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| | SB1603 Engrossed | | LRB098 08881 HLH 39012 b |
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| 1 | | AN ACT concerning finance.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Procurement Code is amended by |
| 5 | | changing Section 40-46 as follows:
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| 6 | | (30 ILCS 500/40-46)
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| 7 | | Sec. 40-46. Leases exempt from Article. |
| 8 | | (a) A lease entered into by the State under
Section 7.5 of |
| 9 | | the State Property Control Act is not subject to the
provisions |
| 10 | | of this Article.
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| 11 | | (b) Except as provided in Section 5-30 of this Code, a |
| 12 | | lease is not subject to the provisions of the Article if it is |
| 13 | | entered into by the governing board of the University of |
| 14 | | Illinois, Southern Illinois University, Illinois State |
| 15 | | University, Eastern Illinois University, Northern Illinois |
| 16 | | University, Western Illinois University, Chicago State |
| 17 | | University, Governors State University, or Northeastern |
| 18 | | Illinois University in connection with a transaction for the |
| 19 | | financing of buildings, structures, or facilities which, as |
| 20 | | determined by the governing board of that university, are |
| 21 | | required by, or necessary for the use or benefit of, the |
| 22 | | university, through the issuance of bonds by the Illinois |
| 23 | | Finance Authority. |