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Synopsis As Introduced Amends the Illinois Procurement Code. Specifies that the 10-year limit on the duration of State contracts and leases is inclusive of proposed renewals. Effective July 1, 2009.
Deletes everything after the enacting clause. Reinserts the bill with the following changes: In the Illinois Procurement Code, prohibits holdover leases of more than 6 months' total duration. Creates the State University Certificates of Participation Act. Provides that the power of the board of trustees of any State university to enter into contracts includes, but is not limited to, the power to enter into financing agreements in connection with the financing of capital improvements by selling certificates of participation in the installment payments made under such financing agreements. Amends the Statute on Statutes to provide that a citation to the Omnibus Bond Acts is a citation to the State University Certificates of Participation Act. Further amends the Illinois Procurement Code to exempt contracts under the State University Certificates of Participation Act from the Code's limit on contract duration. Effective immediately, except that some of the Illinois Procurement Code changes apply beginning January 1, 2010.
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