Bill Text: IL SB3297 | 2011-2012 | 97th General Assembly | Engrossed

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Amends the Illinois Procurement Code. Makes a technical change in a Section concerning resident bidders.

Spectrum: Slight Partisan Bill (Democrat 3-1)

Status: (Passed) 2013-01-18 - Public Act . . . . . . . . . 97-1146 [SB3297 Detail]

Download: Illinois-2011-SB3297-Engrossed.html

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SB3297 Engrossed LRB097 20009 PJG 65314 b
AN ACT concerning finance.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Procurement Code is amended by
adding Section 40-60 as follows:
(30 ILCS 500/40-60 new)
Sec. 40-60. Written disclosure.
(a) All State contracts for the lease or purchase of real
property occupied, or to be occupied, by a State agency shall
contain a full written disclosure of the identity of every
owner of, or beneficiary having an interest in, the property
being leased or purchased. The disclosure shall be subscribed
and sworn or otherwise affirmed on oath by the owner,
authorized trustee, corporate official, partner, managing
agent, or other authorized person. The disclosure shall set
forth all ownership interests in the property, including, as
appropriate, the names of the beneficiaries and the trustee of
a land trust, the names of all partners whether general or
limited in nature, the names of all members or managers of a
limited liability company, the names of all shareholders in a
corporation, and the names of any other person with an
ownership or beneficial interest in the property. However, if
the entity is a publicly traded entity subject to Federal 10K

SB3297 Engrossed - 2 - LRB097 20009 PJG 65314 b
reporting, it may submit its 10K disclosure in place of this
prescribed disclosure.
(b) The lessor or seller of the real property shall notify
the chief procurement officer, or his or her designee, or the
State procurement officer, or his or her designee, of any
changes in ownership or beneficial interest in the property and
shall submit updated disclosure statements in accordance with
the disclosure requirements of subsection (a) within 30 days
after the change.