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91_HB1189 LRB9104236PTpk 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.