HB3959 103RD GENERAL ASSEMBLY

  
  

 


 
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.


LRB103 31051 DTM 57669 b

 

 

A BILL FOR

 

HB3959LRB103 31051 DTM 57669 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Finance Authority Act is amended
5by adding Section 845-7 as follows:
 
6    (20 ILCS 3501/845-7 new)
7    Sec. 845-7. Bond unenforceability. Notwithstanding any
8provision of law, the Authority is prohibited from requiring
9an organization or company that receives funding from the
10Authority to procure a bond. All such bond provisions in
11existing contracts between the Authority and an organization
12or company are unenforceable.