SB2153 EnrolledLRB101 05490 RJF 50504 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Procurement Code is amended by
5changing Section 40-25 as follows:
 
6    (30 ILCS 500/40-25)
7    Sec. 40-25. Length of leases.
8    (a) Maximum term. Except as otherwise provided under
9subsection (a-5), leases shall be for a term not to exceed 10
10years inclusive, beginning January, 1, 2010, of proposed
11contract renewals and shall include a termination option in
12favor of the State after 5 years. The length of energy
13conservation program contracts or energy savings contracts or
14leases shall be in accordance with the provisions of Section
1525-45.
16    (a-5) Extended term. A lease for real property owned by the
17University of Illinois to be used by the University of Illinois
18at Chicago for an ambulatory surgical center, which would
19include both clinical services and retail space, may exceed 10
20years in length where: (i) the lease requires the lessor to
21make capital improvements in excess of $100,000; and (ii) the
22Board of Trustees of the University of Illinois determines a
23term of more than 10 years is necessary and is in the best

 

 

SB2153 Enrolled- 2 -LRB101 05490 RJF 50504 b

1interest of the University. A lease under this subsection (a-5)
2may not exceed 30 years in length.
3    (b) Renewal. Leases may include a renewal option. An option
4to renew may be exercised only when a State purchasing officer
5determines in writing that renewal is in the best interest of
6the State and notice of the exercise of the option is published
7in the appropriate volume of the Procurement Bulletin at least
830 60 calendar days prior to the exercise of the option.
9    (c) Subject to appropriation. All leases shall recite that
10they are subject to termination and cancellation in any year
11for which the General Assembly fails to make an appropriation
12to make payments under the terms of the lease.
13    (d) Holdover. Beginning January 1, 2010, no lease may
14continue on a month-to-month or other holdover basis for a
15total of more than 6 months. Beginning July 1, 2010, the
16Comptroller shall withhold payment of leases beyond this
17holdover period.
18(Source: P.A. 100-23, eff. 7-6-17; 100-1047, eff. 1-1-19.)