Illinois Compiled Statutes 15 ILCS 505/35 – State Treasurer may purchase real property
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(a) Subject to the provisions of the Public Contract Fraud Act, the State Treasurer, on behalf of the State of Illinois, is authorized during State fiscal years 2019 and 2020 to acquire real property located in the City of Springfield, Illinois which the State Treasurer deems necessary to properly carry out the powers and duties vested in him or her. Real property acquired under this Section may be acquired subject to any third party interests in the property that do not prevent the State Treasurer from exercising the intended beneficial use of such property.
(b) Subject to the provisions of the Treasurer’s Procurement Rules, which shall be substantially in accordance with the requirements of the Illinois Procurement Code, the State Treasurer may:
(1) enter into contracts relating to construction,
(b) Subject to the provisions of the Treasurer’s Procurement Rules, which shall be substantially in accordance with the requirements of the Illinois Procurement Code, the State Treasurer may:
Terms Used In Illinois Compiled Statutes 15 ILCS 505/35
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Contract: A legal written agreement that becomes binding when signed.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Fraud: Intentional deception resulting in injury to another.
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- 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
(1) enter into contracts relating to construction,
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reconstruction or renovation projects for any such buildings or lands acquired pursuant to subsection (a); and
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(2) equip, lease, operate and maintain those grounds,
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buildings and facilities as may be appropriate to carry out his or her statutory purposes and duties.
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(c) The State Treasurer may enter into agreements with any person with respect to the use and occupancy of the grounds, buildings, and facilities of the State Treasurer, including concession, license, and lease agreements on terms and conditions as the State Treasurer determines and in accordance with the procurement processes for the Office of the State Treasurer, which shall be substantially in accordance with the requirements of the Illinois Procurement Code.
(d) The exercise of the authority vested in the Treasurer by this Section is subject to the appropriation of the necessary funds.
(e) State Treasurer’s Capital Fund.
(1) The State Treasurer’s Capital Fund is created as
(d) The exercise of the authority vested in the Treasurer by this Section is subject to the appropriation of the necessary funds.
(e) State Treasurer’s Capital Fund.
(1) The State Treasurer’s Capital Fund is created as
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a trust fund in the State treasury. Moneys in the Fund shall be utilized by the State Treasurer in the exercise of the authority vested in the Treasurer by subsection (b) of this Section. All interest earned by the investment or deposit of moneys accumulated in the Fund shall be deposited into the Fund.
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(2) Moneys in the State Treasurer’s Capital Fund are
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subject to appropriation by the General Assembly.
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(3) The State Treasurer may transfer amounts from the
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State Treasurer’s Administrative Fund and from the Unclaimed Property Trust Fund to the State Treasurer’s Capital Fund. In no fiscal year may the total of such transfers exceed $250,000. The State Treasurer may accept gifts, grants, donations, federal funds, or other revenues or transfers for deposit into the State Treasurer’s Capital Fund.
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(4) After the effective date of this amendatory Act
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of the 102nd General Assembly and prior to July 1, 2022 the State Treasurer and State Comptroller shall transfer from the CDB Special Projects Fund to the State Treasurer’s Capital Fund an amount equal to the unexpended balance of funds transferred by the State Treasurer to the CDB Special Projects Fund in 2019 and 2020 pursuant to an intergovernmental agreement between the State Treasurer and the Capital Development Board.
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