|
|
|
|
94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB2071
Introduced 2/25/2005, by Sen. Don Harmon SYNOPSIS AS INTRODUCED:
|
|
|
|
Amends the Illinois Procurement Code. Provides that a contract for bond insurance relating to housing may be entered into for any period of time less than or equal to the maximum period of time that the subject bonds may remain outstanding. Effective immediately.
|
| |
|
|
|
|
A BILL FOR
|
|
|
|
|
SB2071 |
|
LRB094 11391 MKM 42274 b |
|
|
| 1 |
| AN ACT concerning finance.
|
| 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 20-60 as follows:
|
| 6 |
| (30 ILCS 500/20-60)
|
| 7 |
| Sec. 20-60. Duration of contracts.
|
| 8 |
| (a) Maximum duration. A contract may be entered into for
|
| 9 |
| any period of time deemed
to be in the best interests of the |
| 10 |
| State but not
exceeding 10 years. The length of
a lease for |
| 11 |
| real property or capital improvements shall be in
accordance |
| 12 |
| with the provisions of
Section 40-25. A contract for bond |
| 13 |
| insurance related to housing, however, may be entered into for |
| 14 |
| any period of time less than or equal to the maximum period of |
| 15 |
| time that the subject bonds may remain outstanding.
|
| 16 |
| (b) Subject to appropriation. All contracts made or entered
|
| 17 |
| into shall recite that they are
subject to termination and |
| 18 |
| cancellation in any year for which the
General Assembly fails |
| 19 |
| to make
an appropriation to make payments under the terms of |
| 20 |
| the contract.
|
| 21 |
| (Source: P.A. 90-572, eff. date - See Sec. 99-5.)
|
| 22 |
| Section 99. Effective date. This Act takes effect upon |
| 23 |
| becoming law.
|