Bill Text: IL HB3959 | 2023-2024 | 103rd General Assembly | Introduced
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
| ||||||||||||||||||||
| ||||||||||||||||||||
| ||||||||||||||||||||
| ||||||||||||||||||||
| ||||||||||||||||||||
1 | AN ACT concerning finance.
| |||||||||||||||||||
2 | Be it enacted by the People of the State of Illinois,
| |||||||||||||||||||
3 | represented in the General Assembly:
| |||||||||||||||||||
4 | Section 5. The Illinois Finance Authority Act is amended | |||||||||||||||||||
5 | by adding Section 845-7 as follows:
| |||||||||||||||||||
6 | (20 ILCS 3501/845-7 new) | |||||||||||||||||||
7 | Sec. 845-7. Bond unenforceability. Notwithstanding any | |||||||||||||||||||
8 | provision of law, the Authority is prohibited from requiring | |||||||||||||||||||
9 | an organization or company that receives funding from the | |||||||||||||||||||
10 | Authority to procure a bond. All such bond provisions in | |||||||||||||||||||
11 | existing contracts between the Authority and an organization | |||||||||||||||||||
12 | or company are unenforceable.
|