Bill Text: IL HB3959 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2023-03-10 - Rule 19(a) / Re-referred to Rules Committee [HB3959 Detail]

Download: Illinois-2023-HB3959-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3959 Introduced , 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
HB3959 LRB103 31051 DTM 57669 b
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.