SB3297 EngrossedLRB097 20009 PJG 65314 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Procurement Code is amended by
5adding Section 40-60 as follows:
 
6    (30 ILCS 500/40-60 new)
7    Sec. 40-60. Written disclosure.
8    (a) All State contracts for the lease or purchase of real
9property occupied, or to be occupied, by a State agency shall
10contain a full written disclosure of the identity of every
11owner of, or beneficiary having an interest in, the property
12being leased or purchased. The disclosure shall be subscribed
13and sworn or otherwise affirmed on oath by the owner,
14authorized trustee, corporate official, partner, managing
15agent, or other authorized person. The disclosure shall set
16forth all ownership interests in the property, including, as
17appropriate, the names of the beneficiaries and the trustee of
18a land trust, the names of all partners whether general or
19limited in nature, the names of all members or managers of a
20limited liability company, the names of all shareholders in a
21corporation, and the names of any other person with an
22ownership or beneficial interest in the property. However, if
23the entity is a publicly traded entity subject to Federal 10K

 

 

SB3297 Engrossed- 2 -LRB097 20009 PJG 65314 b

1reporting, it may submit its 10K disclosure in place of this
2prescribed disclosure.
3    (b) The lessor or seller of the real property shall notify
4the chief procurement officer, or his or her designee, or the
5State procurement officer, or his or her designee, of any
6changes in ownership or beneficial interest in the property and
7shall submit updated disclosure statements in accordance with
8the disclosure requirements of subsection (a) within 30 days
9after the change.
 
10    Section 99. Effective date. This Act takes effect January
111, 2013.