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| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB3959 Introduced 2/17/2023, by Rep. Mark L. Walker SYNOPSIS AS INTRODUCED:
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Amends the Illinois Finance Authority Act. Provides that the Authority is prohibited from requiring an organization or company that receives funding from the Authority to procure a bond. Provides that all bond provisions in existing contracts between the Authority and an organization or company are unenforceable.
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| | A BILL FOR |
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| | HB3959 | | LRB103 31051 DTM 57669 b |
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| 1 | | AN ACT concerning finance.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Finance Authority Act is amended |
| 5 | | by adding Section 845-7 as follows:
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| 6 | | (20 ILCS 3501/845-7 new) |
| 7 | | Sec. 845-7. Bond unenforceability. Notwithstanding any |
| 8 | | provision of law, the Authority is prohibited from requiring |
| 9 | | an organization or company that receives funding from the |
| 10 | | Authority to procure a bond. All such bond provisions in |
| 11 | | existing contracts between the Authority and an organization |
| 12 | | or company are unenforceable.
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