There is hereby created the Illinois Mathematics and Science Academy, which shall be a residential institution located in the Fox River Valley in close proximity to the national science laboratories based in Illinois. The Academy may develop additional campuses throughout the State, however, any additional campus does not need to serve as a residential institution. The Academy shall be a State agency, funded by State appropriations, private contributions and endowments. Minimal fees for residential students who are Illinois residents may be charged. Tuition, fees, and room and board costs shall be charged for students who are not Illinois residents, the totality of which must be sufficient to ensure that no State appropriations are used to fund the costs of those students attending the Academy. The Academy may admit students (i) who are Illinois residents or who are not Illinois residents and (ii) who have completed the academic equivalent of the 8th grade. No more than 25% of the Academy’s student body may be composed of students who are not Illinois residents. The Academy may offer a program of secondary and postsecondary course work. Admission shall be determined by competitive examination.
     In order to be eligible for State appropriations, the Academy shall submit to the Board of Higher Education not later than the 1st day of October of each year its budget proposal for the operation and capital needs of the Academy for its next fiscal year and information demonstrating that students who are not Illinois residents have paid and will pay tuition, fees, and room and board costs sufficient to ensure that no State appropriations were used or will be used to fund the costs of those students attending the Academy.