HB5360 97TH GENERAL ASSEMBLY

LRB097 19620 PJG 64874 b

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.

A BILL FOR

AN ACT concerning finance.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Procurement Code is amended by changing Section 40-46 as follows:

(30 ILCS 500/40-46)

Sec. 40-46. Leases exempt from Article.

(a) A lease entered into under Section 7.5 of the State Property Control Act is not subject to the provisions of this Article.

(b) A lease is not subject to the provisions of this Article if it is entered into by the governing board of the University of Illinois, Southern Illinois University, Illinois State University, Eastern Illinois University, Northern Illinois University, Western Illinois University, Chicago State University, Governors State University, or Northeastern Illinois University in connection with a transaction for the financing, through the issuance of bonds by the Illinois Finance Authority, of buildings, structures, or facilities that, as determined by the governing board of the university, are required by, or necessary for the use or benefit of, the university.

(Source: P.A. 93-19, eff. 6-20-03.)

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