110 ILCS 327/40-10
2021 Illinois Compiled Statutes|Chapter 110 - HIGHER EDUCATION|110 ILCS 327/ - University of Illinois at Springfield Law.|Article 40

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provided that, after the effective date of this Article, any or  all of the rules and regulations may be changed or rescinded by the Board of  Trustees of the University of Illinois.All items of income heretofore received by Sangamon State University  prior to its change of name and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.)