Illinois HB5042 amends the Public Construction Bond Act to change bonding requirements for public works contracts.
Illinois HB5042 amends the Public Construction Bond Act to change bonding requirements for public works contracts. The Department of Transportation and the Illinois State Toll Highway Authority must require contractors for public works contracts costing over $10 million to furnish a bond. Local governmental units may require a bond for public works projects costing over $5 million and may require a bond for projects valued at $5 million or less.
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