HB4309 EngrossedLRB101 17146 LNS 66547 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 having
22greater than 7.5% interest, then a statement subscribed to
23under 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 Section.
3Disclosure required. The Authority may not enter into any
4agreement or understanding for the use or acquisition of land
5that 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 proceeding,
4with the Authority and the court within a time period ordered
5by the court. Each individual and entity must be disclosed by
6name and address and by a description of the interest held,
7including the percentage interest in the land held by the
8individual or entity. The statement must be verified, subject
9to penalty of perjury, by the individual who holds the greatest
10percentage of beneficial interest in the land.
11    (e) Recordation. The Authority must file the statement of
12record with the recorder of each county in which any part of
13the land is located within 7 3 business days after the
14statement is filed with the Authority.
15    (f) Agreements and understandings void. Any agreement or
16understanding in violation of this Act is void.
17    (g) Penalty. A person who knowingly violates this Section
18is guilty of a business offense and shall be fined $10,000.
19    (h) Other disclosure requirements. The disclosure required
20under this Act is in addition to, and not in lieu of, any other
21disclosure required by law.
22(Source: P.A. 92-759, eff. 8-2-02.)