96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB1482


 
Introduced 2/18/2009, by Sen. Jeffrey M. Schoenberg
 
SYNOPSIS AS INTRODUCED:
 		














30 ILCS 500/40-25









    Amends the Illinois Procurement Code.  Prohibits holdover leases of more than 6 months' total duration.  Effective July 1, 2009.
















LRB096 09045 JAM 19185 b

















 


 


A BILL FOR









 











SB1482

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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.)

 

 


 






SB1482
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    Section 99. Effective date. This Act takes effect July 1, 
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2009.