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Planning commission backs AM Best A‑rated requirement for surety bonds
Summary
The Planning Commission approved a Land Development Code amendment requiring corporate surety bonds used to guarantee subdivision and public improvements to be issued by companies licensed in Illinois with an AM Best rating of A or better.
Orland Park’s Planning Commission voted to adopt a land development code amendment requiring a minimum AM Best rating of A (or better) and an Illinois corporate surety license for surety bonds that guarantee subdivision and public improvements.
Planner Marcus told the commission the amendment would establish a minimum financial rating requirement for surety bonds or letters of credit used to…
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