97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB5360

 

Introduced 2/15/2012, by Rep. Robert Rita

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 500/40-46

    Amends the Illinois Procurement Code. Provides that a lease entered into by the governing board of a public institution of higher education in connection with a transaction for the financing of buildings through the issuance of bonds by the Illinois Finance Authority is not subject to the provisions of an Article concerning real property and capital improvement leases. Effective immediately.


LRB097 19620 PJG 64874 b

 

 

A BILL FOR

 

HB5360LRB097 19620 PJG 64874 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Procurement Code is amended by
5changing Section 40-46 as follows:
 
6    (30 ILCS 500/40-46)
7    Sec. 40-46. Leases exempt from Article.
8    (a) A lease entered into under Section 7.5 of the State
9Property Control Act is not subject to the provisions of this
10Article.
11    (b) A lease is not subject to the provisions of this
12Article if it is entered into by the governing board of the
13University of Illinois, Southern Illinois University, Illinois
14State University, Eastern Illinois University, Northern
15Illinois University, Western Illinois University, Chicago
16State University, Governors State University, or Northeastern
17Illinois University in connection with a transaction for the
18financing, through the issuance of bonds by the Illinois
19Finance Authority, of buildings, structures, or facilities
20that, as determined by the governing board of the university,
21are required by, or necessary for the use or benefit of, the
22university.
23(Source: P.A. 93-19, eff. 6-20-03.)
 

 

 

HB5360- 2 -LRB097 19620 PJG 64874 b

1    Section 99. Effective date. This Act takes effect upon
2becoming law.