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Sen. Willie Preston
Filed: 3/20/2024
| | 10300SB2729sam002 | | LRB103 36029 AWJ 70734 a |
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| 1 | | AMENDMENT TO SENATE BILL 2729
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| 2 | | AMENDMENT NO. ______. Amend Senate Bill 2729 on page 1, by |
| 3 | | replacing lines 16 through 20 with the following:
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| 4 | | "Section 10. Interest on retainage. Interest shall accrue |
| 5 | | monthly on retainage withheld by a governmental unit. In the |
| 6 | | calculation of such interest, State agencies shall use the |
| 7 | | monthly interest rate of the State Investment Portfolio posted |
| 8 | | to the State Treasurer's website for the month the interest is |
| 9 | | due to the contractor. Universities and units of local |
| 10 | | government shall use the monthly average interest rate of the |
| 11 | | Illinois Local Government Investment Pool posted on the State |
| 12 | | Treasurer's website for the month the interest is due to the |
| 13 | | contractor.". |