Full Text of SB2549 101st General Assembly
SB2549 101ST GENERAL ASSEMBLY |
| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020 SB2549 Introduced 1/29/2020, by Sen. Michael E. Hastings SYNOPSIS AS INTRODUCED: |
| |
Amends the Toll Highway Act. Provides that the Toll Highway Authority may not enter into any contract relating to the ownership or use of real property unless the identity of every owner and beneficiary having any interest in the property and every member, shareholder, limited partner, or general partner entitled to receive more than 7.5% of the total distributable income of any limited liability company, corporation, or limited partnership having any interest in the property is disclosed. Deletes provisions related to: condemnation proceedings; beneficial interests; and written statements. Provides that the Authority must file the statement of record with the record of each county in which any part of the land is located within 7 (rather than 3) business days after the statement is filed with the Authority.
|
| |
| | A BILL FOR |
|
| | | SB2549 | | LRB101 17147 LNS 66548 b |
|
| 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 |
| | | SB2549 | - 2 - | LRB101 17147 LNS 66548 b |
|
| 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 |
| | | SB2549 | - 3 - | LRB101 17147 LNS 66548 b |
|
| 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.)
|
|