PROMPT PAYMENT-LOCAL GOV Senate SponsorsSen. Terry Link 1/9/2007SenateSession Sine Die 50 ILCS 505/3.5 new50 ILCS 505/8 new50 ILCS 505/9from Ch. 85, par. 5609Amends the Local Government Prompt Payment Act to authorize construction related contracts covered by the Act to include retainage provisions. Sets forth certain conditions for these retainage provisions. Provides that if the local government entity fails to pay any invoice within 30 days of approval or fails to approve or disapprove the invoice within the time required to approve or disapprove a bill, plus an additional 30 days, the contractor and subcontractors not paid may suspend performance under the construction contract or subcontracts without penalty until the overdue payment or payments are made. Sets forth that interest payments received pursuant this Act shall be disbursed to subcontractors and material suppliers to whom payment has been delayed on a pro rata basis. Authorizes contractors, subcontractors, and material suppliers to recover the interest payable under this Act in any action pursuant to Section 23 of the Mechanics Lien Act or pursuant to the Public Construction Bond Act. 1/20/2006SenateFiled with Secretary by Sen. Terry Link 1/20/2006SenateFirst Reading 1/20/2006SenateReferred to Rules 1/9/2007SenateSession Sine Die