(30 ILCS 500/40-25)
Length of leases.
(a) Maximum term. Leases shall be for a term not to exceed
10 years inclusive, beginning January, 1, 2010, of proposed contract renewals and shall include
a termination option in favor of the State after 5 years.
(b) Renewal. Leases may include a renewal option. An
option to renew may be
exercised only when a State purchasing officer determines in
writing that renewal is in the best
interest of the State and notice of the exercise of the option is published in
the appropriate volume of the Procurement Bulletin at least 60 days prior to
the exercise of the option.
(c) Subject to appropriation. All leases shall recite that
they are subject to termination
and cancellation in any year for which the General Assembly fails
to make an appropriation to
make payments under the terms of the lease.
(d) Holdover. Beginning January 1, 2010, no lease may continue on a month-to-month or other holdover basis for a total of more than 6 months. Beginning July 1, 2010, the Comptroller shall withhold payment of leases beyond this holdover period.
(Source: P.A. 96-15, eff. 6-22-09; 96-795, eff. 7-1-10 (see Section 5 of P.A. 96-793 for the effective date of changes made by P.A. 96-795).)