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| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
SB1603 Introduced 2/13/2013, by Sen. Michael E. Hastings SYNOPSIS AS INTRODUCED:
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Amends the Illinois Procurement Code. Provides that an Article concerning leases for real property or capital improvements does not apply to leases that are 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 of buildings, structures, or facilities which, as determined by the governing board of that university, are required by, or necessary for the use or benefit of, the university, through the issuance of bonds by the Illinois Finance Authority. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | SB1603 | | LRB098 08881 HLH 39012 b |
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| 1 | | AN ACT concerning finance.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Procurement Code is amended by |
| 5 | | changing Section 40-46 as follows:
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| 6 | | (30 ILCS 500/40-46)
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| 7 | | Sec. 40-46. Leases exempt from Article. |
| 8 | | (a) A lease entered into by the State under
Section 7.5 of |
| 9 | | the State Property Control Act is not subject to the
provisions |
| 10 | | of this Article.
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| 11 | | (b) A lease is not subject to the provisions of the Article |
| 12 | | if it is entered into by the governing board of the University |
| 13 | | of Illinois, Southern Illinois University, Illinois State |
| 14 | | University, Eastern Illinois University, Northern Illinois |
| 15 | | University, Western Illinois University, Chicago State |
| 16 | | University, Governors State University, or Northeastern |
| 17 | | Illinois University in connection with a transaction for the |
| 18 | | financing of buildings, structures, or facilities which, as |
| 19 | | determined by the governing board of that university, are |
| 20 | | required by, or necessary for the use or benefit of, the |
| 21 | | university, through the issuance of bonds by the Illinois |
| 22 | | Finance Authority. |
| 23 | | (Source: P.A. 93-19, eff. 6-20-03.)
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