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90_SB1870
110 ILCS 805/3-38 from Ch. 122, par. 103-38
Amends the Public Community College Act. For purposes of
authorizing leases, lease purchase options, or installment
purchases of personal property if the district's board
approves the transaction by a two-thirds vote and the term of
the transaction and interest payable thereunder do not
exceed, respectively, 5 years and 6%, provides that personal
property includes computer hardware and software and all
equipment, fixtures, renovations, and improvements to
existing facilities that are necessary to accommodate
computers.
LRB9009758THpk
LRB9009758THpk
1 AN ACT to amend the Public Community College Act by
2 changing Section 3-38.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Public Community College Act is amended
6 by changing Section 3-38 as follows:
7 (110 ILCS 805/3-38) (from Ch. 122, par. 103-38)
8 Sec. 3-38. To lease, with or without an option to
9 purchase, for a period not to exceed 5 years or purchase
10 under an installment contract extending over a period of not
11 more than 5 years, with interest at a rate not to exceed 6%
12 per year on the unpaid principal, such apparatus, equipment,
13 machinery or other personal property as may be required when
14 authorized by the affirmative vote of 2/3 of the members of
15 the board. For the purpose of this Section, personal property
16 shall include computer hardware and software and all
17 equipment, fixtures, renovations, and improvements to
18 existing facilities of the district necessary to accommodate
19 computers. To lease for a period not to exceed 20 years such
20 rooms, buildings and land, or any one or more of such items,
21 as may be required when authorized by the affirmative vote of
22 2/3 of the members of the board. Any lease for rooms,
23 buildings or land for a period exceeding 5 years must have
24 the prior approval of the State Board. The provisions of
25 this Section do not apply to guaranteed energy savings
26 contracts or leases entered into under Article V-A.
27 (Source: P.A. 88-173.)