(110 ILCS 525/3) (from Ch. 144, par. 673)
Sec. 3.
Powers.
The Board shall have power to:
1. Acquire any project or projects, or any combination thereof, and to
own, operate and maintain the same.
2. Acquire by purchase, gift, or the exercise of eminent domain, and
hold or dispose of real or personal property or rights or interest therein.
3. Accept grants of money or materials or property of any kind from a
Federal Agency, or others, upon such terms and conditions as may be
imposed.
4. Borrow money and issue bonds to acquire any one project, or more than
one, or any combination thereof, or to refund bonds heretofore or hereafter
issued, or for either or both of said purposes, and to provide for the
security and payment of said bonds and for the rights of the holders
thereof.
5. Make contracts and leases and execute all instruments and perform all
acts and do all things necessary or convenient to carry out the powers
granted in this Act.
6. Retain in its treasury (a) all moneys received from the sale of all
bonds issued under this Act, (b) all fees, rentals and other charges from
students, staff members and others using or being served by, or having the
right to use or the right to be served by, or to operate any project, (c)
all tuition, registration, matriculation, health, hospital, medical,
laboratory, admission, student activities, student services, and all other
fees collected from students matriculated, registered, or otherwise
enrolled at and attending the University pledged under the terms of any
resolution authorizing bonds, or authorizing a supplemental allocation of
fees for debt service of bonds theretofore issued, pursuant to this Act,
and (d) all rentals from any facility or building leased to the United
States of America.
(Source: P.A. 76-1336.)
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