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91_SB1071eng SB1071 Engrossed LRB9102002JMcs 1 AN ACT to amend the Public Officer Prohibited Activities 2 Act by changing Section 3.1. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 5. The Public Officer Prohibited Activities Act 6 is amended by changing Section 3.1 as follows: 7 (50 ILCS 105/3.1) (from Ch. 102, par. 3.1) 8 Sec. 3.1. Before any contract relating to the ownership 9 or use of real property is entered into by and between the 10 State or any local governmental unit or any agency of either 11 the identity of every owner and beneficiary having any 12 interest, real or personal, in such property, and every 13 member, shareholder, limited partner, or general partner 14 entitled to receive more than 7 1/2% of the total 15 distributable income of any limited liability company, 16 corporation, or limited partnership having any interest, real 17 or personal, in such property must be disclosed. The 18 disclosure shall be in writing and shall be subscribed by a 19 member,anowner, authorized trustee, corporate official, 20 general partner, or managing agent, or his or her authorized 21 attorney, under oath. However, if the interest, stock, or 22 shares in a limited liability company, corporation, or 23 general partnership is publicly traded and there is no 24 readily known individual having greater than a 7 1/2% 25 interest, then a statement to that effect, subscribed to 26 under oath by a member,anofficer of the corporation, 27 general partner, oritsmanaging agent, or his or her 28 authorized attorney, shall fulfill the disclosure statement 29 requirement of this Section. As a condition of contracts 30 entered into on or after the effective date of this 31 amendatory Act of 1995, the beneficiaries of a lease shall SB1071 Engrossed -2- LRB9102002JMcs 1 furnish the trustee of a trust subject to disclosure under 2 this Section with a binding non-revocable letter of direction 3 authorizing the trustee to provide the State with an 4 up-to-date disclosure whenever requested by the State. The 5 letter of direction shall be binding on beneficiaries' heirs, 6 successors, and assigns during the term of the contract. This 7 Section shall be liberally construed to accomplish the 8 purpose of requiring the identification of the actual parties 9 benefiting from any transaction with a governmental unit or 10 agency involving the procurement of the ownership or use of 11 real property thereby. 12 For any entity that is wholly or partially owned by 13 another entity, the names of the owners of the wholly or 14 partially owning entity shall be disclosed under this 15 Section, as well as the names of the owners of the wholly or 16 partially owned entity. 17 (Source: P.A. 89-91, eff. 6-30-95.) 18 Section 99. Effective date. This Act takes effect upon 19 becoming law.