Bill Title: Amends the Public Construction Bond Act. Provides that the Department of Transportation may implement a 5-year pilot program to allow a contractor to provide a non-diminishing irrevocable bank letter of credit in lieu of specified bond requirements on contracts under $500,000. Provides that projects selected by the Department of Transportation for the pilot program must be classified by the Department as low-risk scope of work contracts. Provides for the adoption of rules concerning the criteria for pilot project selection and implementation of the pilot program.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Passed) 2022-05-27 - Public Act . . . . . . . . . 102-0968 [HB5035 Detail]

Text: Latest bill text (Chaptered) [HTML]

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