HB1737 EngrossedLRB102 10470 RAM 15799 b

1    AN ACT concerning transportation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Toll Highway Act is amended by changing
5Section 9.12 as follows:
 
6    (605 ILCS 10/9.12)
7    Sec. 9.12. Land disclosure requirements.
8    (a) The Authority may not enter into any contract relating
9to the ownership or use of real property unless the identity of
10every owner and beneficiary having any interest, real or
11personal, in the property and every member, shareholder,
12limited partner, or general partner entitled to receive more
13than 7.5% of the total distributable income of any limited
14liability company, corporation, or limited partnership, having
15any interest, real or personal, in the property is disclosed.
16The disclosure shall be in writing and shall be subscribed by a
17member, owner, authorized trustee, corporate official, general
18partner, or managing agent, or his or her authorized attorney,
19under oath. If the interest, stock, or shares in a limited
20liability company, corporation, or general partnership are
21publicly traded and there is no readily known individual
22having greater than 7.5% interest, then a statement subscribed
23to under oath by a member, officer of the corporation, general

 

 

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1partner, or managing agent, or his or her authorized attorney,
2shall fulfill the statement of record required by this
3Section. Disclosure required. The Authority may not enter into
4any agreement or understanding for the use or acquisition of
5land that is intended to be used or acquired for toll highway
6purposes unless full disclosure of all beneficial interests in
7the land is made under this Section.
8    (b) (Blank). Condemnation proceedings. If the Authority
9commences condemnation proceedings to acquire land that is
10intended to be used or acquired for toll highway purposes, the
11holders of all beneficial interests in the land must make full
12disclosure under this Section unless the court determines that
13the disclosure would cause irreparable harm to one or more
14holders of a beneficial interest.
15    (c) (Blank). Beneficial interests. Each holder of any
16beneficial interest in the land, including without limitation
17beneficial interests in a land trust, must be disclosed,
18including both individuals and other entities. If any
19beneficial interest is held by an entity, other than an entity
20whose shares are publicly traded, and not by an individual,
21then all the holders of any beneficial interest in that entity
22must be disclosed. This requirement continues at each level of
23holders of beneficial interests until all beneficial interests
24of all individuals in all entities, other than entities whose
25shares are publicly traded, have been disclosed.
26    (d) (Blank). Written statement. Disclosure must be made by

 

 

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1a written statement filed (i) with the Authority
2contemporaneously with the execution of the agreement or
3understanding or (ii) in the case of a condemnation
4proceeding, with the Authority and the court within a time
5period ordered by the court. Each individual and entity must
6be disclosed by name and address and by a description of the
7interest held, including the percentage interest in the land
8held by the individual or entity. The statement must be
9verified, subject to penalty of perjury, by the individual who
10holds the greatest percentage of beneficial interest in the
11land.
12    (e) Recordation. The Authority must file the statement of
13record with the recorder of each county in which any part of
14the land is located within 7 3 business days after the
15statement is filed with the Authority.
16    (f) Agreements and understandings void. Any agreement or
17understanding in violation of this Act is void.
18    (g) Penalty. A person who knowingly violates this Section
19is guilty of a business offense and shall be fined $10,000.
20    (h) Other disclosure requirements. The disclosure required
21under this Act is in addition to, and not in lieu of, any other
22disclosure required by law.
23(Source: P.A. 92-759, eff. 8-2-02.)