Illinois § 2-85 Independent audits

Illinois Statutes

§ 2-85 — Independent audits

Illinois·Topic TRANSPORTATION·Ch. 620 AIR TRANSPORTATION·Act 620 ILCS 75/ Public-Private Agreements for the South Suburban Airport Act.·Art. Article 2 - Public-Private Agreements for the South Suburban Airport Act

If the public-private agreement provides for the construction of all or part of the South Suburban Airport project and the estimated construction costs under the public-private agreement exceed $50,000,000, the Department shall also require the contractor to pay the costs for an independent audit of any and all cost estimates associated with the public-private agreement as well as a review of all public costs and potential liabilities to which taxpayers could be exposed (including improvements to other transportation facilities that may be needed as a result of the public-private agreement, failure by the contractor to reimburse the Department for services provided, and potential risk and liability in the event of default on the agreement or default on other types of financing). The indepe

Free access — add to your briefcase to read the full text and ask questions with AI

If the public-private agreement provides for the construction of all or part of the South Suburban Airport project and the estimated construction costs under the public-private agreement exceed $50,000,000, the Department shall also require the contractor to pay the costs for an independent audit of any and all cost estimates associated with the public-private agreement as well as a review of all public costs and potential liabilities to which taxpayers could be exposed (including improvements to other transportation facilities that may be needed as a result of the public-private agreement, failure by the contractor to reimburse the Department for services provided, and potential risk and liability in the event of default on the agreement or default on other types of financing). The independent audit shall be conducted by an independent consultant selected by the Department.

Illinois § 2-85 (Independent audits) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.