Sec. 5A-45. Installment payment contract; lease purchase agreement.
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/il/chapter-110/act-805/5a-45A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 5A-45. Installment payment contract; lease purchase agreement. A community college district or 2 or more such districts in combination may enter into an installment payment contract or lease purchase agreement with a qualified provider or with a third-party, as authorized by law, for the funding or financing of the purchase and installation of energy conservation measures by a qualified provider. Every community college district may issue certificates evidencing the indebtedness incurred pursuant to the contracts or agreements.
Any such contract or agreement shall be valid whether or not an appropriation with respect thereto is first included in any annual or additional or supplemental budget adopted by the community college district. Each contract or agreement entered into by a community college district pursuant to this Section shall be authorized by official action of the community college board. The authority granted under this Section is in addition to any other authority granted by law.