INNOVATIVE MODULAR SOLUTIONS v. HAZEL CREST

Nos. 1-10-0212, 1-10-0554, 1-10-0642.

943 N.E.2d 283 (2011)

INNOVATIVE MODULAR SOLUTIONS, an Illinois Corporation, Plaintiff-Appellant and Cross-Appellee, v. HAZEL CREST SCHOOL DISTRICT 152.5, Defendant-Appellee (Hazel Crest School District Finance Authority, Defendant and Cross-Appellant).

Appellate Court of Illinois, First District, Third Division.

February 9, 2011.


Attorney(s) appearing for the Case

Schiff Hardin LLP, Chicago ( Donald J. Kreger , Ruth E. Krugly , of counsel), for Plaintiff-Appellant/Cross-Appellee.

Lisa Madigan , Attorney General, State of Illinois ( Michael A. Scodro , Solicitor General, Carl J. Elitz , Assistant Attorney General), for Defendant/Cross-Appellant.

Robbins Schwartz Nicholas Lifton & Taylor, Ltd., Chicago ( Kenneth M. Florey , Nanci N. Rogers , Scott L. Ginsburg , of counsel).


OPINION

Justice NEVILLE delivered the judgment of the court, with opinion.

In 2002, Hazel Crest School District 152.5 (the District) leased portable classrooms from Innovative Modular Solutions (IMS). The District agreed to pay a cancellation fee if it cancelled the leases before the termination of the lease terms. Later in 2002, due to the District's financial distress, the State invoked the Downstate School Finance Authority for Elementary Districts Law...

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