(110 ILCS 62/25)
Installment payment contract; lease purchase agreement.
A public university or
2 or more public universities in combination may enter into an
installment payment contract or lease purchase agreement with a qualified
provider or with a third party, as authorized by law, for the funding or financing of the purchase and installation of energy conservation measures by a qualified provider.
Each public university may issue certificates evidencing the
incurred pursuant to the contracts or agreements. Any such contract or
agreement shall be valid
whether or not an appropriation with respect
thereto is first included in any annual or additional or supplemental budget
proposal, request, or recommendation submitted by or made with respect to a
public university under Section 8 of the Board of Higher Education Act or as
otherwise provided by law. Each contract or agreement entered
into by a public university pursuant to this Section shall be
official action of the board of trustees of that university. The authority granted in this Section is in addition to any other authority granted by law.
(Source: P.A. 96-1197, eff. 7-22-10; 97-333, eff. 8-12-11.)