Bill Status of HB 262   97th General Assembly


Short Description:  PUBLIC CONSTRUCTION BONDS

House Sponsors
Rep. Linda Chapa LaVia

Last Action  View All Actions

DateChamber Action
  1/8/2013HouseSession Sine Die

Statutes Amended In Order of Appearance
30 ILCS 550/3

Synopsis As Introduced
Amends the Public Construction Bond Act concerning a cash bond or other surety from a builder or developer. Allows a county or municipality to require a cash bond or other surety (instead of requiring the county or municipality to accept a letter of credit or other instrument issued by a financial institution). Eliminates a procedure allowing an engineer or architect to certify completion of a project and requiring the county or municipality to pay interest on any unrefunded bond beginning 60 days after written notification of completion. Eliminates the preemption of home rule powers. Effective immediately.

Actions 
DateChamber Action
  1/25/2011HouseFiled with the Clerk by Rep. Linda Chapa LaVia
  1/25/2011HouseFirst Reading
  1/25/2011HouseReferred to Rules Committee
  2/8/2011HouseAssigned to Cities & Villages Committee
  3/17/2011HouseRule 19(a) / Re-referred to Rules Committee
  1/8/2013HouseSession Sine Die

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