SB1482 Summary

• Amends the Illinois Procurement Code Section 40-25 to add a new subsection (d) restricting holdover leases
• Prohibits any lease from continuing on a month-to-month or other holdover basis for more than 6 months total
• Maintains existing lease requirements: maximum 10-year terms with State termination option after 5 years, renewal options subject to written justification and 60-day public notice, and subject-to-appropriation language
• Effective January 1, 2010