IL SB3760

Raises the bonding threshold for Illinois Department of Transportation and Illinois State Toll Highway Authority public works contracts from $500,000 to $10,000,000.

Increases the mandatory bonding threshold for local governmental units from $150,000 to $5,000,000 for public works projects.

Allows local governmental units to optionally require bonds for public works projects valued at $5,000,000 or less, rather than the previous $150,000 threshold.

Extends the sunset date for these bonding requirements from January 1, 2029 to January 1, 2034.

Requires surety bonds to be from companies licensed by the Department of Insurance with a minimum A- financial strength rating from recognized rating agencies.