HB3959 103RD GENERAL ASSEMBLY

LRB103 31051 DTM 57669 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB3959

Introduced 2/17/2023, by Rep. Mark L. Walker

SYNOPSIS AS INTRODUCED:

20 ILCS 3501/845-7 new

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.

A BILL FOR

AN ACT concerning finance.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Finance Authority Act is amended by adding Section 845-7 as follows:

(20 ILCS 3501/845-7 new)

Sec. 845-7. Bond unenforceability. Notwithstanding any provision of law, the Authority is prohibited from requiring an organization or company that receives funding from the Authority to procure a bond. All such bond provisions in existing contracts between the Authority and an organization or company are unenforceable.