(60 ILCS 1/205-125)
Sale or lease for more than 20 years; bids.
Property may be
sold, or leased for a term of more than 20 years, only after advertising for
sealed bids for its purchase or lease. The advertisement shall be published at
least once in a newspaper having a general circulation in the township at least
30 days before the date fixed for opening bids. The advertisement shall contain
a description of the property, the minimum amount that will be considered for
the sale or lease, as the case may be, the terms of payment, the last date that
bids will be accepted, the place for filing bids, and the time and place that
bids will be opened. The township board shall reserve the right to reject any
or all bids. Only the bid of the highest responsible bidder shall be accepted.
(Source: P.A. 82-783; 88-62.)