Illinois Compiled Statutes 30 ILCS 500/25-45 – Energy conservation program contracts; energy savings contracts or leases
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(a) For the purposes of this Section, an “energy savings contract or lease” means a contract or lease for an improvement, repair, alteration, betterment, equipment, fixture, or furnishing that is designed to reduce energy consumption or operating costs, and that includes an agreement that payments, except obligations on termination of the contract or lease before its expiration, shall be made over time and that savings are guaranteed to the extent practicable to pay for the cost of the improvement, repair, alteration, betterment, equipment, fixture, or furnishing.
(b) State purchasing officers may enter into energy conservation program contracts or energy savings contracts or leases that provide for utility cost savings. Notwithstanding any other law to the contrary, energy savings contracts or leases may include an alternative financing or lease to purchase option.
(c) Energy conservation program contracts or energy savings contracts and leases may entered into for a period of time deemed to be in the best interest of the State but not exceeding 15 years inclusive of proposed contract or lease renewals.
(d) The chief procurement officer shall promulgate and adopt rules for the implementation of this Section.
(b) State purchasing officers may enter into energy conservation program contracts or energy savings contracts or leases that provide for utility cost savings. Notwithstanding any other law to the contrary, energy savings contracts or leases may include an alternative financing or lease to purchase option.
Terms Used In Illinois Compiled Statutes 30 ILCS 500/25-45
- Contract: A legal written agreement that becomes binding when signed.
- 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
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(c) Energy conservation program contracts or energy savings contracts and leases may entered into for a period of time deemed to be in the best interest of the State but not exceeding 15 years inclusive of proposed contract or lease renewals.
(d) The chief procurement officer shall promulgate and adopt rules for the implementation of this Section.