Bill Text: IL HB5360 | 2011-2012 | 97th General Assembly | Introduced

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Bill Title: Amends the Illinois Procurement Code. Provides that a lease entered into by the governing board of a public institution of higher education in connection with a transaction for the financing of buildings through the issuance of bonds by the Illinois Finance Authority is not subject to the provisions of an Article concerning real property and capital improvement leases. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2013-01-08 - Session Sine Die [HB5360 Detail]

Download: Illinois-2011-HB5360-Introduced.html

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97TH GENERAL ASSEMBLY State of Illinois 2011 and 2012 HB5360 Introduced , by Rep. Robert Rita SYNOPSIS AS INTRODUCED:
30 ILCS 500/40-46
Amends the Illinois Procurement Code. Provides that a lease entered into by the governing board of a public institution of higher education in connection with a transaction for the financing of buildings through the issuance of bonds by the Illinois Finance Authority is not subject to the provisions of an Article concerning real property and capital improvement leases. Effective immediately.
LRB097 19620 PJG 64874 b
A BILL FOR
HB5360 LRB097 19620 PJG 64874 b
AN ACT concerning finance.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Procurement Code is amended by
changing Section 40-46 as follows:
(30 ILCS 500/40-46)
Sec. 40-46. Leases exempt from Article.
(a) A lease entered into under Section 7.5 of the State
Property Control Act is not subject to the provisions of this
Article.
(b) A lease is not subject to the provisions of this
Article if it is entered into by the governing board of the
University of Illinois, Southern Illinois University, Illinois
State University, Eastern Illinois University, Northern
Illinois University, Western Illinois University, Chicago
State University, Governors State University, or Northeastern
Illinois University in connection with a transaction for the
financing, through the issuance of bonds by the Illinois
Finance Authority, of buildings, structures, or facilities
that, as determined by the governing board of the university,
are required by, or necessary for the use or benefit of, the
university.
(Source: P.A. 93-19, eff. 6-20-03.)

HB5360 - 2 - LRB097 19620 PJG 64874 b
Section 99. Effective date. This Act takes effect upon
becoming law.