110 ILCS 680/25-35
2021 Illinois Compiled Statutes|Chapter 110 - HIGHER EDUCATION|110 ILCS 680/ - Northeastern Illinois University Law.|Article 25

Sec. 25-35.         Transfer of powers, duties, assets; outstanding contracts,  agreements and bonds.  All the rights, powers and duties vested by law in the  Board of Governors of State Colleges and Universities and relating to the  operation, management, control and maintenance of Northeastern Illinois  University are hereby transferred to and vested in the Board of Trustees of  Northeastern Illinois University.All books, records, papers, documents and pending business in any way  pertaining to Northeastern Illinois University and held by the Board of  Governors of State Colleges and Universities are hereby transferred from the  Board of Governors of State Colleges and Universities to the Board of  Trustees of Northeastern Illinois University.The employment of the president and all other academic and nonacademic  personnel of Northeastern Illinois University is hereby transferred from the  Board of Governors of State Colleges and Universities to the Board of Trustees  of Northeastern Illinois University,  but the status and rights of all personnel whose employment is so  transferred under the State Universities Civil Service System, under the  State Universities Retirement System and under any other contract or  benefit plan shall be unaffected thereby.No rule or regulation promulgated by the Board of Governors of State Colleges  and Universities prior to the effective date of this Article  pursuant to an exercise of any right, power, duty, responsibility or matter  of pending business transferred from the Board of Governors of State Colleges  and Universities to the Board of  Trustees of Northeastern Illinois University under the provisions of this  Article shall be affected thereby, and all such rules and  regulations shall become the rules and regulations of the Board of Trustees  of Northeastern Illinois University.All items of income heretofore received by Northeastern Illinois University  and paid into the State Treasury and covered into the Board of Governors of  State Colleges and Universities Income Fund and not heretofore appropriated by  the General Assembly for the support and improvement of Northeastern Illinois  University under the provisions of paragraph (1) of Section 6a of the State  Finance Act shall be transferred by the State Treasurer and covered into the  Northeastern Illinois 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 Northeastern Illinois University as provided in paragraph  (1) of Section 6a-1f of that Act; provided that within 10 days after the  effective date of this amendatory  Act of 1996, all moneys then remaining in the Northeastern Illinois University  Income  Fund  heretofore established as a special fund in the State Treasury shall be repaid  to the University to be deposited and credited to the University Income Fund  established by Northeastern Illinois University in its own treasury as  provided in paragraph (1) of Section 6a-1f 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 Northeastern Illinois University, which on  the effective date of this Article are held or retained by, or under the  jurisdiction of the Board of Governors of State Colleges and Universities under  the authority of paragraph (2) of Section 6a of the State Finance Act, is  hereby transferred to and vested in the Board of  Trustees of Northeastern Illinois University 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 paragraphs (2) and  (6) of Section 6a-1f of that Act.There is hereby transferred from the Board of Governors of State Colleges and  Universities to the Board of  Trustees of Northeastern Illinois University 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 Northeastern Illinois  University in its own treasury under the authority of Section 6a-2 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  Teachers College Board or the Board of Governors of State Colleges and  Universities.Northeastern Illinois University shall succeed to, assume and exercise all  rights, powers, duties and responsibilities formerly exercised by the Board of  Governors of State Colleges and Universities on behalf of Northeastern Illinois  University prior to the effective date of this Article.  All contracts and  agreements entered into by the Board of Governors of State Colleges and  Universities on behalf of Northeastern Illinois University prior to the  effective date of this Article shall be valid and shall subsist notwithstanding  the abolition of the Board of Governors of State Colleges and Universities and  the repeal of the Board of Governors Act and notwithstanding the transfer or  the functions of the Board of Governors of State Colleges and Universities with  respect to Northeastern Illinois University to the Board of Trustees of  Northeastern Illinois University.  All bonds, notes, and other evidences of  indebtedness outstanding on the effective date of this Article issued by the  Teachers College Board or the Board of Governors of State Colleges and  Universities on behalf of Northeastern Illinois University shall become the  bonds, notes or other evidences of indebtedness of Northeastern Illinois  University and shall be otherwise unaffected by  the transfer of functions to Northeastern Illinois University.  Any action,  including without limitation, approvals of applications for bonds and  resolutions constituting official action under the Internal Revenue Code by the  Teachers College Board or Board of Governors of State Colleges and Universities  prior to the effective date of this Article shall remain effective to the same  extent as if that action had been taken by Northeastern Illinois University and  shall be deemed to be action taken by Northeastern Illinois University.The title to all other property, whether real, personal or mixed,  belonging to or under the jurisdiction of the Board of Governors of State  Colleges and Universities for Northeastern Illinois University is hereby  transferred to and vested in the Board of Trustees of Northeastern Illinois  University to be held for the People of the  State of Illinois for such University.    (Source: P.A. 89-4, eff. 1-1-96; 89-602, eff. 8-2-96.)