SB1365 96TH GENERAL ASSEMBLY

96TH GENERAL ASSEMBLY State of Illinois 2009 and 2010
SB1365

Introduced 2/10/2009, by Sen. Pamela J. Althoff

SYNOPSIS AS INTRODUCED:

`New Act`
`20 ILCS 3501/845-53 new`
`20 ILCS 3805/26.2 new`
`110 ILCS 947/145.2 new`

Creates the Pinstripe Patronage Transparency Act. Requires each State agency or office that issues bonds to compile a summary of all costs of issuance on each bond sale (including both costs paid out of proceeds and those paid out of appropriated funds) and post that summary on its website within 20 business days after the issuance of the bonds. The summary shall include, as applicable, the respective percentages of participation and compensation of each underwriter that is a member of the underwriting syndicate, legal counsel, financial advisors, and other professionals for the bond issue and an identification of all costs of issuance paid to minority owned businesses, female owned businesses, and businesses owned by persons with disabilities. Requires reporting. Amends the Illinois Finance Authority Act, Illinois Housing Development Act, and Higher Education Student Assistance Act to impose the same requirements. Effective immediately.

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FISCAL NOTE ACT MAY APPLY

A BILL FOR

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1 AN ACT concerning finance.

2 Be it enacted by the People of the State of Illinois,

3 represented in the General Assembly:

4 Section 1. Short title. This Act may be cited as the

5 Pinstripe Patronage Transparency Act.

6 Section 5. Summary; costs of issuance of bond sale. Each

7 State agency or office that issues bonds must compile a summary

8 of all costs of issuance on each bond sale (including both

9 costs paid out of proceeds and those paid out of appropriated

10 funds) and post that summary on its website within 20 business

11 days after the issuance of the bonds. The summary shall

12 include, as applicable, the respective percentages of

13 participation and compensation of each underwriter that is a

14 member of the underwriting syndicate, legal counsel, financial

15 advisors, and other professionals for the bond issue and an

16 identification of all costs of issuance paid to minority owned

17 businesses, female owned businesses, and businesses owned by

18 persons with disabilities. The terms "minority owned

19 businesses", "female owned businesses", and "business owned by

20 a person with a disability" have the meanings given to those

21 terms in the Business Enterprise for Minorities, Females, and

22 Persons with Disabilities Act. That posting shall be maintained

23 on the website for a period of at least 30 days. In addition,

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1 each State agency or office must provide a written copy of each

2 summary of costs to the Speaker and Minority Leader of the

3 House of Representatives, the President and Minority Leader of

4 the Senate, and the Commission on Government Forecasting and

5 Accountability within 20 business days after each issuance of

6 bonds.

7 Section 10. The Illinois Finance Authority Act is amended

8 by adding Section 845-53 as follows:

9 (20 ILCS 3501/845-53 new)

10 Sec. 845-53. Summary; costs of issuance of bond sale. The

11 Authority must compile a summary of all costs of issuance on

12 each bond sale (including both costs paid out of proceeds and

13 those paid out of appropriated funds) and post that summary on

14 its website within 20 business days after the issuance of the

15 bonds. The summary shall include, as applicable, the respective

16 percentages of participation and compensation of each

17 underwriter that is a member of the underwriting syndicate,

18 legal counsel, financial advisors, and other professionals for

19 the bond issue and an identification of all costs of issuance

20 paid to minority owned businesses, female owned businesses, and

21 businesses owned by persons with disabilities. The terms

22 "minority owned businesses", "female owned businesses", and

23 "business owned by a person with a disability" have the

24 meanings given to those terms in the Business Enterprise for

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1 Minorities, Females, and Persons with Disabilities Act. That

2 posting shall be maintained on the website for a period of at

3 least 30 days. In addition, the Authority must provide a

4 written copy of each summary of costs to the Commission on

5 Government Forecasting and Accountability within 20 business

6 days after each issuance of bonds.

7 Section 15. The Illinois Housing Development Act is amended

8 by adding Section 26.2 as follows:

9 (20 ILCS 3805/26.2 new)

10 Sec. 26.2. Summary; costs of issuance of bond sale. The