|SB2362 Enrolled||LRB100 17930 RJF 33114 b|
AN ACT concerning government.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Illinois Procurement Code is amended by
changing Section 40-25 as follows:
(30 ILCS 500/40-25)
Length of leases.
(a) Maximum term.
Except as otherwise provided under
subsection (a-5), leases
shall be for a term not to
10 years inclusive, beginning January, 1, 2010, of
proposed contract renewals and shall include
option in favor of the State after 5 years. The length of
energy conservation program contracts or energy savings
contracts or leases shall be in accordance with the provisions
of Section 25-45.
(a-5) Extended term. A lease for real property owned by the
University of Illinois to be used by the University of Illinois
at Chicago for an ambulatory surgical center, which would
include both clinical services and retail space, may exceed 10
years in length where: (i) the lease requires the lessor to
make capital improvements in excess of $100,000; and (ii) the
Board of Trustees of the University of Illinois determines a
term of more than 10 years is necessary and is in the best