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HB3751 Public Construction Bonds

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Home Builders Oppose Reversal of Authority for Public Construction Bonds

Oppose HB3751 – Moylan

Opponents to HB3751:    Illinois Bankers Association
                              American Institute of Architects, Illinois
  Associated General Contractors of Illinois
Illinois Construction Industry Committee
Illinois Association of Aggregate Producers
Underground Contractors Association of Illinois
Illinois Asphalt Pavement Association
Associated Builders & Contractors
Illinois Ready Mixed Concrete Association
Great Lakes Cement Promotion Council
Independent Insurance Agents of Illinois

State law allows cities & counties to require developers to post a cash bond to insure that the public improvements on new developments are completed. Developers choose to post a cash bond, letter of credit, or surety bond to guarantee that there are funds available to complete the project improvements. Local official sets the rating of the bonds to financially protect their unit of government.

For these reasons, HBAI vehemently opposes any reversal of authority in the Public Construction Bond Act, such as that contained in HB3751. For these reasons, we respectfully request a NO Vote on its consideration.