Bill Status of HB4531 100th General Assembly
Short Description: LOCAL GOV-CONSTRUCTION BOND
Rep. Martin J. Moylan
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Public Construction Bond Act, the Counties Code, and the Illinois Municipal Code. Allows a county or municipality to require an irrevocable letter of credit, surety bond, or letter of commitment issued by a bank, savings and loan association, surety, or insurance company from a builder or developer to guarantee completion of a project improvement. Eliminates the preemption of home rule powers.