Senate Sponsors: FITZGERALD. House Sponsors: SCHOENBERG-GASH-JONES,LOU-FLOWERS-DART Short description: REAL ESTATE LEASING ACT Synopsis of Bill as introduced: Amends the State Finance Act by making technical changes to the short Section. HOUSE AMENDMENT NO. 2. Deletes reference to: 30 ILCS 105/1.1 Adds reference to: New Act 20 ILCS 405/67.02 from Ch. 127, par. 63b13.2 30 ILCS 105/9 from Ch. 127, par. 145 Deletes everything. Creates the Real Estate Leasing Act. Provides that State contracts for leases of real property shall be awarded by a request for information process except in certain circumstances. Exempts the purchase of real property, including a lease purchase, from the Act. Provides that the Director of Central Management Services shall be authorized to procure leases for real property. Provides that the Director may enter into purchase options if it would be appropriate for the State. Amends the Civil Administrative Code. Provides certain requirements that must be met before the Department of Central Management Services may enter into an agreement for the installment purchase or lease purchase of buildings, land, or facilities. Provides that the Department shall establish a methodology for cost comparisons of lease costs or installment or lease purchases. Provides that in certain instances, if the Department intends to enter into an installment purchase or lease purchase agreement, it must issue a notice to the Secretary of the Senate and the Clerk of the House of Representatives including but not limited to financing details and a specific justification of why it is in the State's best interest to proceed with the purchase. Provides that the General Assembly may, by resolution, prohibit the installment purchase or lease purchase agreement. Requires the Department to submit an annual report to the Bureau of the Budget and the General Assembly regarding installment purchases or lease purchases of buildings, land, or facilities. Amends the State Finance Act. Provides that certificates of participation may be issued or caused to be issued if the Director of the Bureau of the Budget determines that it is financially desirable and in the best interest of the State to use the certificates to finance or refinance installment purchase or lease purchase contracts entered into by State departments, agencies, or universities or to refund or advance refund prior issuances of the certificates or similar instruments. Provides that the maximum term of the certificates is 10 years for personal property and 25 years for real property, except that in no case shall the term exceed the expected useful life of the property being financed. Requires the Director of the Bureau of the Budget for real property and improvements and personal property related thereto and the Department to issue a notice to certain parties 10 days before the issuance of the certificates of purchase. Authorizes the Bureau of the Budget to issue general obligation bonds to finance or refinance installment purchase or lease purchase contracts entered into by State departments, agencies, or universities or to refund or advance refund prior issuances of certificates of participation or similar instruments. Makes other changes. HOUSE AMENDMENT NO. 3. Provides that, in addition to the publication of the advertisement in the newspaper, the Director may also authorize publication in electronic form (now, publication in electronic form is an alternative to newspaper publication). Last action on Bill: PUBLIC ACT.............................. 90-0520 Last action date: 97-08-22 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 2 SENATE - 0 END OF INQUIRY Full Text Bill Status