HB4418ham002 103RD GENERAL ASSEMBLY

Rep. William "Will" Davis

Filed: 3/11/2024

10300HB4418ham002 LRB103 36028 AWJ 70733 a

AMENDMENT TO HOUSE BILL 4418

AMENDMENT NO. ______. Amend House Bill 4418 on page 1, by replacing lines 16 through 20 with the following:

"Section 10. Interest on retainage. Interest shall accrue monthly on retainage withheld by a governmental unit. In the calculation of such interest, State agencies shall use the monthly interest rate of the State Investment Portfolio posted to the State Treasurer's website for the month the interest is due to the contractor. Universities and units of local government shall use the monthly average interest rate of the Illinois Local Government Investment Pool posted on the State Treasurer's website for the month the interest is due to the contractor.".