SB3907 Summary

• Amends the Illinois Procurement Code to add an exemption for bond underwriting service contracts entered into by the Illinois State Toll Highway Authority related to competitive bid or negotiated bond sales where the State is not obligated.

• Requires such bond underwriting contracts to be awarded through a competitive process authorized by the Illinois State Toll Highway Authority members.

• Makes these contracts subject to specified sections of the Procurement Code (Sections 5-30, 20-160, 50-13, 50-20, 50-35, and 50-37) with an exception for provisions that reference other Code sections.

• Requires final approval of the contract terms by the Illinois State Toll Highway Authority members before execution.