SB3760

SB3760 amends the Public Construction Bond Act to change bonding requirements for public works contracts in Illinois.

SB3760 amends the Public Construction Bond Act to change bonding requirements for public works contracts in Illinois. The bill raises the threshold for bonding requirements for public works contracts from $500,000 to $10,000,000. It also allows local governmental units to require bonds for public works projects costing over $5,000,000 and permits bonds or bank letters of credit for projects under $100,000. The Department of Transportation may implement a 5-year pilot program allowing contractors to provide a bank letter of credit in lieu of a bond for contracts under $500,000.