(20 ILCS 3520/35)
Sec. 35. Application.
(a) To apply for financial assistance from the Program under this Act, a principal and surety shall submit to the Department an application on the form that the Department provides. The contents of the application shall be specified by rules and regulations.
(b) The application shall include, at a minimum, all of the following:
(1) A detailed description of the private sector,
government or utility project.
(2) An itemization of known and estimated costs.
(3) The total amount of investment required to
perform the private sector, government or utility contract.
(4) The funds available to the principal for working
capital.
(5) The amount of bonding assistance sought from the
Department.
(6) Information that relates to the inability of the
principal to obtain adequate bonding on reasonable terms through normal channels.
(7) Information that relates to the financial status
of the principal, including the following: (i) a current balance sheet, (ii) a profit and loss statement, and (iii) credit references.
(8) A schedule of all existing and pending contracts
and the current status of each.
(9) Any other relevant information that the
Department requests.
(c) After receipt of an application for assistance from the Program, the Department may determine that a principal must provide an audited balance sheet before the Department makes its decision on the application.
(d) If a principal has ever defaulted on any loan or guaranty provided by the Department, the Department shall refuse to approve a guaranty under this Act. The Department may also refuse to approve a guarantee if the principal has committed a felony.
(Source: P.A. 88-407; 88-665, eff. 9-16-94.)
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Last modified: February 18, 2015