IL SB3829

Amends the Illinois Procurement Code to allow public institutions of higher education to enter into real property leases exceeding 10 years, up to the useful life of the property, with Board of Trustees approval that the extended term is necessary and in the institution's best interest.

Permits public higher education institutions to enter into financing agreements (including leases and installment purchase agreements) for capital improvements exceeding 10 years in term, up to the useful life of the improvements, upon Board determination that the extended term is necessary and beneficial.

Removes previous provisions that allowed University of Illinois leases for ambulatory surgical centers with capital improvements exceeding $100,000 to exceed the standard 10-year limit, capping such leases at 30 years.

Maintains existing requirements that all leases include a state termination option after 5 years and recite that they are subject to cancellation if the General Assembly fails to appropriate funds for lease payments.