Full Text of HB4309 101st General Assembly
HB4309eng 101ST GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning transportation.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Toll Highway Act is amended by changing | 5 | | Section 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 | 9 | | to the ownership or use of real property unless the identity of | 10 | | every owner and beneficiary having any interest, real or | 11 | | personal, in the property and every member, shareholder, | 12 | | limited partner, or general partner entitled to receive more | 13 | | than 7.5% of the total distributable income of any limited | 14 | | liability company, corporation, or limited partnership, having | 15 | | any interest, real or personal, in the property is disclosed. | 16 | | The disclosure shall be in writing and shall be subscribed by a | 17 | | member, owner, authorized trustee, corporate official, general | 18 | | partner, or managing agent, or his or her authorized attorney, | 19 | | under oath. If the interest, stock, or shares in a limited | 20 | | liability company, corporation, or general partnership are | 21 | | publicly traded and there is no readily known individual having | 22 | | greater than 7.5% interest, then a statement subscribed to | 23 | | under oath by a member, officer of the corporation, general |
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| 1 | | partner, or managing agent, or his or her authorized attorney, | 2 | | shall fulfill the statement of record required by this Section. | 3 | | Disclosure required. The Authority
may not enter into any | 4 | | agreement or understanding for the use or
acquisition of land | 5 | | that is intended to be used or acquired for toll highway
| 6 | | purposes unless full disclosure of all
beneficial interests in | 7 | | the land is made under this Section.
| 8 | | (b) (Blank). Condemnation proceedings. If the Authority | 9 | | commences condemnation
proceedings to acquire land that is | 10 | | intended to be used or acquired for toll
highway purposes, the | 11 | | holders of all beneficial interests in the land must make
full | 12 | | disclosure under this Section unless the court determines that | 13 | | the
disclosure would cause irreparable harm to one or more | 14 | | holders of a beneficial
interest.
| 15 | | (c) (Blank). Beneficial interests. Each holder of any | 16 | | beneficial interest in
the land, including without limitation | 17 | | beneficial interests in a land trust,
must be disclosed, | 18 | | including both individuals and other entities. If any
| 19 | | beneficial interest is held by an entity, other than an entity | 20 | | whose shares are
publicly traded, and not by an individual, | 21 | | then all the holders of any
beneficial interest in that entity | 22 | | must be disclosed. This requirement
continues at each level of | 23 | | holders of beneficial interests until all beneficial
interests | 24 | | of all individuals in all entities, other than entities whose | 25 | | shares
are publicly traded, have been disclosed.
| 26 | | (d) (Blank). Written statement. Disclosure must be made by |
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| 1 | | a written
statement filed (i) with the Authority
| 2 | | contemporaneously with the execution of the agreement or | 3 | | understanding or (ii)
in the case of a condemnation proceeding, | 4 | | with the Authority and the court
within a time period ordered | 5 | | by the court. Each
individual and entity must be disclosed by | 6 | | name and address and by a
description of the interest held, | 7 | | including the percentage interest in the land
held by the | 8 | | individual or entity. The statement must be verified, subject | 9 | | to
penalty of perjury, by the individual who holds the greatest | 10 | | percentage of
beneficial interest in the land.
| 11 | | (e) Recordation. The Authority must
file the statement of | 12 | | record with the recorder of each county in which any part
of | 13 | | the land is located within 7 3 business days after the | 14 | | statement is filed with
the Authority.
| 15 | | (f) Agreements and understandings void. Any agreement or
| 16 | | understanding in violation of this Act is void.
| 17 | | (g) Penalty. A person who knowingly violates this Section | 18 | | is guilty of a
business offense and shall be fined $10,000.
| 19 | | (h) Other disclosure requirements. The disclosure required | 20 | | under
this Act is in addition to, and not in lieu of, any other | 21 | | disclosure required
by law.
| 22 | | (Source: P.A. 92-759, eff. 8-2-02.)
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