Illinois Compiled Statutes 60 ILCS 1/115-95 – Lease of buildings or facilities
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Illinois Compiled Statutes 60 ILCS 1/115-95
- Board: means the township board in counties having a population of more than 150,000. See Illinois Compiled Statutes 60 ILCS 1/115-5
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
The board may lease any building or facility constructed, reconstructed, altered, renewed, equipped, furnished, extended, developed, and maintained by the township to a responsible person, firm, or corporation for operation or development, or both, and maintenance for a period not longer than 20 years from the date of the lease.