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SB2071 Engrossed |
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LRB094 11391 MKM 42274 b |
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| AN ACT concerning finance.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Procurement Code is amended by |
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| changing Section 20-60 as follows:
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| (30 ILCS 500/20-60)
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| Sec. 20-60. Duration of contracts.
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| (a) Maximum duration. A contract may be entered into for
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| any period of time deemed
to be in the best interests of the |
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| State but not
exceeding 10 years. The length of
a lease for |
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| real property or capital improvements shall be in
accordance |
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| with the provisions of
Section 40-25. A contract for bond or |
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| mortgage insurance related to housing, however, may be entered |
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| into for any period of time less than or equal to the maximum |
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| period of time that the subject bonds or mortgage may remain |
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| outstanding.
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| (b) Subject to appropriation. All contracts made or entered
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| into shall recite that they are
subject to termination and |
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| cancellation in any year for which the
General Assembly fails |
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| to make
an appropriation to make payments under the terms of |
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| the contract.
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| (Source: P.A. 90-572, eff. date - See Sec. 99-5.)
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law.
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