State of Illinois
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92nd General Assembly

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Public Act 92-0294

HB3024 Enrolled                                LRB9208268REdv

    AN ACT concerning land disclosure.

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

    Section  1.  Short  title.  This  Act may be cited as the
Airport and Correctional Facility Land Disclosure Act.

    Section 5. Disclosure required. Neither the State nor any
unit of local government may  enter  into  any  agreement  or
understanding  for  the  use  or  acquisition of land that is
intended to be used or acquired for airport purposes or for a
correctional  facility  unless   full   disclosure   of   all
beneficial interests in the land is made under this Act.

    Section  10.   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.

    Section  15.  Written statement.  Disclosure must be made
by a written  statement  filed  with  the  appropriate  State
agency or unit of local government contemporaneously with the
execution of the agreement or understanding.  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.

    Section  20.   Recordation.   The State agency or unit of
local government 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 State agency or unit of local government.

    Section  25.   Agreements  and  understandings void.  Any
agreement or understanding in violation of this Act is void.

    Section  30.    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 15, 2001.
    Approved August 09, 2001.

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