SB2887 Engrossed

LRB095 18193 JAM 44276 b






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    AN ACT concerning finance.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The Illinois Procurement Code is amended  by 
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changing Sections 20-60 and 40-25 as follows:
 



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    (30 ILCS 500/20-60)



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    Sec. 20-60. Duration of contracts. 

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    (a) Maximum duration.   A contract may be entered into for

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any period of time deemed
to be in the best interests of the 
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State but not
exceeding 10 years inclusive of proposed contract 
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renewals.  The length of
a lease for real property or capital 
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improvements shall be in
accordance with the provisions of

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Section 40-25. A contract for bond or mortgage insurance 
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awarded by the Illinois Housing Development Authority, 
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however, may be entered into for any period of time less than 
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or equal to the maximum period of time that the subject bond or 
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mortgage may remain outstanding.


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    (b) Subject to appropriation.  All contracts made or entered

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into shall recite that they are
subject to termination and 
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cancellation in any year for which the
General Assembly fails 
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to make
an appropriation to make payments under the terms of 
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the contract.

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(Source: P.A. 95-344, eff. 8-21-07.)

 



 


 






SB2887 Engrossed
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LRB095 18193 JAM 44276 b




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    (30 ILCS 500/40-25)



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    Sec. 40-25. Length of leases. 

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    (a) Maximum term.  Leases shall be for a term not to exceed

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10 years inclusive of proposed contract renewals and shall 
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include
a termination option in favor of the State after 5 
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years.

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    (b) Renewal.  Leases may include a renewal option.  An
option 
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to renew may be
exercised only when a State purchasing officer 
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determines in
writing that renewal is in the best
interest of 
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the State and notice of the exercise of the option is published 
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in
the appropriate volume of the Procurement Bulletin at least 
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60 days prior to
the exercise of the option.

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    (c) Subject to appropriation.  All leases shall recite that

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they are subject to termination
and cancellation in any year 
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for which the General Assembly fails
to make an appropriation 
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to
make payments under the terms of the lease.

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(Source: P.A. 90-572, eff. date - See Sec. 99-5.)