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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB0336
Introduced 2/7/2007, by Sen. Don Harmon SYNOPSIS AS INTRODUCED:
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Amends the Illinois Procurement Code. Provides that a contract for bond or mortgage insurance relating to housing may be entered into for any period of time less than or equal to the maximum period of time that the subject bonds or mortgage may remain outstanding. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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SB0336 |
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LRB095 09508 JAM 29707 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 20-60 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. The length of
a lease for |
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| real property or capital improvements shall be in
accordance |
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| with the provisions of
Section 40-25. A contract for bond or |
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| mortgage insurance related to housing, however, may be entered |
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| into for any period of time less than or equal to the maximum |
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| period of time that the subject bonds or mortgage may remain |
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| 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. 90-572, eff. date - See Sec. 99-5.)
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