{"data":{"id":"us-il/110-ilcs-805-3-38","jurisdiction":"us-il","citation":"110 ILCS 805/3-38","heading":"","body":"To lease, with or without an option to purchase, for a period not to exceed 5 years or purchase under an installment contract extending over a period of not more than 5 years, with interest at a rate not to exceed 6% per year on the unpaid principal, such apparatus, equipment, machinery or other personal property as may be required when authorized by the affirmative vote of 2/3 of the members of the board. To lease for a period not to exceed 20 years such rooms, buildings and land, or any one or more of such items, as may be required when authorized by the affirmative vote of 2/3 of the members of the board. The provisions of this Section do not apply to guaranteed energy savings contracts or leases entered into under Article V-A.","path":["CHAPTER 110 HIGHER EDUCATION","Public Community College Act."],"source_url":"https://www.ilga.gov/legislation/ILCS/details?ActID=1150\u0026ChapterID=18\u0026ChapAct=FullText\u0026Print=True","current_through":"at least Public Act 104-790","vintage":"","retrieved_at":"2026-09-15T04:46:28Z","sha256":"30bd0a5c550b31119692241eb3463534f1fdd459a5a82a65f7db6b38454a6553","source_id":"us-il","stale":false,"prev":"us-il/110-ilcs-805-3-37","next":"us-il/110-ilcs-805-3-38.1"},"notice":"GroundRules: Original legal text. Not legal advice."}