IL SB2153

Amends the Illinois Procurement Code to reduce the notice period for lease renewal options from 60 calendar days to 30 calendar days in the Procurement Bulletin.

Allows University of Illinois leases for real property to exceed the standard 10-year maximum term, up to 30 years, when capital improvements exceed $100,000 and the Board of Trustees determines an extended term is necessary.

Maintains the existing requirement that all state leases include a termination option after 5 years and be subject to appropriation by the General Assembly.

Prohibits leases from continuing on a month-to-month or holdover basis for more than 6 months, effective January 1, 2010, with the Comptroller authorized to withhold payment beyond this period.