Sec. 35. State Treasurer may purchase real property.

583 words·~3 min read·/il/chapter-15/act-505/35

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)Subject to the provisions of the Public Contract Fraud Act, the State Treasurer, on behalf of the State of Illinois, is authorized during State fiscal years 2019 and 2020 to acquire real property located in the City of Springfield, Illinois which the State Treasurer deems necessary to properly carry out the powers and duties vested in him or her. Real property acquired under this Section may be acquired subject to any third party interests in the property that do not prevent the State Treasurer from exercising the intended beneficial use of such property.

(a-5) To ensure the safe and optimal operation of any real property acquired under subsection

(a)and any improvements made to that real property, the State Treasurer, or the Department of Natural Resources on the State Treasurer's behalf, may acquire, at any time, any interest in any other real property, and the State Treasurer may make improvements and repairs on any property acquired under subsection

(a)and this subsection.

(b)Subject to the provisions of the Treasurer's Procurement Rules, which shall be substantially in accordance with the requirements of the Illinois Procurement Code, the State Treasurer may:

(1)enter into contracts relating to construction, reconstruction or renovation projects

for any such buildings or lands acquired pursuant to subsections

(a)and (a-5); and

(2)equip, lease, operate and maintain those grounds, buildings and facilities as may be

appropriate to carry out his or her statutory purposes and duties.

(c)The State Treasurer may enter into agreements with any person with respect to the use and occupancy of the grounds, buildings, and facilities of the State Treasurer, including concession, license, and lease agreements on terms and conditions as the State Treasurer determines and in accordance with the procurement processes for the Office of the State Treasurer, which shall be substantially in accordance with the requirements of the Illinois Procurement Code.

(d)The exercise of the authority vested in the Treasurer by this Section is subject to the appropriation of the necessary funds.

(e)State Treasurer's Capital Fund.

(1)The State Treasurer's Capital Fund is created as a trust fund in the State treasury.

Moneys in the Fund shall be utilized by the State Treasurer in the exercise of the authority vested in the Treasurer by subsection

(b)of this Section. All interest earned by the investment or deposit of moneys accumulated in the Fund shall be deposited into the Fund.

(2)Moneys in the State Treasurer's Capital Fund are subject to appropriation by the

General Assembly.

(3)The State Treasurer may transfer amounts from the State Treasurer's Administrative

Fund and from the Unclaimed Property Trust Fund to the State Treasurer's Capital Fund. In no fiscal year may the total of such transfers exceed $500,000 or the amount appropriated by the General Assembly in a fiscal year for that purpose, whichever is greater. The State Treasurer may accept gifts, grants, donations, federal funds, or other revenues or transfers for deposit into the State Treasurer's Capital Fund.

(4)After the effective date of this amendatory Act of the 102nd General Assembly and

prior to July 1, 2022 the State Treasurer and State Comptroller shall transfer from the CDB Special Projects Fund to the State Treasurer's Capital Fund an amount equal to the unexpended balance of funds transferred by the State Treasurer to the CDB Special Projects Fund in 2019 and 2020 pursuant to an intergovernmental agreement between the State Treasurer and the Capital Development Board.