90th General Assembly Summary of SB0919    [ Home ]   [ Back ]   [ Legislation ]

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Senate Sponsors:
O'MALLEY.

Short description: 
CNTY-MUNI CD-CASH BONDS                                                    

Synopsis of Bill as introduced:
        Amends the Public Construction Bond Act, the Counties  Code,  and      
   the  Illinois  Municipal Code.  Provides that a county or municipality      
   may not require a cash bond from a builder or developer  to  guarantee      
   completion  of a project improvement when the builder or developer has      
   filed an irrevocable letter of credit or other commercially reasonable      
   security substitute with  the  county  or  municipal  clerk  (now,  an      
   irrevocable letter of credit).  Effective immediately.                      
 
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


   END OF INQUIRY 


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