IL HB0262

Removes the restriction preventing counties or municipalities from requiring cash bonds, irrevocable letters of credit, surety bonds, or letters of commitment from builders or developers to guarantee project completion.

Allows counties or municipalities to require cash bonds or other surety instruments as an option to satisfy bond requirements, with such instruments deemed good and sufficient by the county or municipality.

Eliminates the procedure allowing licensed engineers or architects to certify project completion and removes the requirement for counties or municipalities to pay 1% monthly interest on unrefunded bonds beginning 60 days after written completion notification.

Removes the preemption language that prevented home rule counties and municipalities from requiring or maintaining bonds in a manner inconsistent with state law.

Takes effect immediately upon becoming law.