Sec. 15. Borrowing process.
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/il/chapter-30/act-343/15A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 15. Borrowing process.
(a)Whenever the borrowing of money under Section 10 is contemplated, the Director of the Governor's Office of Management and Budget, acting at the direction of the Governor, shall prepare for such borrowing in one or more series, in amounts, at prices and at interest rates, and in such manner as directed by the Governor.
(b)The Director of the Governor's Office of Management and Budget, acting at the direction of the Governor, may negotiate and borrow directly from the Federal Reserve Bank or its agent in accordance with the Municipal Liquidity Facility program established pursuant to Section 4003 of the federal CARES Act and Section 13(3) of the Federal Reserve Act, or in accordance with any other federal coronavirus financing legislation or other program authorized by the United States Congress.
(c)The rate of interest on any borrowing pursuant to this Act shall 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 requiring competitive requests for proposal shall not apply to the selection of a lender in accordance with this Section.