Section 5010.690  Trade-In Procedure

a)         All agencies wishing to trade in transferable equipment must notify the Department in writing of their intentions.

b)         The written notification must contain:

1)         a full description of the equipment to be traded in, including the date purchased, inventory number, and serial number, if applicable;

2)         a full description of the new equipment the agency is seeking to obtain;

3)         the name of the person or business accepting the trade-in;

4)         the cost of the new item; and

5)         the value allowed on the trade-in.

c)         The Department willthen approve or disapprove the request.  Approval will be granted when the requested trade-in is economically advantageous to the State.

d)         If the trade-in is approved, the agency making the trade-in shall submit a completed Property Change Report Form to the Department, noting a transaction code 34.

e)         To allow for year end processing, an extra 30 day time period for reporting trade-in transactions shall be granted by the Department.

(Source:  Amended at 43 Ill. Reg. 5637, effective May 3, 2019)