|
|
Executive Committee
Filed: 5/30/2007
|
|
09500SB1511ham001 |
|
LRB095 04366 JAM 36799 a |
|
|
| 1 |
| AMENDMENT TO SENATE BILL 1511
|
| 2 |
| AMENDMENT NO. ______. Amend Senate Bill 1511 on page 3, by |
| 3 |
| replacing lines 10 through 22 with the following:
|
| 4 |
| "Notwithstanding this or any other law, in order to promote |
| 5 |
| business competition and the stability and growth of small |
| 6 |
| businesses, the Capital Development Board may accept a surety |
| 7 |
| bond guaranteed by the federal Small Business Administration |
| 8 |
| for a public construction contract. In lieu of a surety bond, |
| 9 |
| the Board may accept a deposit, in an amount at least equal to |
| 10 |
| the contract price, of: cash, a letter of credit from a |
| 11 |
| federally insured financial institution, debt obligations of |
| 12 |
| the United States, or debt obligations backed by the full faith |
| 13 |
| and credit of the State of Illinois. The Capital Development |
| 14 |
| Board may adopt rules to implement this Section. For purposes |
| 15 |
| of this Section, a small business is a construction business |
| 16 |
| with annual sales and receipts of no more than $27,000,000.".
|