Illinois Statutes Chapter 30. Finance § 769/25-7. Capital Investment Grant Program

(a) The Board of Higher Education, jointly with the Capital Development Board, shall establish a Capital Investment Grant Program for independent colleges. The Capital Development Board shall, subject to appropriation, and subject to direction by the Board of Higher Education, make capital improvement grants to independent colleges in Illinois. The Build Illinois Bond Fund shall be the source of funding for the program. Eligible grant recipients shall be independent colleges that offer facilities and services in a manner that supports and fulfills the mission of the Board of Higher Education. Eligible grant recipients have no entitlement to a grant under this Section.

(b) Board of Higher Education, jointly with the Capital Development Board, shall adopt rules to implement this Section and shall create an application procedure for grants to b e awarded. The rules shall specify: the manner of applying for grants; grantee eligibility requirements; project eligibility requirements; restrictions on the use of grant moneys; the manner in which grantees must account for the use of grant moneys; and any other provision that the Capital Development Board or Board of Higher Education determine to be necessary or useful for the administration of this Section.

(c) No portion of an independent college capital investment program grant awarded under this Section may be used by an independent college to pay for any on-going operational costs, pay outstanding debt, or be allocated to an endowment or other invested fund.