraph (2), (3), (4) or (5) of this Section
17 upon not later than 10 days after receipt of the same without
18 any deduction whatever. Within 10 days after the effective
19 date of this amendatory Act of 1996, all moneys then held in
20 the Illinois State University Income Fund established in the
21 State treasury that have been covered and paid into that fund
22 by or on behalf of that University shall be repaid to the
23 University upon the warrant of the State Comptroller,
24 directed to the State Treasurer as an order to pay the sum
25 required to be repaid under this paragraph and shown as due
26 on the warrant. The University shall deposit the amount so
27 repaid to it in a university bank account within the time
28 period established for like amounts in Section 2 of the State
29 Officers and Employees Money Disposition Act, to be credited
30 to the University Income Fund established by the University
31 in its own treasury for purposes of this paragraph. All
32 moneys from time to time held in the University Income Fund
33 in the treasury of the University shall be used by the
34 University, pursuant to the order and direction of the Board
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1 of Trustees of the University, for the support and
2 improvement of the University, except for amounts disbursed
3 from that University Income Fund for refunds to students for
4 whom duplicate payment has been made and to students who have
5 withdrawn after registration and who are entitled to such
6 refunds. The General Assembly shall from time to time make
7 appropriations payable from such fund for the support and
8 improvement of Illinois State University.
9 (2) The following items of income shall be retained by
10 the University in its own treasury: endowment funds, gifts,
11 trust funds, and Federal aid; funds received in connection
12 with contracts with governmental, public, or private agencies
13 or persons, for research or services including funds which
14 are paid as reimbursement to the University; funds received
15 in connection with reserves authorized by Section 20-60 of
16 the Illinois State University Law; funds received in
17 connection with its operation of research and high technology
18 parks and with the retention, receipt, assignment, license,
19 sale or transfer of interests in, rights to, or income from
20 discoveries, inventions, patents, or copyrightable works;
21 funds retained by the University under the authority of
22 paragraph (3), (4) or (5) of this Section; and funds received
23 from the operation of student or staff residence facilities,
24 student and staff medical and health programs, Union
25 buildings, bookstores, farms, stores, and other auxiliary
26 enterprises or activities which are self-supporting in whole
27 or in part. Any income derived from such auxiliary
28 enterprises or activities which is not necessary to their
29 support, maintenance, or development shall not, however, be
30 applied to any general operational or educational purposes
31 but shall be retained by the University in its own treasury
32 and credited to the University Income Fund that it shall
33 establish in its treasury paid into the State treasury as
34 provided in paragraph (1) of this Section.
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1 (3) The Board of Trustees of Illinois State University
2 may retain in its treasury any funds derived from rentals,
3 service charges and laboratory and building service charges
4 or other sources, assessed or obtained for or arising out of
5 the operation of any building or buildings or structure or
6 structures and pledged to discharge obligations created in
7 order to complete or operate such building or structure, or
8 for the payment of revenue bonds issued for such University
9 by the Teachers College Board, the Board of Governors of
10 State Colleges and Universities, the Board of Regents, or the
11 Board of Trustees of Illinois State University, such funds to
12 be disbursed from time to time pursuant to the order and
13 direction of the Board of Trustees of Northern Illinois
14 University, and in accordance with any contracts, pledges,
15 trusts or agreements heretofore made with respect thereto by
16 the Teachers College Board, the Board of Governors of State
17 Colleges and Universities or the Board of Regents, or
18 hereafter made by the Board of Trustees of Illinois State
19 University.
20 (4) The Board of Trustees of Illinois State University
21 may also retain in its treasury, out of student fees and
22 tuition, such sums annually as the Board determines are
23 necessary to supplement revenue derived from any building or
24 buildings constructed or acquired on or after the effective
25 date of this amendatory Act of 1995, or to supplement
26 revenues derived from any building or buildings having bonds
27 outstanding thereon which bonds have heretofore been issued
28 for the University by the Teachers College Board, the Board
29 of Governors of State Colleges and Universities or the Board
30 of Regents and which bonds are refunded under the provisions
31 of the Act under which they were issued or under the
32 provisions of any other law of this State authorizing the
33 refunding of such bonds, and may pledge or by resolution may
34 make a supplementary allocation of the funds so retained out
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1 of students' fees and tuition for the retirement of such
2 bonds as may be issued under any such Act or law. Such funds
3 as are so pledged shall annually be credited to the account
4 to which the pledge applies. Such funds as are
5 supplementarily allocated by Board resolution subsequent to
6 the resolution creating the bonds shall be credited in
7 accordance with the terms of the resolution making such
8 supplementary allocation to the account to which the
9 allocation applies. The Board may authorize such
10 supplementation only after a determination by it that the
11 maximum revenues which may reasonably and economically be
12 derived from the operation of a building proposed to be
13 constructed or acquired under the Act under which the bonds
14 therefor are issued will be insufficient to meet the costs of
15 operation and maintenance and to pay the principal of and
16 interest on bonds so issued for such building, or after a
17 determination by it that the maximum revenues which may
18 reasonably and economically be derived from the operation of
19 a building already constructed or acquired under the Act
20 under which the bonds therefor were issued are or will be
21 insufficient to meet the costs of operation and maintenance
22 and to pay the principal of and interest on bonds issued for
23 such building. In no event shall the supplementation from
24 University income be in excess of an amount which, when added
25 to the revenues to be derived from the operation of the
26 building or buildings, will be sufficient to meet the annual
27 debt service requirements on the bonds issued in respect to
28 such building or buildings, the annual cost of maintenance or
29 operation of such building or buildings, and to provide for
30 such reserves, accounts or covenants which the resolution
31 authorizing the issuing of such bonds may require.
32 (5) The Board of Trustees of Illinois State University
33 may also retain in its treasury (a) all moneys received from
34 the sale of all bonds issued under the Illinois State
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1 University Revenue Bond Law, (b) all fees, rentals and other
2 charges from students, staff members and others using or
3 being served by, or having the right to use or the right to
4 be served by, or to operate any project acquired under the
5 Illinois State University Revenue Bond Law, (c) all tuition,
6 registration, matriculation, health, hospital, medical,
7 laboratory, admission, student activities, student services,
8 and all other fees collected from students matriculated,
9 registered or otherwise enrolled at and attending the
10 University pledged under the terms of any resolution
11 authorizing bonds, or authorizing a supplemental allocation
12 of fees for debt service of bonds theretofore issued pursuant
13 to the Illinois State University Revenue Bond Law, and (d)
14 all rentals from any facility or building acquired under the
15 Illinois State University Revenue Bond Law and leased to the
16 United States of America.
17 (6) Whenever funds retained by the University in its own
18 treasury as provided in this Section are deposited with a
19 bank or savings and loan association and the amount of the
20 deposit exceeds the amount of federal deposit insurance
21 coverage, a bond or pledged securities shall be obtained.
22 Only the types of securities which the State Treasurer may,
23 in his discretion, accept for amounts not insured by the
24 Federal Deposit Insurance Corporation or the Federal Savings
25 and Loan Insurance Corporation under Section 11 of the
26 Deposit of State Moneys Act may be accepted as pledged
27 securities. The market value of the bond or pledged
28 securities shall at all times be equal to or greater than the
29 uninsured portion of the deposit.
30 (7) The Auditor General shall audit or cause to be
31 audited all items of income referred to in this Section and
32 all other income and expenditures of the University.
33 (8) The provisions of this Section, as amended by this
34 amendatory Act of the 93rd General Assembly, apply to moneys
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1 received by the University on or after July 1, 2003. Moneys
2 held by the University in the University Income Fund that was
3 created under this Section pursuant to Public Act 89-602 may
4 be expended as authorized by that Public Act, but no
5 additional moneys shall be deposited into that Fund after
6 June 30, 2003.
7 (Source: P.A. 89-4, eff. 1-1-96; 89-602, eff. 8-2-96.)
8 (30 ILCS 105/6a-1c)
9 Sec. 6a-1c. Chicago State University Income Fund.
10 (1) Beginning on the effective date of this amendatory
11 Act of 1996, The following items of income received by
12 Chicago State University for general operational and
13 educational purposes shall be retained by the University in
14 its own treasury and credited to an account known as the
15 University Income Fund that it shall establish in its
16 treasury for purposes of this paragraph paid into the State
17 treasury without delay and shall be deposited into a special
18 fund to be known as the Chicago State University Income Fund:
19 (a) tuition and laboratory fees not pledged to discharge
20 obligations arising out of the issuance of revenue bonds,
21 library fees, and all any interest which may be earned
22 thereon not later than 20 days after receipt of the same
23 without any deductions except for refunds to students for
24 whom duplicate payments have been made and to students who
25 have withdrawn after registration and are entitled to such
26 refunds; and (b) excess income from auxiliary enterprises and
27 activities as provided in paragraph (2) of this Section, and
28 all other income arising out of any activity or purpose not
29 specified in paragraph (2), (3), (4) or (5) of this Section
30 upon not later than 10 days after receipt of the same without
31 any deduction whatever. Within 10 days after the effective
32 date of this amendatory Act of 1996, all moneys then held in
33 the Chicago State University Income Fund established in the
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1 State treasury that have been covered and paid into that fund
2 by or on behalf of that University shall be repaid to the
3 University upon the warrant of the State Comptroller,
4 directed to the State Treasurer as an order to pay the sum
5 required to be repaid under this paragraph and shown as due
6 on the warrant. The University shall deposit the amount so
7 repaid to it in a university bank account within the time
8 period established for like amounts in Section 2 of the State
9 Officers and Employees Money Disposition Act, to be credited
10 to the University Income Fund established by the University
11 in its own treasury for purposes of this paragraph. All
12 moneys from time to time held in the University Income Fund
13 in the treasury of the University shall be used by the
14 University, pursuant to the order and direction of the Board
15 of Trustees of the University, for the support and
16 improvement of the University, except for amounts disbursed
17 from that University Income Fund for refunds to students for
18 whom duplicate payment has been made and to students who have
19 withdrawn after registration and who are entitled to such
20 refunds. The General Assembly shall from time to time make
21 appropriations payable from such fund for the support and
22 improvement of Chicago State University.
23 (2) The following items of income shall be retained by
24 the University in its own treasury: endowment funds, gifts,
25 trust funds, and Federal aid; funds received in connection
26 with contracts with governmental, public, or private agencies
27 or persons, for research or services including funds which
28 are paid as reimbursement to the University; funds received
29 in connection with reserves authorized by Section 5-60 of the
30 Chicago State University Law; funds received in connection
31 with its operation of research and high technology parks and
32 with the retention, receipt, assignment, license, sale or
33 transfer of interests in, rights to, or income from
34 discoveries, inventions, patents, or copyrightable works;
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1 funds retained by the University under the authority of
2 paragraph (3), (4) or (5) of this Section; and funds received
3 from the operation of student or staff residence facilities,
4 student and staff medical and health programs, Union
5 buildings, bookstores, farms, stores, and other auxiliary
6 enterprises or activities which are self-supporting in whole
7 or in part. Any income derived from such auxiliary
8 enterprises or activities which is not necessary to their
9 support, maintenance, or development shall not, however, be
10 applied to any general operational or educational purposes
11 but shall be retained by the University in its own treasury
12 and credited to the University Income Fund that it shall
13 establish in its treasury paid into the State treasury as
14 provided in paragraph (1) of this Section.
15 (3) The Board of Trustees of Chicago State University
16 may retain in its treasury any funds derived from rentals,
17 service charges and laboratory and building service charges
18 or other sources, assessed or obtained for or arising out of
19 the operation of any building or buildings or structure or
20 structures and pledged to discharge obligations created in
21 order to complete or operate such building or structure, or
22 for the payment of revenue bonds issued for such University
23 by the Teachers College Board, the Board of Governors of
24 State Colleges and Universities or the Board of Trustees of
25 Chicago State University, such funds to be disbursed from
26 time to time pursuant to the order and direction of the Board
27 of Trustees of Chicago State University, and in accordance
28 with any contracts, pledges, trusts or agreements heretofore
29 made with respect thereto by the Teachers College Board or
30 the Board of Governors of State Colleges and Universities, or
31 hereafter made by the Board of Trustees of Chicago State
32 University.
33 (4) The Board of Trustees of Chicago State University
34 may also retain in its treasury, out of student fees and
-18- LRB093 06612 NHT 06743 b
1 tuition, such sums annually as the Board determines are
2 necessary to supplement revenue derived from any building or
3 buildings constructed or acquired on or after the effective
4 date of this amendatory Act of 1995, or to supplement
5 revenues derived from any building or buildings having bonds
6 outstanding thereon which bonds have heretofore been issued
7 for the University by the Teachers College Board or the Board
8 of Governors of State Colleges and Universities and which
9 bonds are refunded under the provisions of the Act under
10 which they were issued or under the provisions of any other
11 law of this State authorizing the refunding of such bonds,
12 and may pledge or by resolution may make a supplementary
13 allocation of the funds so retained out of students' fees and
14 tuition for the retirement of such bonds as may be issued
15 under any such Act or law. Such funds as are so pledged
16 shall annually be credited to the account to which the pledge
17 applies. Such funds as are supplementarily allocated by
18 Board resolution subsequent to the resolution creating the
19 bonds shall be credited in accordance with the terms of the
20 resolution making such supplementary allocation to the
21 account to which the allocation applies. The Board may
22 authorize such supplementation only after a determination by
23 it that the maximum revenues which may reasonably and
24 economically be derived from the operation of a building
25 proposed to be constructed or acquired under the Act under
26 which the bonds therefor are issued will be insufficient to
27 meet the costs of operation and maintenance and to pay the
28 principal of and interest on bonds so issued for such
29 building, or after a determination by it that the maximum
30 revenues which may reasonably and economically be derived
31 from the operation of a building already constructed or
32 acquired under the Act under which the bonds therefor were
33 issued are or will be insufficient to meet the costs of
34 operation and maintenance and to pay the principal of and
-19- LRB093 06612 NHT 06743 b
1 interest on bonds issued for such building. In no event
2 shall the supplementation from University income be in excess
3 of an amount which, when added to the revenues to be derived
4 from the operation of the building or buildings, will be
5 sufficient to meet the annual debt service requirements on
6 the bonds issued in respect to such building or buildings,
7 the annual cost of maintenance or operation of such building
8 or buildings, and to provide for such reserves, accounts or
9 covenants which the resolution authorizing the issuing of
10 such bonds may require.
11 (5) The Board of Trustees of Chicago State University
12 may also retain in its treasury (a) all moneys received from
13 the sale of all bonds issued under the Chicago State
14 University Revenue Bond Law, (b) all fees, rentals and other
15 charges from students, staff members and others using or
16 being served by, or having the right to use or the right to
17 be served by, or to operate any project acquired under the
18 Chicago State University Revenue Bond Law, (c) all tuition,
19 registration, matriculation, health, hospital, medical,
20 laboratory, admission, student activities, student services,
21 and all other fees collected from students matriculated,
22 registered or otherwise enrolled at and attending the
23 University pledged under the terms of any resolution
24 authorizing bonds, or authorizing a supplemental allocation
25 of fees for debt service of bonds theretofore issued pursuant
26 to the Chicago State University Revenue Bond Law, and (d) all
27 rentals from any facility or building acquired under the
28 Chicago State University Revenue Bond Law and leased to the
29 United States of America.
30 (6) Whenever funds retained by the University in its own
31 treasury as provided in this Section are deposited with a
32 bank or savings and loan association and the amount of the
33 deposit exceeds the amount of federal deposit insurance
34 coverage, a bond or pledged securities shall be obtained.
-20- LRB093 06612 NHT 06743 b
1 Only the types of securities which the State Treasurer may,
2 in his discretion, accept for amounts not insured by the
3 Federal Deposit Insurance Corporation or the Federal Savings
4 and Loan Insurance Corporation under Section 11 of the
5 Deposit of State Moneys Act may be accepted as pledged
6 securities. The market value of the bond or pledged
7 securities shall at all times be equal to or greater than the
8 uninsured portion of the deposit.
9 (7) The Auditor General shall audit or cause to be
10 audited all items of income referred to in this Section and
11 all other income and expenditures of the University.
12 (8) The provisions of this Section, as amended by this
13 amendatory Act of the 93rd General Assembly, apply to moneys
14 received by the University on or after July 1, 2003. Moneys
15 held by the University in the University Income Fund that was
16 created under this Section pursuant to Public Act 89-602 may
17 be expended as authorized by that Public Act, but no
18 additional moneys shall be deposited into that Fund after
19 June 30, 2003.
20 (Source: P.A. 89-4, eff. 1-1-96; 89-602, eff. 8-2-96.)
21 (30 ILCS 105/6a-1d)
22 Sec. 6a-1d. Eastern Illinois University Income Fund.
23 (1) Beginning on the effective date of this amendatory
24 Act of 1996, The following items of income received by
25 Eastern Illinois University for general operational and
26 educational purposes shall be retained by the University in
27 its own treasury and credited to an account known as the
28 University Income Fund that it shall establish in its
29 treasury for purposes of this paragraph paid into the State
30 treasury without delay and shall be deposited into a special
31 fund to be known as the Eastern Illinois University Income
32 Fund: (a) tuition and laboratory fees not pledged to
33 discharge obligations arising out of the issuance of revenue
-21- LRB093 06612 NHT 06743 b
1 bonds, library fees, and all any interest which may be earned
2 thereon not later than 20 days after receipt of the same
3 without any deductions except for refunds to students for
4 whom duplicate payments have been made and to students who
5 have withdrawn after registration and are entitled to such
6 refunds; and (b) excess income from auxiliary enterprises and
7 activities as provided in paragraph (2) of this Section, and
8 all other income arising out of any activity or purpose not
9 specified in paragraph (2), (3), (4) or (5) of this Section
10 upon not later than 10 days after receipt of the same without
11 any deduction whatever. Within 10 days after the effective
12 date of this amendatory Act of 1996, all moneys then held in
13 the Eastern Illinois University Income Fund established in
14 the State treasury that have been covered and paid into that
15 fund by or on behalf of that University shall be repaid to
16 the University upon the warrant of the State Comptroller,
17 directed to the State Treasurer as an order to pay the sum
18 required to be repaid under this paragraph and shown as due
19 on the warrant. The University shall deposit the amount so
20 repaid to it in a university bank account within the time
21 period established for like amounts in Section 2 of the State
22 Officers and Employees Money Disposition Act, to be credited
23 to the University Income Fund established by the University
24 in its own treasury for purposes of this paragraph. All
25 moneys from time to time held in the University Income Fund
26 in the treasury of the University shall be used by the
27 University, pursuant to the order and direction of the Board
28 of Trustees of the University, for the support and
29 improvement of the University, except for amounts disbursed
30 from that University Income Fund for refunds to students for
31 whom duplicate payment has been made and to students who have
32 withdrawn after registration and who are entitled to such
33 refunds. The General Assembly shall from time to time make
34 appropriations payable from such fund for the support and
-22- LRB093 06612 NHT 06743 b
1 improvement of Eastern Illinois University.
2 (2) The following items of income shall be retained by
3 the University in its own treasury: endowment funds, gifts,
4 trust funds, and Federal aid; funds received in connection
5 with contracts with governmental, public, or private agencies
6 or persons, for research or services including funds which
7 are paid as reimbursement to the University; funds received
8 in connection with reserves authorized by Section 10-60 of
9 the Eastern Illinois University Law; funds received in
10 connection with its operation of research and high technology
11 parks and with the retention, receipt, assignment, license,
12 sale or transfer of interests in, rights to, or income from
13 discoveries, inventions, patents, or copyrightable works;
14 funds retained by the University under the authority of
15 paragraph (3), (4) or (5) of this Section; and funds received
16 from the operation of student or staff residence facilities,
17 student and staff medical and health programs, Union
18 buildings, bookstores, farms, stores, and other auxiliary
19 enterprises or activities which are self-supporting in whole
20 or in part. Any income derived from such auxiliary
21 enterprises or activities which is not necessary to their
22 support, maintenance, or development shall not, however, be
23 applied to any general operational or educational purposes
24 but shall be retained by the University in its own treasury
25 and credited to the University Income Fund that it shall
26 establish in its treasury paid into the State treasury as
27 provided in paragraph (1) of this Section.
28 (3) The Board of Trustees of Eastern Illinois University
29 may retain in its treasury any funds derived from rentals,
30 service charges and laboratory and building service charges
31 or other sources, assessed or obtained for or arising out of
32 the operation of any building or buildings or structure or
33 structures and pledged to discharge obligations created in
34 order to complete or operate such building or structure, or
-23- LRB093 06612 NHT 06743 b
1 for the payment of revenue bonds issued for such University
2 by the Teachers College Board, the Board of Governors of
3 State Colleges and Universities or the Board of Trustees of
4 Eastern Illinois University, such funds to be disbursed from
5 time to time pursuant to the order and direction of the Board
6 of Trustees of Eastern Illinois University, and in accordance
7 with any contracts, pledges, trusts or agreements heretofore
8 made with respect thereto by the Teachers College Board or
9 the Board of Governors of State Colleges and Universities, or
10 hereafter made by the Board of Trustees of Eastern Illinois
11 University.
12 (4) The Board of Trustees of Eastern Illinois University
13 may also retain in its treasury, out of student fees and
14 tuition, such sums annually as the Board determines are
15 necessary to supplement revenue derived from any building or
16 buildings constructed or acquired on or after the effective
17 date of this amendatory Act of 1995, or to supplement
18 revenues derived from any building or buildings having bonds
19 outstanding thereon which bonds have heretofore been issued
20 for the University by the Teachers College Board or the Board
21 of Governors of State Colleges and Universities and which
22 bonds are refunded under the provisions of the Act under
23 which they were issued or under the provisions of any other
24 law of this State authorizing the refunding of such bonds,
25 and may pledge or by resolution may make a supplementary
26 allocation of the funds so retained out of students' fees and
27 tuition for the retirement of such bonds as may be issued
28 under any such Act or law. Such funds as are so pledged
29 shall annually be credited to the account to which the pledge
30 applies. Such funds as are supplementarily allocated by
31 Board resolution subsequent to the resolution creating the
32 bonds shall be credited in accordance with the terms of the
33 resolution making such supplementary allocation to the
34 account to which the allocation applies. The Board may
-24- LRB093 06612 NHT 06743 b
1 authorize such supplementation only after a determination by
2 it that the maximum revenues which may reasonably and
3 economically be derived from the operation of a building
4 proposed to be constructed or acquired under the Act under
5 which the bonds therefor are issued will be insufficient to
6 meet the costs of operation and maintenance and to pay the
7 principal of and interest on bonds so issued for such
8 building, or after a determination by it that the maximum
9 revenues which may reasonably and economically be derived
10 from the operation of a building already constructed or
11 acquired under the Act under which the bonds therefor were
12 issued are or will be insufficient to meet the costs of
13 operation and maintenance and to pay the principal of and
14 interest on bonds issued for such building. In no event
15 shall the supplementation from University income be in excess
16 of an amount which, when added to the revenues to be derived
17 from the operation of the building or buildings, will be
18 sufficient to meet the annual debt service requirements on
19 the bonds issued in respect to such building or buildings,
20 the annual cost of maintenance or operation of such building
21 or buildings, and to provide for such reserves, accounts or
22 covenants which the resolution authorizing the issuing of
23 such bonds may require.
24 (5) The Board of Trustees of Eastern Illinois University
25 may also retain in its treasury (a) all moneys received from
26 the sale of all bonds issued under the Eastern Illinois
27 University Revenue Bond Law, (b) all fees, rentals and other
28 charges from students, staff members and others using or
29 being served by, or having the right to use or the right to
30 be served by, or to operate any project acquired under the
31 Eastern Illinois University Revenue Bond Law, (c) all
32 tuition, registration, matriculation, health, hospital,
33 medical, laboratory, admission, student activities, student
34 services, and all other fees collected from students
-25- LRB093 06612 NHT 06743 b
1 matriculated, registered or otherwise enrolled at and
2 attending the University pledged under the terms of any
3 resolution authorizing bonds, or authorizing a supplemental
4 allocation of fees for debt service of bonds theretofore
5 issued pursuant to the Eastern Illinois University Revenue
6 Bond Law, and (d) all rentals from any facility or building
7 acquired under the Eastern Illinois University Revenue Bond
8 Law and leased to the United States of America.
9 (6) Whenever funds retained by the University in its own
10 treasury as provided in this Section are deposited with a
11 bank or savings and loan association and the amount of the
12 deposit exceeds the amount of federal deposit insurance
13 coverage, a bond or pledged securities shall be obtained.
14 Only the types of securities which the State Treasurer may,
15 in his discretion, accept for amounts not insured by the
16 Federal Deposit Insurance Corporation or the Federal Savings
17 and Loan Insurance Corporation under Section 11 of the
18 Deposit of State Moneys Act may be accepted as pledged
19 securities. The market value of the bond or pledged
20 securities shall at all times be equal to or greater than the
21 uninsured portion of the deposit.
22 (7) The Auditor General shall audit or cause to be
23 audited all items of income referred to in this Section and
24 all other income and expenditures of the University.
25 (8) The provisions of this Section, as amended by this
26 amendatory Act of the 93rd General Assembly, apply to moneys
27 received by the University on or after July 1, 2003. Moneys
28 held by the University in the University Income Fund that was
29 created under this Section pursuant to Public Act 89-602 may
30 be expended as authorized by that Public Act, but no
31 additional moneys shall be deposited into that Fund after
32 June 30, 2003.
33 (Source: P.A. 89-4, eff. 1-1-96; 89-602, eff. 8-2-96.)
-26- LRB093 06612 NHT 06743 b
1 (30 ILCS 105/6a-1e)
2 Sec. 6a-1e. Governors State University Income Fund.
3 (1) Beginning on the effective date of this amendatory
4 Act of 1996, The following items of income received by
5 Governors State University for general operational and
6 educational purposes shall be retained by the University in
7 its own treasury and credited to an account known as the
8 University Income Fund that it shall establish in its
9 treasury for purposes of this paragraph paid into the State
10 treasury without delay and shall be deposited into a special
11 fund to be known as the Governors State University Income
12 Fund: (a) tuition and laboratory fees not pledged to
13 discharge obligations arising out of the issuance of revenue
14 bonds, library fees, and all any interest which may be earned
15 thereon not later than 20 days after receipt of the same
16 without any deductions except for refunds to students for
17 whom duplicate payments have been made and to students who
18 have withdrawn after registration and are entitled to such
19 refunds; and (b) excess income from auxiliary enterprises and
20 activities as provided in paragraph (2) of this Section, and
21 all other income arising out of any activity or purpose not
22 specified in paragraph (2), (3), (4) or (5) of this Section
23 upon not later than 10 days after receipt of the same without
24 any deduction whatever. Within 10 days after the effective
25 date of this amendatory Act of 1996, all moneys then held in
26 the Governors State University Income Fund established in the
27 State treasury that have been covered and paid into that fund
28 by or on behalf of that University shall be repaid to the
29 University upon the warrant of the State Comptroller,
30 directed to the State Treasurer as an order to pay the sum
31 required to be repaid under this paragraph and shown as due
32 on the warrant. The University shall deposit the amount so
33 repaid to it in a university bank account within the time
34 period established for like amounts in Section 2 of the State
-27- LRB093 06612 NHT 06743 b
1 Officers and Employees Money Disposition Act, to be credited
2 to the University Income Fund established by the University
3 in its own treasury for purposes of this paragraph. All
4 moneys from time to time held in the University Income Fund
5 in the treasury of the University shall be used by the
6 University, pursuant to the order and direction of the Board
7 of Trustees of the University, for the support and
8 improvement of the University, except for amounts disbursed
9 from that University Income Fund for refunds to students for
10 whom duplicate payment has been made and to students who have
11 withdrawn after registration and who are entitled to such
12 refunds. The General Assembly shall from time to time make
13 appropriations payable from such fund for the support and
14 improvement of Governors State University.
15 (2) The following items of income shall be retained by
16 the University in its own treasury: endowment funds, gifts,
17 trust funds, and Federal aid; funds received in connection
18 with contracts with governmental, public, or private agencies
19 or persons, for research or services including funds which
20 are paid as reimbursement to the University; funds received
21 in connection with reserves authorized by Section 15-60 of
22 the Governors State University Law; funds received in
23 connection with its operation of research and high technology
24 parks and with the retention, receipt, assignment, license,
25 sale or transfer of interests in, rights to, or income from
26 discoveries, inventions, patents, or copyrightable works;
27 funds retained by the University under the authority of
28 paragraph (3), (4) or (5) of this Section; and funds received
29 from the operation of student or staff residence facilities,
30 student and staff medical and health programs, Union
31 buildings, bookstores, farms, stores, and other auxiliary
32 enterprises or activities which are self-supporting in whole
33 or in part. Any income derived from such auxiliary
34 enterprises or activities which is not necessary to their
-28- LRB093 06612 NHT 06743 b
1 support, maintenance, or development shall not, however, be
2 applied to any general operational or educational purposes
3 but shall be retained by the University in its own treasury
4 and credited to the University Income Fund that it shall
5 establish in its treasury paid into the State treasury as
6 provided in paragraph (1) of this Section.
7 (3) The Board of Trustees of Governors State University
8 may retain in its treasury any funds derived from rentals,
9 service charges and laboratory and building service charges
10 or other sources, assessed or obtained for or arising out of
11 the operation of any building or buildings or structure or
12 structures and pledged to discharge obligations created in
13 order to complete or operate such building or structure, or
14 for the payment of revenue bonds issued for such University
15 by the Teachers College Board, the Board of Governors of
16 State Colleges and Universities or the Board of Trustees of
17 Governors State University, such funds to be disbursed from
18 time to time pursuant to the order and direction of the Board
19 of Trustees of Governors State University, and in accordance
20 with any contracts, pledges, trusts or agreements heretofore
21 made with respect thereto by the Teachers College Board or
22 the Board of Governors of State Colleges and Universities, or
23 hereafter made by the Board of Trustees of Governors State
24 University.
25 (4) The Board of Trustees of Governors State University
26 may also retain in its treasury, out of student fees and
27 tuition, such sums annually as the Board determines are
28 necessary to supplement revenue derived from any building or
29 buildings constructed or acquired on or after the effective
30 date of this amendatory Act of 1995, or to supplement
31 revenues derived from any building or buildings having bonds
32 outstanding thereon which bonds have heretofore been issued
33 for the University by the Teachers College Board or the Board
34 of Governors of State Colleges and Universities and which
-29- LRB093 06612 NHT 06743 b
1 bonds are refunded under the provisions of the Act under
2 which they were issued or under the provisions of any other
3 law of this State authorizing the refunding of such bonds,
4 and may pledge or by resolution may make a supplementary
5 allocation of the funds so retained out of students' fees and
6 tuition for the retirement of such bonds as may be issued
7 under any such Act or law. Such funds as are so pledged
8 shall annually be credited to the account to which the pledge
9 applies. Such funds as are supplementarily allocated by
10 Board resolution subsequent to the resolution creating the
11 bonds shall be credited in accordance with the terms of the
12 resolution making such supplementary allocation to the
13 account to which the allocation applies. The Board may
14 authorize such supplementation only after a determination by
15 it that the maximum revenues which may reasonably and
16 economically be derived from the operation of a building
17 proposed to be constructed or acquired under the Act under
18 which the bonds therefor are issued will be insufficient to
19 meet the costs of operation and maintenance and to pay the
20 principal of and interest on bonds so issued for such
21 building, or after a determination by it that the maximum
22 revenues which may reasonably and economically be derived
23 from the operation of a building already constructed or
24 acquired under the Act under which the bonds therefor were
25 issued are or will be insufficient to meet the costs of
26 operation and maintenance and to pay the principal of and
27 interest on bonds issued for such building. In no event
28 shall the supplementation from University income be in excess
29 of an amount which, when added to the revenues to be derived
30 from the operation of the building or buildings, will be
31 sufficient to meet the annual debt service requirements on
32 the bonds issued in respect to such building or buildings,
33 the annual cost of maintenance or operation of such building
34 or buildings, and to provide for such reserves, accounts or
-30- LRB093 06612 NHT 06743 b
1 covenants which the resolution authorizing the issuing of
2 such bonds may require.
3 (5) The Board of Trustees of Governors State University
4 may also retain in its treasury (a) all moneys received from
5 the sale of all bonds issued under the Governors State
6 University Revenue Bond Law, (b) all fees, rentals and other
7 charges from students, staff members and others using or
8 being served by, or having the right to use or the right to
9 be served by, or to operate any project acquired under the
10 Governors State University Revenue Bond Law, (c) all tuition,
11 registration, matriculation, health, hospital, medical,
12 laboratory, admission, student activities, student services,
13 and all other fees collected from students matriculated,
14 registered or otherwise enrolled at and attending the
15 University pledged under the terms of any resolution
16 authorizing bonds, or authorizing a supplemental allocation
17 of fees for debt service of bonds theretofore issued pursuant
18 to the Governors State University Revenue Bond Law, and (d)
19 all rentals from any facility or building acquired under the
20 Governors State University Revenue Bond Law and leased to the
21 United States of America.
22 (6) Whenever funds retained by the University in its own
23 treasury as provided in this Section are deposited with a
24 bank or savings and loan association and the amount of the
25 deposit exceeds the amount of federal deposit insurance
26 coverage, a bond or pledged securities shall be obtained.
27 Only the types of securities which the State Treasurer may,
28 in his discretion, accept for amounts not insured by the
29 Federal Deposit Insurance Corporation or the Federal Savings
30 and Loan Insurance Corporation under Section 11 of the
31 Deposit of State Moneys Act may be accepted as pledged
32 securities. The market value of the bond or pledged
33 securities shall at all times be equal to or greater than the
34 uninsured portion of the deposit.
-31- LRB093 06612 NHT 06743 b
1 (7) The Auditor General shall audit or cause to be
2 audited all items of income referred to in this Section and
3 all other income and expenditures of the University.
4 (8) The provisions of this Section, as amended by this
5 amendatory Act of the 93rd General Assembly, apply to moneys
6 received by the University on or after July 1, 2003. Moneys
7 held by the University in the University Income Fund that was
8 created under this Section pursuant to Public Act 89-602 may
9 be expended as authorized by that Public Act, but no
10 additional moneys shall be deposited into that Fund after
11 June 30, 2003.
12 (Source: P.A. 89-4, eff. 1-1-96; 89-602, eff. 8-2-96.)
13 (30 ILCS 105/6a-1f)
14 Sec. 6a-1f. Northeastern Illinois University Income Fund.
15 (1) Beginning on the effective date of this amendatory
16 Act of 1996, The following items of income received by
17 Northeastern Illinois University for general operational and
18 educational purposes shall be retained by the University in
19 its own treasury and credited to an account known as the
20 University Income Fund that it shall establish in its
21 treasury for purposes of this paragraph paid into the State
22 treasury without delay and shall be deposited into a special
23 fund to be known as the Northeastern Illinois University
24 Income Fund: (a) tuition and laboratory fees not pledged to
25 discharge obligations arising out of the issuance of revenue
26 bonds, library fees, and all any interest which may be earned
27 thereon not later than 20 days after receipt of the same
28 without any deductions except for refunds to students for
29 whom duplicate payments have been made and to students who
30 have withdrawn after registration and are entitled to such
31 refunds; and (b) excess income from auxiliary enterprises and
32 activities as provided in paragraph (2) of this Section, and
33 all other income arising out of any activity or purpose not
-32- LRB093 06612 NHT 06743 b
1 specified in paragraph (2), (3), (4) or (5) of this Section
2 upon not later than 10 days after receipt of the same without
3 any deduction whatever. Within 10 days after the effective
4 date of this amendatory Act of 1996, all moneys then held in
5 the Northeastern Illinois University Income Fund established
6 in the State treasury that have been covered and paid into
7 that fund by or on behalf of that University shall be repaid
8 to the University upon the warrant of the State Comptroller,
9 directed to the State Treasurer as an order to pay the sum
10 required to be repaid under this paragraph and shown as due
11 on the warrant. The University shall deposit the amount so
12 repaid to it in a university bank account within the time
13 period established for like amounts in Section 2 of the State
14 Officers and Employees Money Disposition Act, to be credited
15 to the University Income Fund established by the University
16 in its own treasury for purposes of this paragraph. All
17 moneys from time to time held in the University Income Fund
18 in the treasury of the University shall be used by the
19 University, pursuant to the order and direction of the Board
20 of Trustees of the University, for the support and
21 improvement of the University, except for amounts disbursed
22 from that University Income Fund for refunds to students for
23 whom duplicate payment has been made and to students who have
24 withdrawn after registration and who are entitled to such
25 refunds. The General Assembly shall from time to time make
26 appropriations payable from such fund for the support and
27 improvement of Northeastern Illinois University.
28 (2) The following items of income shall be retained by
29 the University in its own treasury: endowment funds, gifts,
30 trust funds, and Federal aid; funds received in connection
31 with contracts with governmental, public, or private agencies
32 or persons, for research or services including funds which
33 are paid as reimbursement to the University; funds received
34 in connection with reserves authorized by Section 25-60 of
-33- LRB093 06612 NHT 06743 b
1 the Northeastern Illinois University Law; funds received in
2 connection with its operation of research and high technology
3 parks and with the retention, receipt, assignment, license,
4 sale or transfer of interests in, rights to, or income from
5 discoveries, inventions, patents, or copyrightable works;
6 funds retained by the University under the authority of
7 paragraph (3), (4) or (5) of this Section; and funds received
8 from the operation of student or staff residence facilities,
9 student and staff medical and health programs, Union
10 buildings, bookstores, farms, stores, and other auxiliary
11 enterprises or activities which are self-supporting in whole
12 or in part. Any income derived from such auxiliary
13 enterprises or activities which is not necessary to their
14 support, maintenance, or development shall not, however, be
15 applied to any general operational or educational purposes
16 but shall be retained by the University in its own treasury
17 and credited to the University Income Fund that it shall
18 establish in its treasury paid into the State treasury as
19 provided in paragraph (1) of this Section.
20 (3) The Board of Trustees of Northeastern Illinois
21 University may retain in its treasury any funds derived from
22 rentals, service charges and laboratory and building service
23 charges or other sources, assessed or obtained for or arising
24 out of the operation of any building or buildings or
25 structure or structures and pledged to discharge obligations
26 created in order to complete or operate such building or
27 structure, or for the payment of revenue bonds issued for
28 such University by the Teachers College Board, the Board of
29 Governors of State Colleges and Universities or the Board of
30 Trustees of Northeastern Illinois University, such funds to
31 be disbursed from time to time pursuant to the order and
32 direction of the Board of Trustees of Northeastern Illinois
33 University, and in accordance with any contracts, pledges,
34 trusts or agreements heretofore made with respect thereto by
-34- LRB093 06612 NHT 06743 b
1 the Teachers College Board or the Board of Governors of State
2 Colleges and Universities, or hereafter made by the Board of
3 Trustees of Northeastern Illinois University.
4 (4) The Board of Trustees of Northeastern Illinois
5 University may also retain in its treasury, out of student
6 fees and tuition, such sums annually as the Board determines
7 are necessary to supplement revenue derived from any building
8 or buildings constructed or acquired on or after the
9 effective date of this amendatory Act of 1995, or to
10 supplement revenues derived from any building or buildings
11 having bonds outstanding thereon which bonds have heretofore
12 been issued for the University by the Teachers College Board
13 or the Board of Governors of State Colleges and Universities
14 and which bonds are refunded under the provisions of the Act
15 under which they were issued or under the provisions of any
16 other law of this State authorizing the refunding of such
17 bonds, and may pledge or by resolution may make a
18 supplementary allocation of the funds so retained out of
19 students' fees and tuition for the retirement of such bonds
20 as may be issued under any such Act or law. Such funds as
21 are so pledged shall annually be credited to the account to
22 which the pledge applies. Such funds as are supplementarily
23 allocated by Board resolution subsequent to the resolution
24 creating the bonds shall be credited in accordance with the
25 terms of the resolution making such supplementary allocation
26 to the account to which the allocation applies. The Board
27 may authorize such supplementation only after a determination
28 by it that the maximum revenues which may reasonably and
29 economically be derived from the operation of a building
30 proposed to be constructed or acquired under the Act under
31 which the bonds therefor are issued will be insufficient to
32 meet the costs of operation and maintenance and to pay the
33 principal of and interest on bonds so issued for such
34 building, or after a determination by it that the maximum
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1 revenues which may reasonably and economically be derived
2 from the operation of a building already constructed or
3 acquired under the Act under which the bonds therefor were
4 issued are or will be insufficient to meet the costs of
5 operation and maintenance and to pay the principal of and
6 interest on bonds issued for such building. In no event
7 shall the supplementation from University income be in excess
8 of an amount which, when added to the revenues to be derived
9 from the operation of the building or buildings, will be
10 sufficient to meet the annual debt service requirements on
11 the bonds issued in respect to such building or buildings,
12 the annual cost of maintenance or operation of such building
13 or buildings, and to provide for such reserves, accounts or
14 covenants which the resolution authorizing the issuing of
15 such bonds may require.
16 (5) The Board of Trustees of Northeastern Illinois
17 University may also retain in its treasury (a) all moneys
18 received from the sale of all bonds issued under the
19 Northeastern Illinois University Revenue Bond Law, (b) all
20 fees, rentals and other charges from students, staff members
21 and others using or being served by, or having the right to
22 use or the right to be served by, or to operate any project
23 acquired under the Northeastern Illinois University Revenue
24 Bond Law, (c) all tuition, registration, matriculation,
25 health, hospital, medical, laboratory, admission, student
26 activities, student services, and all other fees collected
27 from students matriculated, registered or otherwise enrolled
28 at and attending the University pledged under the terms of
29 any resolution authorizing bonds, or authorizing a
30 supplemental allocation of fees for debt service of bonds
31 theretofore issued pursuant to the Northeastern Illinois
32 University Revenue Bond Law, and (d) all rentals from any
33 facility or building acquired under the Northeastern Illinois
34 University Revenue Bond Law and leased to the United States
-36- LRB093 06612 NHT 06743 b
1 of America.
2 (6) Whenever funds retained by the University in its own
3 treasury as provided in this Section are deposited with a
4 bank or savings and loan association and the amount of the
5 deposit exceeds the amount of federal deposit insurance
6 coverage, a bond or pledged securities shall be obtained.
7 Only the types of securities which the State Treasurer may,
8 in his discretion, accept for amounts not insured by the
9 Federal Deposit Insurance Corporation or the Federal Savings
10 and Loan Insurance Corporation under Section 11 of the
11 Deposit of State Moneys Act may be accepted as pledged
12 securities. The market value of the bond or pledged
13 securities shall at all times be equal to or greater than the
14 uninsured portion of the deposit.
15 (7) The Auditor General shall audit or cause to be
16 audited all items of income referred to in this Section and
17 all other income and expenditures of the University.
18 (8) The provisions of this Section, as amended by this
19 amendatory Act of the 93rd General Assembly, apply to moneys
20 received by the University on or after July 1, 2003. Moneys
21 held by the University in the University Income Fund that was
22 created under this Section pursuant to Public Act 89-602 may
23 be expended as authorized by that Public Act, but no
24 additional moneys shall be deposited into that Fund after
25 June 30, 2003.
26 (Source: P.A. 89-4, eff. 1-1-96; 89-602, eff. 8-2-96.)
27 (30 ILCS 105/6a-1g)
28 Sec. 6a-1g. Western Illinois University Income Fund.
29 (1) Beginning on the effective date of this amendatory
30 Act of 1996, The following items of income received by
31 Western Illinois University for general operational and
32 educational purposes shall be retained by the University in
33 its own treasury and credited to an account known as the
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1 University Income Fund that it shall establish in its
2 treasury for purposes of this paragraph paid into the State
3 treasury without delay and shall be deposited into a special
4 fund to be known as the Western Illinois University Income
5 Fund: (a) tuition and laboratory fees not pledged to
6 discharge obligations arising out of the issuance of revenue
7 bonds, library fees, and all any interest which may be earned
8 thereon not later than 20 days after receipt of the same
9 without any deductions except for refunds to students for
10 whom duplicate payments have been made and to students who
11 have withdrawn after registration and are entitled to such
12 refunds; and (b) excess income from auxiliary enterprises and
13 activities as provided in paragraph (2) of this Section, and
14 all other income arising out of any activity or purpose not
15 specified in paragraph (2), (3), (4) or (5) of this Section
16 upon not later than 10 days after receipt of the same without
17 any deduction whatever. Within 10 days after the effective
18 date of this amendatory Act of 1996, all moneys then held in
19 the Western Illinois University Income Fund established in
20 the State treasury that have been covered and paid into that
21 fund by or on behalf of that University shall be repaid to
22 the University upon the warrant of the State Comptroller,
23 directed to the State Treasurer as an order to pay the sum
24 required to be repaid under this paragraph and shown as due
25 on the warrant. The University shall deposit the amount so
26 repaid to it in a university bank account within the time
27 period established for like amounts in Section 2 of the State
28 Officers and Employees Money Disposition Act, to be credited
29 to the University Income Fund established by the University
30 in its own treasury for purposes of this paragraph. All
31 moneys from time to time held in the University Income Fund
32 in the treasury of the University shall be used by the
33 University, pursuant to the order and direction of the Board
34 of Trustees of the University, for the support and
-38- LRB093 06612 NHT 06743 b
1 improvement of the University, except for amounts disbursed
2 from that University Income Fund for refunds to students for
3 whom duplicate payment has been made and to students who have
4 withdrawn after registration and who are entitled to such
5 refunds. The General Assembly shall from time to time make
6 appropriations payable from such fund for the support and
7 improvement of Western Illinois University.
8 (2) The following items of income shall be retained by
9 the University in its own treasury: endowment funds, gifts,
10 trust funds, and Federal aid; funds received in connection
11 with contracts with governmental, public, or private agencies
12 or persons, for research or services including funds which
13 are paid as reimbursement to the University; funds received
14 in connection with reserves authorized by Section 35-60 of
15 the Western Illinois University Law; funds received in
16 connection with its operation of research and high technology
17 parks and with the retention, receipt, assignment, license,
18 sale or transfer of interests in, rights to, or income from
19 discoveries, inventions, patents, or copyrightable works;
20 funds retained by the University under the authority of
21 paragraph (3), (4) or (5) of this Section; and funds received
22 from the operation of student or staff residence facilities,
23 student and staff medical and health programs, Union
24 buildings, bookstores, farms, stores, and other auxiliary
25 enterprises or activities which are self-supporting in whole
26 or in part. Any income derived from such auxiliary
27 enterprises or activities which is not necessary to their
28 support, maintenance, or development shall not, however, be
29 applied to any general operational or educational purposes
30 but shall be retained by the University in its own treasury
31 and credited to the University Income Fund that it shall
32 establish in its treasury paid into the State treasury as
33 provided in paragraph (1) of this Section.
34 (3) The Board of Trustees of Western Illinois University
-39- LRB093 06612 NHT 06743 b
1 may retain in its treasury any funds derived from rentals,
2 service charges and laboratory and building service charges
3 or other sources, assessed or obtained for or arising out of
4 the operation of any building or buildings or structure or
5 structures and pledged to discharge obligations created in
6 order to complete or operate such building or structure, or
7 for the payment of revenue bonds issued for such University
8 by the Teachers College Board, the Board of Governors of
9 State Colleges and Universities or the Board of Trustees of
10 Western Illinois University, such funds to be disbursed from
11 time to time pursuant to the order and direction of the Board
12 of Trustees of Western Illinois University, and in accordance
13 with any contracts, pledges, trusts or agreements heretofore
14 made with respect thereto by the Teachers College Board or
15 the Board of Governors of State Colleges and Universities, or
16 hereafter made by the Board of Trustees of Western Illinois
17 University.
18 (4) The Board of Trustees of Western Illinois University
19 may also retain in its treasury, out of student fees and
20 tuition, such sums annually as the Board determines are
21 necessary to supplement revenue derived from any building or
22 buildings constructed or acquired on or after the effective
23 date of this amendatory Act of 1995, or to supplement
24 revenues derived from any building or buildings having bonds
25 outstanding thereon which bonds have heretofore been issued
26 for the University by the Teachers College Board or the Board
27 of Governors of State Colleges and Universities and which
28 bonds are refunded under the provisions of the Act under
29 which they were issued or under the provisions of any other
30 law of this State authorizing the refunding of such bonds,
31 and may pledge or by resolution may make a supplementary
32 allocation of the funds so retained out of students' fees and
33 tuition for the retirement of such bonds as may be issued
34 under any such Act or law. Such funds as are so pledged
-40- LRB093 06612 NHT 06743 b
1 shall annually be credited to the account to which the pledge
2 applies. Such funds as are supplementarily allocated by
3 Board resolution subsequent to the resolution creating the
4 bonds shall be credited in accordance with the terms of the
5 resolution making such supplementary allocation to the
6 account to which the allocation applies. The Board may
7 authorize such supplementation only after a determination by
8 it that the maximum revenues which may reasonably and
9 economically be derived from the operation of a building
10 proposed to be constructed or acquired under the Act under
11 which the bonds therefor are issued will be insufficient to
12 meet the costs of operation and maintenance and to pay the
13 principal of and interest on bonds so issued for such
14 building, or after a determination by it that the maximum
15 revenues which may reasonably and economically be derived
16 from the operation of a building already constructed or
17 acquired under the Act under which the bonds therefor were
18 issued are or will be insufficient to meet the costs of
19 operation and maintenance and to pay the principal of and
20 interest on bonds issued for such building. In no event
21 shall the supplementation from University income be in excess
22 of an amount which, when added to the revenues to be derived
23 from the operation of the building or buildings, will be
24 sufficient to meet the annual debt service requirements on
25 the bonds issued in respect to such building or buildings,
26 the annual cost of maintenance or operation of such building
27 or buildings, and to provide for such reserves, accounts or
28 covenants which the resolution authorizing the issuing of
29 such bonds may require.
30 (5) The Board of Trustees of Western Illinois University
31 may also retain in its treasury (a) all moneys received from
32 the sale of all bonds issued under the Western Illinois
33 University Revenue Bond Law, (b) all fees, rentals and other
34 charges from students, staff members and others using or
-41- LRB093 06612 NHT 06743 b
1 being served by, or having the right to use or the right to
2 be served by, or to operate any project acquired under the
3 Western Illinois University Revenue Bond Law, (c) all
4 tuition, registration, matriculation, health, hospital,
5 medical, laboratory, admission, student activities, student
6 services, and all other fees collected from students
7 matriculated, registered or otherwise enrolled at and
8 attending the University pledged under the terms of any
9 resolution authorizing bonds, or authorizing a supplemental
10 allocation of fees for debt service of bonds theretofore
11 issued pursuant to the Western Illinois University Revenue
12 Bond Law, and (d) all rentals from any facility or building
13 acquired under the Western Illinois University Revenue Bond
14 Law and leased to the United States of America.
15 (6) Whenever funds retained by the University in its own
16 treasury as provided in this Section are deposited with a
17 bank or savings and loan association and the amount of the
18 deposit exceeds the amount of federal deposit insurance
19 coverage, a bond or pledged securities shall be obtained.
20 Only the types of securities which the State Treasurer may,
21 in his discretion, accept for amounts not insured by the
22 Federal Deposit Insurance Corporation or the Federal Savings
23 and Loan Insurance Corporation under Section 11 of the
24 Deposit of State Moneys Act may be accepted as pledged
25 securities. The market value of the bond or pledged
26 securities shall at all times be equal to or greater than the
27 uninsured portion of the deposit.
28 (7) The Auditor General shall audit or cause to be
29 audited all items of income referred to in this Section and
30 all other income and expenditures of the University.
31 (8) The provisions of this Section, as amended by this
32 amendatory Act of the 93rd General Assembly, apply to moneys
33 received by the University on or after July 1, 2003. Moneys
34 held by the University in the University Income Fund that was
-42- LRB093 06612 NHT 06743 b
1 created under this Section pursuant to Public Act 89-602 may
2 be expended as authorized by that Public Act, but no
3 additional moneys shall be deposited into that Fund after
4 June 30, 2003.
5 (Source: P.A. 89-4, eff. 1-1-96; 89-602, eff. 8-2-96.)
6 (30 ILCS 105/6d) (from Ch. 127, par. 142d)
7 Sec. 6d. University income fund; Retention of certain
8 items by University; Audit.
9 (1) Beginning on the effective date of this amendatory
10 Act of 1996, The following items of income, except as
11 otherwise provided in Section 6g, received by the University
12 of Illinois for general operational and educational purposes
13 shall be retained by the University in its own treasury and
14 credited to an account known as the University Income Fund
15 that it shall establish in its treasury for purposes of this
16 paragraph paid into the State treasury without delay and
17 shall be deposited into a special fund to be known as the
18 "University Income Fund": (a) tuition, laboratory and
19 library fees, and all any interest which may be earned
20 thereon, not later than 20 days after receipt of the same,
21 without any deductions except for refunds to students for
22 whom duplicate payment has been made and to students who have
23 withdrawn after registration and who are entitled to such
24 refunds; and (b) excess income from auxiliary enterprises and
25 activities as provided in paragraph (2) of this Section, and
26 all other income arising out of any activity or purpose not
27 specified in paragraph (2) upon not later than 10 days after
28 receipt of the same and without any deduction whatever. Such
29 items shall be either paid into the State treasury or
30 deposited into a college or university bank account within
31 the time period established for like amounts in Section 2 of
32 the State Officers and Employees Money Disposition Act.
33 Within 10 days after the effective date of this amendatory
-43- LRB093 06612 NHT 06743 b
1 Act of 1996, all moneys then remaining in the University
2 Income Fund heretofore established as a special fund in the
3 State treasury that were covered and paid into that fund by
4 the University shall be repaid to the University upon the
5 warrant of the State Comptroller, directed to the State
6 Treasurer as an order to pay the sum required to be repaid
7 under this paragraph and shown as due on the warrant. The
8 University shall deposit the amount so repaid to it in a
9 college or university bank account within the time period
10 established for like amounts in Section 2 of the State
11 Officers and Employees Money Disposition Act, to be credited
12 to the University Income Fund established by the University
13 in its own treasury for purposes of this paragraph. All
14 moneys from time to time held in the University Income Fund
15 in the treasury of the University shall be used by the
16 University, pursuant to the order and direction of the Board
17 of Trustees of the University, for the support and
18 improvement of the University, except for amounts disbursed
19 from that University Income Fund for refunds to students for
20 whom duplicate payment has been made and to students who have
21 withdrawn after registration and who are entitled to such
22 refunds; provided, that if deposited into a bank account,
23 such items together with interest thereon shall be paid into
24 the State treasury as provided in the preceding sentence.
25 The General Assembly from time to time shall make
26 appropriations payable from the University Income Fund for
27 the support, operation and improvement of the University of
28 Illinois.
29 (2) The following items of income shall be retained by
30 the University in its own treasury: endowment funds, gifts,
31 trust funds, and Federal aid; funds received in connection
32 with contracts with governmental, public, or private agencies
33 or persons, for research or services including funds which
34 are paid as reimbursement to the University and funds
-44- LRB093 06612 NHT 06743 b
1 received in connection with its operation of medical research
2 and high technology parks; funds received in connection with
3 the retention, receipt, assignment, license, sale or transfer
4 of interests in, rights to, or income from discoveries,
5 inventions, patents, or copyrightable works; funds retained
6 by the University under the authority of Section 6g; and
7 funds received from the operation of student or staff
8 residence facilities, student and staff medical and health
9 programs, Union buildings, bookstores, farms, stores, service
10 activities, and other auxiliary enterprises or activities
11 which are self-supporting in whole or in part; provided, that
12 any income derived from such auxiliary enterprises or
13 activities which is not necessary to their support,
14 maintenance, or development shall not be applied to any
15 general operational or educational purpose but shall be
16 retained by the University in its own treasury and credited
17 to the University Income Fund that it shall establish in its
18 treasury paid into the State treasury as provided in
19 paragraph (1) of this Section.
20 Whenever such funds retained by the University in its own
21 treasury are deposited with a bank or savings and loan
22 association and the amount of the deposit exceeds the amount
23 of federal deposit insurance coverage, a bond or pledged
24 securities shall be obtained. Only the types of securities
25 which the State Treasurer may, in his discretion, accept for
26 amounts not insured by the Federal Deposit Insurance
27 Corporation or the Federal Savings and Loan Insurance
28 Corporation under Section 11 of the Deposit of State Moneys
29 Act may be accepted as pledged securities. The market value
30 of the bond or pledged securities shall at all times be equal
31 to or greater than the uninsured portion of the deposit.
32 The Auditor General shall audit or cause to be audited
33 the above items of income and all other income and
34 expenditures of such institution.
-45- LRB093 06612 NHT 06743 b
1 (3) The provisions of this Section, as amended by this
2 amendatory Act of the 93rd General Assembly, apply to moneys
3 received by the University on or after July 1, 2003. Moneys
4 held by the University in the University Income Fund that was
5 created under this Section pursuant to Public Act 89-602 may
6 be expended as authorized by that Public Act, but no
7 additional moneys shall be deposited into that Fund after
8 June 30, 2003.
9 (Source: P.A. 89-602, eff. 8-2-96.)
10 Section 10. The Illinois Pension Code is amended by
11 changing Section 15-155 as follows:
12 (40 ILCS 5/15-155) (from Ch. 108 1/2, par. 15-155)
13 Sec. 15-155. Employer contributions.
14 (a) The State of Illinois shall make contributions by
15 appropriations of amounts which, together with the other
16 employer contributions from trust, federal, and other funds,
17 employee contributions, income from investments, and other
18 income of this System, will be sufficient to meet the cost of
19 maintaining and administering the System on a 90% funded
20 basis in accordance with actuarial recommendations.
21 The Board shall determine the amount of State
22 contributions required for each fiscal year on the basis of
23 the actuarial tables and other assumptions adopted by the
24 Board and the recommendations of the actuary, using the
25 formula in subsection (a-1).
26 (a-1) For State fiscal years 2011 through 2045, the
27 minimum contribution to the System to be made by the State
28 for each fiscal year shall be an amount determined by the
29 System to be sufficient to bring the total assets of the
30 System up to 90% of the total actuarial liabilities of the
31 System by the end of State fiscal year 2045. In making these
32 determinations, the required State contribution shall be
-46- LRB093 06612 NHT 06743 b
1 calculated each year as a level percentage of payroll over
2 the years remaining to and including fiscal year 2045 and
3 shall be determined under the projected unit credit actuarial
4 cost method.
5 For State fiscal years 1996 through 2010, the State
6 contribution to the System, as a percentage of the applicable
7 employee payroll, shall be increased in equal annual
8 increments so that by State fiscal year 2011, the State is
9 contributing at the rate required under this Section.
10 Beginning in State fiscal year 2046, the minimum State
11 contribution for each fiscal year shall be the amount needed
12 to maintain the total assets of the System at 90% of the
13 total actuarial liabilities of the System.
14 (b) If an employee is paid from trust or federal funds,
15 the employer shall pay to the Board contributions from those
16 funds which are sufficient to cover the accruing normal costs
17 on behalf of the employee. However, universities having
18 employees who are compensated out of local auxiliary funds,
19 income funds, or service enterprise funds are not required to
20 pay such contributions on behalf of those employees. The
21 local auxiliary funds, income funds, and service enterprise
22 funds of universities shall not be considered trust funds for
23 the purpose of this Article, but funds of alumni
24 associations, foundations, and athletic associations which
25 are affiliated with the universities included as employers
26 under this Article and other employers which do not receive
27 State appropriations are considered to be trust funds for the
28 purpose of this Article.
29 (b-1) The City of Urbana and the City of Champaign shall
30 each make employer contributions to this System for their
31 respective firefighter employees who participate in this
32 System pursuant to subsection (h) of Section 15-107. The
33 rate of contributions to be made by those municipalities
34 shall be determined annually by the Board on the basis of the
-47- LRB093 06612 NHT 06743 b
1 actuarial assumptions adopted by the Board and the
2 recommendations of the actuary, and shall be expressed as a
3 percentage of salary for each such employee. The Board shall
4 certify the rate to the affected municipalities as soon as
5 may be practical. The employer contributions required under
6 this subsection shall be remitted by the municipality to the
7 System at the same time and in the same manner as employee
8 contributions.
9 (c) Through State fiscal year 1995: The total employer
10 contribution shall be apportioned among the various funds of
11 the State and other employers, whether trust, federal, or
12 other funds, in accordance with actuarial procedures approved
13 by the board. State of Illinois contributions for employers
14 receiving State appropriations for personal services shall be
15 payable from appropriations made to the employers or to the
16 System. The contributions for Class I community colleges
17 covering earnings other than those paid from trust and
18 federal funds, shall be payable solely from appropriations to
19 the Illinois Community College Board or the System for
20 employer contributions.
21 (d) Beginning in State fiscal year 1996, the required
22 State contributions to the System shall be appropriated
23 directly to the System and shall be payable through vouchers
24 issued in accordance with subsection (c) of Section 15-165.
25 (e) The State Comptroller shall draw warrants payable to
26 the System upon proper certification by the System or by the
27 employer in accordance with the appropriation laws and this
28 Code.
29 (f) Normal costs under this Section means liability for
30 pensions and other benefits which accrues to the System
31 because of the credits earned for service rendered by the
32 participants during the fiscal year and expenses of
33 administering the System, but shall not include the principal
34 of or any redemption premium or interest on any bonds issued
-48- LRB093 06612 NHT 06743 b
1 by the board or any expenses incurred or deposits required in
2 connection therewith.
3 (Source: P.A. 89-602, eff. 8-2-96; 90-576, eff. 3-31-98.)
4 Section 99. Effective date. This Act takes effect upon
5 becoming law.