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The People ex rel. The Board of Trustees of Chicago State University v. Siemens Building Technologies, Inc., 900 N.E.2d 414 (Ill.App. 2008). While this case focuses more on the interpretation of a particular state statute ' the Illinois Public University Energy Conservation Act ' than on leasing law generally, it may be of interest to those contemplating financing for public entities. In connection with its attempt to obtain energy savings using equipment installed by Siemens Building Technologies, the state university entered into a master lease agreement with Siemens Financial Services (though the agreement is called a “lease,” the parties and court consider the substance of the transaction to be a security agreement). One of the issues decided here is whether the aforementioned Act prevents the use of “hell or high water” financing provisions under which the university must pay a lessor/financer for energy conservation measures even if the measures do not produce a savings to the university. In affirming a lower court decision that the Act does not prevent such a financing provision, this court states, “If we presume for purposes of this question that third-party financing was contemplated by the legislature, then the commercial reality of this type of lease makes it clear that the risk as between the lessee and lessor for defective equipment is to be placed on the lessee who has recourse against the supplier.”