Bill Status of SB1365 102nd General Assembly
Short Description: PINSTRIPE PATRONAGE ACT
Sen. Pamela J. Althoff - Dan Duffy - Kyle McCarter and Bill Brady
| 1/12/2011||Senate||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
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.