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Panel approves allowing second‑class townships to accept letters of credit instead of bonds
3319284 · May 15, 2025
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Summary
The committee unanimously passed House Bill 1194, a Local Government Commission bill that would authorize second‑class townships to accept irrevocable letters of credit and other forms of security as contract performance guarantees, aligning their options with other municipal classifications.
The House Local Government Committee unanimously reported House Bill 1194, a Local Government Commission bill that authorizes second‑class townships to accept irrevocable letters of credit and other alternative performance security instruments for contracts in place of…
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