SB1985 Summary

• Amends the Illinois Procurement Code to exempt procurement expenditures and contracts for investment services by or on behalf of the University of Illinois from Code requirements.

• Removes prior sunset provisions that would have made the investment services exemption inoperative on July 1, 2021, making the exemption permanent.

• Maintains existing exemptions for public higher education institutions' procurements including memberships, events, athletic/artistic services, library materials, sponsored research, and foreign entity contracts.

• Requires higher education institutions to publish notices of exempt contracts in the Procurement Bulletin within 14 calendar days and submit monthly reports to the Chief Procurement Officer detailing contractor names, descriptions, contract amounts, and applicable exemptions.