State of Illinois
Public Acts
92^nd General Assembly

Public Act 92-0759

SB2068 Enrolled                                LRB9215893ACsb

    AN ACT concerning toll highways.

    Be it enacted by the People of  the  State  of  Illinois,
represented in the General Assembly:

    Section  5.  The  Toll  Highway  Act is amended by adding
Section 9.12 as follows:

    (605 ILCS 10/9.12 new)
    Sec. 9.12.  Land disclosure requirements.
    (a)  Disclosure required. The  Authority  may  not  enter
into   any   agreement   or  understanding  for  the  use  or
acquisition of land that is intended to be used  or  acquired
for  toll  highway  purposes  unless  full  disclosure of all
beneficial interests in the land is made under this Section.
    (b)  Condemnation   proceedings.    If   the    Authority
commences  condemnation  proceedings  to acquire land that is
intended to be used or acquired for  toll  highway  purposes,
the holders of all beneficial interests in the land must make
full   disclosure   under   this  Section  unless  the  court
determines that the disclosure would cause  irreparable  harm
to one or more holders of a beneficial interest.
    (c)  Beneficial interests.  Each holder of any beneficial
interest in the land, including without limitation beneficial
interests  in a land trust, must be disclosed, including both
individuals and other entities.  If any  beneficial  interest
is  held  by an entity, other than an entity whose shares are
publicly traded, and not  by  an  individual,  then  all  the
holders  of  any  beneficial  interest in that entity must be
disclosed.  This  requirement  continues  at  each  level  of
holders   of   beneficial   interests  until  all  beneficial
interests of all individuals  in  all  entities,  other  than
entities   whose   shares  are  publicly  traded,  have  been
disclosed.
    (d)  Written statement.  Disclosure must  be  made  by  a
written    statement    filed    (i)   with   the   Authority
contemporaneously with the  execution  of  the  agreement  or
understanding   or   (ii)  in  the  case  of  a  condemnation
proceeding, with the Authority and the court  within  a  time
period ordered by the court.  Each individual and entity must
be  disclosed by name and address and by a description of the
interest held, including the percentage interest in the  land
held  by  the  individual  or  entity.  The statement must be
verified, subject to penalty of perjury,  by  the  individual
who  holds  the greatest percentage of beneficial interest in
the land.
    (e)  Recordation.  The Authority must file the  statement
of  record with the recorder of each county in which any part
of the land is located  within  3  business  days  after  the
statement is filed with the Authority.
    (f)  Agreements  and  understandings void.  Any agreement
or understanding in violation of this Act is void.
    (g)  Penalty.   A  person  who  knowingly  violates  this
Section is guilty of a business offense and  shall  be  fined
$10,000.
    (h)  Other   disclosure   requirements.   The  disclosure
required under this Act is in addition to, and  not  in  lieu
of, any other disclosure required by law.

    Section  99.  Effective date.  This Act takes effect upon
becoming law.
    Passed in the General Assembly May 09, 2002.
    Approved August 02, 2002.
    Effective August 02, 2002.