093_HB2766
LRB093 09559 JAM 09797 b
1 AN ACT concerning procurement.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Illinois Procurement Code is amended by
5 changing Section 40-25 as follows:
6 (30 ILCS 500/40-25)
7 Sec. 40-25. Length of leases.
8 (a) Maximum term. Leases shall be for a term not to
9 exceed 10 years and shall include a termination option in
10 favor of the State after 5 years.
11 (b) Renewal. Leases may include a renewal option. An
12 option to renew may be exercised only (i) when a State
13 purchasing officer determines in writing that renewal is in
14 the best interest of the State and (ii) upon approval of the
15 Procurement Policy Board. The Board's considerations shall
16 include, but are not limited to, whether the lease contains
17 an option for the State's purchase of property it occupies
18 100%. Notice of the exercise of the option must beis
19 published in the appropriate volume of the Procurement
20 Bulletin at least 60 days prior to the exercise of the
21 option.
22 (c) Subject to appropriation. All leases shall recite
23 that they are subject to termination and cancellation in any
24 year for which the General Assembly fails to make an
25 appropriation to make payments under the terms of the lease.
26 (Source: P.A. 90-572, eff. date - See Sec. 99-5.)