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SB1482 Engrossed |
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LRB096 09045 JAM 19185 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 Section 40-25 as follows:
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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 and shall include
a termination option in favor of the |
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| State after 5 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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| (d) Holdover. No lease may continue on a month-to-month or |
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| other holdover basis for a total of more than 6 months. |
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| (Source: P.A. 90-572, eff. date - See Sec. 99-5.)
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