Bill Text: IL HB2937 | 2017-2018 | 100th General Assembly | Engrossed


Bill Title: Amends the Toll Highway Act. Deletes provisions concerning: land disclosure requirements; condemnation proceedings; beneficial interests; procedures for disclosure; recordation; validity of agreements; penalties; and other requirements. Provides that the Illinois State 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 an interest in the property and every member, shareholder, limited partner, or general partner entitled to receive more than 7.5% of the distributable income of any company or corporation having an interest in the property is disclosed. Provides that the disclosure shall be in writing and under oath. Provides that the beneficiaries of a lease shall furnish a trustee subject to disclosure under the provision with a letter of direction authorizing the trustee to provide the Authority with an up-to-date disclosure whenever requested by the Authority.

Spectrum: Slight Partisan Bill (Republican 3-1)

Status: (Engrossed) 2017-05-26 - Rule 2-10 Third Reading Deadline Established As May 31, 2017 [HB2937 Detail]

Download: Illinois-2017-HB2937-Engrossed.html



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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. The Authority may
8not enter into any contract relating to the ownership or use of
9real property unless the identity of every owner and
10beneficiary having any interest, real or personal, in the
11property and every member, shareholder, limited partner, or
12general partner entitled to receive more than 7 1/2% of the
13total distributable income of any limited liability company,
14corporation, or limited partnership having any interest, real
15or personal, in the property is disclosed. The disclosure shall
16be in writing and shall be subscribed by a member, owner,
17authorized trustee, corporate official, general partner, or
18managing agent, or his or her authorized attorney, under oath.
19However, 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 a 7 1/2% 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 disclosure statement requirement of this
3Section. As a condition of contracts entered into on or after
4the effective date of this amendatory Act of the 100th General
5Assembly, the beneficiaries of a trust shall furnish the
6trustee of a trust subject to disclosure under this Section
7with a binding non-revocable letter of direction authorizing
8the trustee to provide the Authority with an up-to-date
9disclosure whenever requested by the Authority. The letter of
10direction shall be binding on the beneficiaries' heirs,
11successors, and assigns during the term of the contract. This
12Section shall be liberally construed to accomplish the purpose
13of requiring the identification of the actual parties
14benefiting from any transaction with the Authority involving
15the procurement of the ownership or use of real property
16thereby.
17 If an entity is wholly or partially owned by another
18entity, the names of the owners of the wholly or partially
19owning entity shall be disclosed under this Section as well as
20the names of the owners of the wholly or partially owned
21entity.
22 (a) Disclosure required. The Authority may not enter into
23any agreement or understanding for the use or acquisition of
24land that is intended to be used or acquired for toll highway
25purposes unless full disclosure of all beneficial interests in
26the land is made under this Section.

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1 (b) Condemnation proceedings. If the Authority commences
2condemnation proceedings to acquire land that is intended to be
3used or acquired for toll highway purposes, the holders of all
4beneficial interests in the land must make full disclosure
5under this Section unless the court determines that the
6disclosure would cause irreparable harm to one or more holders
7of a beneficial interest.
8 (c) Beneficial interests. Each holder of any beneficial
9interest in the land, including without limitation beneficial
10interests in a land trust, must be disclosed, including both
11individuals and other entities. If any beneficial interest is
12held by an entity, other than an entity whose shares are
13publicly traded, and not by an individual, then all the holders
14of any beneficial interest in that entity must be disclosed.
15This requirement continues at each level of holders of
16beneficial interests until all beneficial interests of all
17individuals in all entities, other than entities whose shares
18are publicly traded, have been disclosed.
19 (d) Written statement. Disclosure must be made by a written
20statement filed (i) with the Authority contemporaneously with
21the execution of the agreement or understanding or (ii) in the
22case of a condemnation proceeding, with the Authority and the
23court within a time period ordered by the court. Each
24individual and entity must be disclosed by name and address and
25by a description of the interest held, including the percentage
26interest in the land held by the individual or entity. The

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1statement must be verified, subject to penalty of perjury, by
2the individual who holds the greatest percentage of beneficial
3interest in the land.
4 (e) Recordation. The Authority must file the statement of
5record with the recorder of each county in which any part of
6the land is located within 3 business days after the statement
7is filed with the Authority.
8 (f) Agreements and understandings void. Any agreement or
9understanding in violation of this Act is void.
10 (g) Penalty. A person who knowingly violates this Section
11is guilty of a business offense and shall be fined $10,000.
12 (h) Other disclosure requirements. The disclosure required
13under this Act is in addition to, and not in lieu of, any other
14disclosure required by law.
15(Source: P.A. 92-759, eff. 8-2-02.)
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