Sec. 2. Sale of certificates.

402 words·~2 min read·/il/chapter-30/act-340/2

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

Sec. 2. Sale of certificates. For borrowing authorized under Sections 1 and 1.1 of this Act, certificates may be issued and sold from time to time, in one or more series, in amounts, at prices and at interest rates, all as directed by the Governor, Comptroller, and Treasurer. Bidders shall submit sealed bids to the Director of the Governor's Office of Management and Budget upon such terms as shall be approved by the Governor, Comptroller, and Treasurer after such notice as shall be determined to be reasonable by the Director of the Governor's Office of Management and Budget.

The loan shall be awarded to the bidder offering the lowest effective rate of interest not exceeding the maximum rate authorized by the Bond Authorization Act as amended at the time of the making of the contract.

However, for borrowing authorized under Sections 1 and 1.1 of this Act during fiscal years 2020 and 2021 only, certificates may be issued and sold on a negotiated basis rather than by sealed bid from time to time, in one or more series, in amounts, at prices and at interest rates, and in such manner, all as directed by the Governor, Comptroller, and Treasurer. The rate of interest must not exceed the maximum rate authorized by the Bond Authorization Act as amended at the time of the making of the contract. The requirements of the Illinois Procurement Code shall not apply to the selection of the purchaser of any certificates sold in accordance with the provisions of this paragraph.

With respect to instruments for the payment of money issued under this Section either before, on, or after the effective date of this amendatory Act of 1989, it is and always has been the intention of the General Assembly

(i)that the Omnibus Bond Acts are and always have been supplementary grants of power to issue instruments in accordance with the Omnibus Bond Acts, regardless of any provision of this Act that may appear to be or to have been more restrictive than those Acts,

(ii)that the provisions of this Section are not a limitation on the supplementary authority granted by the Omnibus Bond Acts, and

(iii)that instruments issued under this Section within the supplementary authority granted by the Omnibus Bond Acts are not invalid because of any provision of this Act that may appear to be or to have been more restrictive than those Acts.