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90_HB0486
New Act
Creates the State Bond Sale Act. Requires competitive
sealed bidding for the sale of State bonds and the awarding
of contracts for related professional services. Exempts
bonds and services of less than $25,000.
LRB9002830KDcw
LRB9002830KDcw
1 AN ACT concerning competitive bidding of State bonds.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 1. Short title. This Act may be cited as the
5 State Bond Sale Act.
6 Section 5. Competitive bids. Any other provision of law
7 notwithstanding, bonds issued by the State or any entity of
8 the State shall be sold using a system of competitive sealed
9 bidding. Contracts for professional services required in
10 connection with the issuance of those bonds shall be awarded
11 using a system of competitive sealed bidding.
12 Section 10. Exemption. This Act does not apply to bond
13 sales of less than $25,000 or professional services of less
14 than $25,000.
15 Section 15. Artificial division. Bond sales or
16 contracts for professional services required in connection
17 with the issuance of those bonds shall not be artificially
18 divided in order to be exempt from this Act under Section 10.
19 Section 20. Violations. A sale made or a contract
20 entered into in violation of this Act may be declared void by
21 the State or may be ratified and affirmed by the State if
22 ratification is determined to be in the best interest of the
23 State.