Illinois § 40-30 Purchase option

Illinois Statutes

§ 40-30 — Purchase option

Illinois·Topic GOVERNMENT·Ch. 30 FINANCE·Act 30 ILCS 500/ Illinois Procurement Code.·Art. Article 40 - Real Property and Capital Improvement Leases

Leases of all space in entire, free-standing buildings shall include an option to purchase exercisable by the State, unless the purchasing officer determines that inclusion of such purchase option is not in the State's best interest and makes that determination in writing along with the reasons for making that determination and publishes the written determination in the appropriate volume of the Illinois Procurement Bulletin. Leases from governmental units and not-for-profit entities are exempt from the requirements of this Section.

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Leases of all space in entire, free-standing buildings shall include an option to purchase exercisable by the State, unless the purchasing officer determines that inclusion of such purchase option is not in the State's best interest and makes that determination in writing along with the reasons for making that determination and publishes the written determination in the appropriate volume of the Illinois Procurement Bulletin. Leases from governmental units and not-for-profit entities are exempt from the requirements of this Section.

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