State of Illinois
91st General Assembly
Legislation

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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.

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