UNIVERSITIES-CAPITAL FUNDS

Amends the University of Illinois Act, the Southern Illinois University Management Act, the Chicago State University Law, the Eastern Illinois University Law, the Governors State University Law, the Illinois State University Law, the Northeastern Illinois University Law, the Northern Illinois University Law, and the Western Illinois University Law. Provides that, out of funds appropriated to the University and not used for other purposes, the Board of Trustees may deposit money in a capital reserve fund to be used for deferred maintenance and capital needs. Provides that the Boards of Trustees of the universities are authorized to manage capital projects of the universities. Provides that, if the Board of Trustees of a university manages a capital project under this authority, then the Capital Development Board is absolved of any responsibility for that capital project. Effective immediately.