(110 ILCS 327/40-10)
Sec. 40-10.
Transfer of powers, duties, assets; outstanding contracts,
agreements and bonds. All the rights, powers and duties vested by law in the
Board of Regents and relating to the operation, management, control and
maintenance of Sangamon State University prior to its change of name and status
to the University of Illinois at Springfield are hereby transferred to and
vested in the Board of Trustees of the University of Illinois.
All books, records, papers, documents and pending business in any way
pertaining to Sangamon State University prior to its change of name and status
to the University of Illinois at Springfield and held by the Board of Regents
are hereby transferred from the Board of Regents to the Board of Trustees of
the University of Illinois.
On the effective date of this Article, the rules and regulations previously
promulgated by the Board of Regents and applicable to Sangamon State University
shall be the rules and regulations applicable to the University of Illinois at
Springfield, provided that, after the effective date of this Article, any or
all of the rules and regulations may be changed or rescinded by the Board of
Trustees of the University of Illinois.
All items of income heretofore received by Sangamon State University
prior to its change of name and status to the University of Illinois at
Springfield and paid into the State Treasury and covered into the Board of
Regents Income Fund and not heretofore appropriated by the General Assembly
for the support and improvement of Sangamon State University under the
provisions of paragraph (1) of Section 6a-4 of the State Finance Act or for the
support and improvement of the University of Illinois under the provisions of
paragraph (1) of Section 6d of the State Finance Act shall be transferred by
the State Treasurer and covered into the University Income Fund for
appropriations from time to time to be made by the General Assembly payable
from such fund for the support and improvement of the University of Illinois
and its branches as provided in paragraph (1) of Section 6d of that Act;
provided that within 10 days after the effective date of this amendatory Act of
1996, all moneys then remaining in the University Income Fund heretofore
established as a special fund in the State Treasury shall be paid to the
University of Illinois and deposited and credited to the University Income Fund
established by the University of Illinois in its own treasury as provided in
paragraph (1) of Section 6d of the State Finance Act.
The right of custody, possession and control over all items of income, funds
or deposits in any way pertaining to Sangamon State University prior to its
change of name and status to the University of Illinois at Springfield, which
on the effective date of this Article are held or retained by, or under the
jurisdiction of the Board of Regents under the authority of paragraph (2)
of Section 6a-4 of the State Finance Act, is hereby transferred to and vested
in the Board of Trustees of the University of Illinois to be retained by the
University in its own treasury, or deposited with a bank or savings and loan
association, all in accordance with the provisions of paragraph (2)
of Section 6d of that Act.
There is hereby transferred from the Board of Regents to the Board of
Trustees of the University of Illinois the power of order and direction
over the disbursement of those funds which immediately prior to the
effective date of this Article were retained by Sangamon State
University (prior to its change of name and status to the University of
Illinois at Springfield) in its own treasury under the authority of paragraph
(3) of Section 6a-4 of the State Finance Act; provided that such funds shall be
disbursed from time to time pursuant to the order and direction of the Board of
Trustees in accordance with any contracts, pledges, trusts or agreements
heretofore made with respect to the use or application of such funds by the
Board of Regents.
The Board of Trustees of the University of Illinois shall succeed to, assume
and exercise all rights, powers, duties and responsibilities formerly exercised
by the Board of Regents on behalf of Sangamon State University (now known as
the University of Illinois at Springfield) prior to the effective date of this
Article. All contracts and agreements entered into by the Board of Regents on
behalf of Sangamon State University (now known as the University of Illinois at
Springfield) prior to the effective date of this Article shall subsist
notwithstanding the transfer of the functions of the Board of Regents with
respect to Sangamon State University (now known as the University of Illinois
at Springfield) to the Board of Trustees of the University of Illinois. All
bonds, notes, and other evidences of indebtedness outstanding on the effective
date of this Article issued by the Board of Regents on behalf of Sangamon State
University (now known as the University of Illinois at Springfield) shall
become the bonds, notes, or other evidences of indebtedness of the University
of Illinois and shall be otherwise unaffected by the transfer of functions
to the Board of Trustees of the University of Illinois. Any action,
including without limitation, approvals of applications for bonds and
resolutions constituting official action under the Internal Revenue Code by
the Board of Regents prior to the effective date of this Article shall remain
effective to the same extent as if that action had been taken by the Board of
Trustees of the University of Illinois and shall be deemed to be action taken
by that Board of Trustees for the University of Illinois at Springfield.
The title to all other property, whether real, personal or mixed, and all
accounts receivable belonging to or under the jurisdiction of the Board of
Regents for Sangamon State University prior to its change of name and status to
the University of Illinois at Springfield is hereby transferred to and vested
in the Board of Trustees of the University of Illinois to be held for the
People of the State of Illinois.
(Source: P.A. 89-4, eff. 7-1-95 (eff. date changed from 1-1-96 by P.A.
89-24); 89-602, eff. 8-2-96.)
|