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92_SB2068enr SB2068 Enrolled LRB9215893ACsb 1 AN ACT concerning toll highways. 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 adding 5 Section 9.12 as follows: 6 (605 ILCS 10/9.12 new) 7 Sec. 9.12. Land disclosure requirements. 8 (a) Disclosure required. The Authority may not enter 9 into any agreement or understanding for the use or 10 acquisition of land that is intended to be used or acquired 11 for toll highway purposes unless full disclosure of all 12 beneficial interests in the land is made under this Section. 13 (b) Condemnation proceedings. If the Authority 14 commences condemnation proceedings to acquire land that is 15 intended to be used or acquired for toll highway purposes, 16 the holders of all beneficial interests in the land must make 17 full disclosure under this Section unless the court 18 determines that the disclosure would cause irreparable harm 19 to one or more holders of a beneficial interest. 20 (c) Beneficial interests. Each holder of any beneficial 21 interest in the land, including without limitation beneficial 22 interests in a land trust, must be disclosed, including both 23 individuals and other entities. If any beneficial interest 24 is held by an entity, other than an entity whose shares are 25 publicly traded, and not by an individual, then all the 26 holders of any beneficial interest in that entity must be 27 disclosed. This requirement continues at each level of 28 holders of beneficial interests until all beneficial 29 interests of all individuals in all entities, other than 30 entities whose shares are publicly traded, have been 31 disclosed. SB2068 Enrolled -2- LRB9215893ACsb 1 (d) Written statement. Disclosure must be made by a 2 written statement filed (i) with the Authority 3 contemporaneously with the execution of the agreement or 4 understanding or (ii) in the case of a condemnation 5 proceeding, with the Authority and the court within a time 6 period ordered by the court. Each individual and entity must 7 be disclosed by name and address and by a description of the 8 interest held, including the percentage interest in the land 9 held by the individual or entity. The statement must be 10 verified, subject to penalty of perjury, by the individual 11 who holds the greatest percentage of beneficial interest in 12 the land. 13 (e) Recordation. The Authority must file the statement 14 of record with the recorder of each county in which any part 15 of the land is located within 3 business days after the 16 statement is filed with the Authority. 17 (f) Agreements and understandings void. Any agreement 18 or understanding in violation of this Act is void. 19 (g) Penalty. A person who knowingly violates this 20 Section is guilty of a business offense and shall be fined 21 $10,000. 22 (h) Other disclosure requirements. The disclosure 23 required under this Act is in addition to, and not in lieu 24 of, any other disclosure required by law. 25 Section 99. Effective date. This Act takes effect upon 26 becoming law.