Sec. 53-10. Concessions and leases of State property and no-cost contracts.

196 words·~1 min read·/il/chapter-30/act-500/53-10

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

(a)Except for property under the jurisdiction of a public institution of higher education, concessions, including the assignment, license, sale, or transfer of interests in or rights to discoveries, inventions, patents, or copyrightable works, may be entered into by the State agency with jurisdiction over the property, whether tangible or intangible.

(b)Except for property under the jurisdiction of a public institution of higher education, all leases of State property and concessions shall be reduced to writing and shall be awarded under the provisions of Article 20, except that the contract shall be awarded to the highest bidder or best bidder or offeror when the State receives a lease payment, a percentage of sales from the lessee, or in-kind support from the lessee based on the return to the State.

(c)Except for property under the jurisdiction of a public institution of higher education, all no-cost procurements shall be reduced to writing and shall be awarded under the provisions of Article 20 of this Code. All awards of no-cost procurements shall identify the estimated business value to the lessee and the value to the State.