SB0336 95TH GENERAL ASSEMBLY

LRB095 09508 JAM 29707 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB0336

Introduced 2/7/2007, by Sen. Don Harmon

SYNOPSIS AS INTRODUCED:

30 ILCS 500/20-60

Amends the Illinois Procurement Code. Provides that a contract for bond or mortgage 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 or mortgage may remain outstanding. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning finance.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Procurement Code is amended by changing Section 20-60 as follows:

(30 ILCS 500/20-60)

Sec. 20-60. Duration of contracts.

(a) Maximum duration. A contract may be entered into for any period of time deemed to be in the best interests of the State but not exceeding 10 years. The length of a lease for real property or capital improvements shall be in accordance with the provisions of Section 40-25. A contract for bond or mortgage insurance related to housing, however, may be entered into for any period of time less than or equal to the maximum period of time that the subject bonds or mortgage may remain outstanding.

(b) Subject to appropriation. All contracts made or entered into shall recite that they are subject to termination and cancellation in any year for which the General Assembly fails to make an appropriation to make payments under the terms of the contract.

(Source: P.A. 90-572, eff. date - See Sec. 99-5.)

Section 99. Effective date. This Act takes effect upon becoming law.