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.
Sponsorship: Partisan Bill (Democrat 4)
Status: (Passed) 2022-05-27 - Public Act . . . . . . . . . 102-0968
[HB5035 Detail]
Bill Drafts
| Revision | Date | Format | Source | View |
|---|
| Chaptered | 2022-06-02 | HTML/Text | Link | View |
| Enrolled | 2022-04-18 | HTML/Text | Link | View |
| Engrossed | 2022-02-22 | HTML/Text | Link | View |
| Introduced | 2022-01-26 | HTML/Text | Link | View |
Amendments
| Amendment | Date | Disposition | Format | Source | View |
|---|
| No bill amendments currently on file for Illinois HB5035 |
Supplemental Documents
| Title | Description | Date | Format | Source | View |
|---|
| No supplemental documents for Illinois HB5035 currently on file. |
