92nd General Assembly
Summary of HB2380
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House Sponsors:
SCHMITZ, MCCARTHY AND BERNS.

Senate Sponsors:
O'MALLEY

Short description: 
LOCAL GOV-CONSTRUCT BONDS                                                  

Synopsis of Bill as introduced:
        Amends the Public Construction Bond Act, the Counties Code, and        
   the Illinois Municipal Code. Provides that a builder or developer may       
   not be required by a county or municipality to post an irrevocable          
   letter of credit, surety bond, or letter of commitment by a bank to         
   guarantee a project's completion if the developer or builder already        
   has such a bond on file with the county or municipality. Requires           
   counties and municipalities to accept surety instruments from a surety      
   or insurance company authorized by the Department of Insurance to sell      
   sureties in Illinois. Preempts home rule.                                   
        SENATE AMENDMENT NO. 1.                                                
        Further amends the Public Construction Bond Act and the  Illinois      
   Municipal Code.  Exempts a municipality with a population of 1,000,000      
   or more from the requirement that a municipality must approve and deem      
   good  and  sufficient  a surety or insurance company authorized by the      
   Department of Insurance to sell and issue sureties in Illinois.             
        SENATE AMENDMENT NO. 3.                                                
        Further amends the Public Construction Bond Act and the  Illinois      
   Municipal  Code.   Exempts a municipality or county (instead of only a      
   municipality)  with  a  population  of  1,000,000  or  more  from  the      
   requirement that  a  municipality  must  approve  and  deem  good  and      
   sufficient  a surety or insurance company authorized by the Department      
   of Insurance to sell and issue sureties in Illinois.                        
 
Last action on Bill: PUBLIC ACT.............................. 92-0479

   Last action date: AUG-23-2001

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   2


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