Illinois Compiled Statutes
ILCS Listing
Public
Acts Search
Guide
Disclaimer
Information maintained by the Legislative
Reference Bureau
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process.
Recent laws may not yet be included in the ILCS database, but they are found on this site as Public
Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the
Guide.
Because the statute database is maintained primarily for legislative drafting purposes,
statutory changes are sometimes included in the statute database before they take effect.
If the source note at the end of a Section of the statutes includes a Public Act that has
not yet taken effect, the version of the law that is currently in effect may have already
been removed from the database and you should refer to that Public Act to see the changes
made to the current law.
30 ILCS 340/2
(30 ILCS 340/2) (from Ch. 120, par. 407)
Sec. 2. Sale of certificates. For borrowing authorized under Sections 1
and 1.1 of this Act, certificates may be issued and sold from time to time, in
one or more series, in amounts, at prices and at interest rates, all as
directed by the Governor, Comptroller, and Treasurer. Bidders shall submit
sealed bids to the
Director of the
Governor's Office of Management and Budget upon such terms as shall be approved by
the Governor, Comptroller, and Treasurer after such notice as shall be
determined to be reasonable by the Director of the
Governor's Office of Management and Budget. The
loan shall be awarded to the bidder offering the lowest effective rate of
interest not exceeding the maximum rate authorized by the Bond Authorization
Act as amended at the time of the making of the contract. However, for borrowing authorized under Sections 1 and 1.1 of this Act during fiscal years 2020 and 2021 only, certificates may be issued and sold on a negotiated basis rather than by sealed bid from time to time, in one or more series, in amounts, at prices and at interest rates, and in such manner, all as directed by the Governor, Comptroller, and Treasurer. The rate of interest must not exceed the maximum rate authorized by the Bond Authorization Act as amended at the time of the making of the contract. The requirements of the Illinois Procurement Code shall not apply to the selection of the purchaser of any certificates sold in accordance with the provisions of this paragraph.
With respect to instruments for the payment of money issued under this
Section either before, on, or after the effective date of this amendatory
Act of 1989, it is and always has been the intention of the General
Assembly (i) that the Omnibus Bond Acts are and always have been
supplementary grants of power to issue instruments in accordance with the
Omnibus Bond Acts, regardless of any provision of this Act that may appear
to be or to have been more restrictive than those Acts, (ii) that the
provisions of this Section are not a limitation on the supplementary
authority granted by the Omnibus Bond Acts, and (iii) that instruments
issued under this Section within the supplementary authority granted
by the Omnibus Bond Acts are not invalid because of any provision of
this Act that may appear to be or to have been more restrictive than
those Acts.
(Source: P.A. 101-630, eff. 5-29-20.)
|
|
