110 ILCS 685/30-35
2021 Illinois Compiled Statutes|Chapter 110 - HIGHER EDUCATION|110 ILCS 685/ - Northern Illinois University Law.|Article 30

Sec. 30-35.         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 Northern Illinois University are hereby transferred to and  vested in the Board of Trustees of Northern Illinois University.All books, records,  papers, documents and pending business in any way pertaining to Northern  Illinois  University and held by the Board of Regents are hereby transferred from the  Board of Regents to the Board of  Trustees of Northern Illinois University.The employment of the president and all other academic and nonacademic  personnel of Northern Illinois University is hereby transferred from the  Board of Regents to the Board of Trustees of Northern 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 Regents 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 Regents to the Board of  Trustees of Northern 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 Northern Illinois University.All items of income heretofore received by Northern Illinois University  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 Northern Illinois University under the  provisions of paragraph (1) of Section 6a-4 of the State Finance Act   shall be transferred by the  State Treasurer and covered into the Northern 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 Northern  Illinois University as provided in paragraph (1) of Section 6a-1a of that  Act; provided that within 10 days after the effective date of this amendatory  Act of 1996, all moneys then remaining in the Northern 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 Northern Illinois University in its own treasury as provided  in paragraph (1) of Section 6a-1a 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 Northern Illinois University, 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 Northern 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-1a of that Act.There is hereby transferred from the Board of Regents to the Board of  Trustees of Northern 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 Northern  Illinois University 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  Teachers College Board, the Board of Governors of State Colleges and  Universities or the Board of Regents.Northern Illinois University shall succeed to, assume and exercise all rights,  powers, duties and responsibilities formerly exercised by the Board of Regents  on behalf of Northern  Illinois University prior to the effective date of this Article.  All contracts  and agreements entered into by the Board of Regents on behalf of Northern  Illinois University prior to the effective date of this Article shall be valid  and shall subsist notwithstanding the abolition of the Board of Regents and the  repeal of the Regency Universities Act and notwithstanding the transfer of the  functions of the Board of Regents with respect to Northern Illinois University  to the Board of Trustees of Northern Illinois University.  All bonds, notes,  and other evidences of indebtedness outstanding on the effective date of this  Article issued by the Teachers College Board, the Board of Governors of State  Colleges and Universities or the Board of Regents on behalf of Northern  Illinois University shall become the bonds, notes or other evidences of  indebtedness of Northern Illinois University and shall be otherwise unaffected  by the transfer of functions to Northern 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, Board of Governors of State Colleges and Universities  or 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 Northern  Illinois University and shall be deemed to be action taken by Northern Illinois  University.The title to all other property, whether real, personal or mixed,  belonging to or under the jurisdiction of the Board of Regents for Northern  Illinois University is hereby transferred to and vested in the Board of  Trustees of Northern 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.)