Illinois Compiled Statutes 30 ILCS 500/25-47 – Renewable energy resources contracts or leases
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Terms Used In Illinois Compiled Statutes 30 ILCS 500/25-47
- 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
State purchasing officers or a State agency may enter into renewable energy resources contracts and leases for a period of time deemed to be in the best interest of the State, but not exceeding 25 years inclusive of proposed contract or lease renewals. For the purposes of this Section, “renewable energy resources” has the meaning ascribed to that term in Section 1-10 of the Illinois Power Agency Act.