Illinois Compiled Statutes
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30 ILCS 425/8
(30 ILCS 425/8)
(from Ch. 127, par. 2808)
Sale of Bonds.
Bonds, except as otherwise provided in this Section, shall be sold from time to time pursuant to
notice of sale and public bid or by negotiated sale in such amounts and at such
times as are directed by the Governor, upon recommendation by the Director of
the Governor's Office of Management and Budget. At least 25%, based on total principal amount, of all Bonds issued each fiscal year shall be sold pursuant to notice of sale and public bid. At all times during each fiscal year, no more than 75%, based on total principal amount, of the Bonds issued each fiscal year shall have been sold by negotiated sale. Failure to satisfy the requirements in the preceding 2 sentences shall not affect the validity of any previously issued Bonds; and further provided that refunding Bonds satisfying the requirements of Section 15 of this Act and sold during fiscal year 2009, 2010, 2011, 2017, 2018, or 2019 shall not be subject to the requirements in the preceding 2 sentences.
If any Bonds are to be sold pursuant to notice of sale and public bid, the Director of the
Governor's Office of Management and Budget shall comply with the
competitive request for proposal process set forth in the Illinois
Procurement Code and all other applicable requirements of that Code.
If Bonds are to be sold pursuant to notice of sale and public bid, the
Director of the
Governor's Office of Management and Budget may, from time to time, as Bonds are to be sold, advertise
the sale of the Bonds in at least 2 daily newspapers, one of which is
published in the City of Springfield and one in the City of Chicago. The sale
of the Bonds shall also be
advertised in the volume of the Illinois Procurement Bulletin that is
published by the Department of Central Management Services, and shall be published once at least 10 days prior to the date fixed
for the opening of the bids. The Director of the
Governor's Office of Management and Budget may
reschedule the date of sale upon the giving of such additional notice as the
Director deems adequate to inform prospective bidders of
the change; provided, however, that all other conditions of the sale shall
continue as originally advertised.
Executed Bonds shall, upon payment
therefor, be delivered to the purchaser, and the proceeds of Bonds shall be
paid into the State Treasury as
directed by Section 9 of this Act.
Governor or the Director of the
Governor's Office of Management and Budget is hereby authorized
and directed to execute and
deliver contracts of sale with underwriters and to execute and deliver such
certificates, indentures, agreements and documents, including any
supplements or amendments thereto, and to take such actions and do such
things as shall be necessary or desirable to carry out the purposes of this
Any action authorized or permitted to be taken by the Director of the
Governor's Office of Management and Budget
pursuant to this Act is hereby authorized to be taken
by any person specifically designated by the Governor to take such action
in a certificate signed by the Governor and filed with the Secretary of State.
(Source: P.A. 99-523, eff. 6-30-16; 100-23, eff. 7-6-17; 100-587, eff. 6-4-18.)