State of Illinois
91st General Assembly
Legislation

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91_SB1071eng

 
SB1071 Engrossed                               LRB9102002JMcs

 1        AN ACT to amend the Public Officer Prohibited  Activities
 2    Act by changing Section 3.1.

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

 5        Section 5.  The Public Officer Prohibited Activities  Act
 6    is amended by changing Section 3.1 as follows:

 7        (50 ILCS 105/3.1) (from Ch. 102, par. 3.1)
 8        Sec.  3.1.  Before any contract relating to the ownership
 9    or use of real property is entered into by  and  between  the
10    State  or any local governmental unit or any agency of either
11    the identity  of  every  owner  and  beneficiary  having  any
12    interest,  real  or  personal,  in  such  property, and every
13    member, shareholder,  limited  partner,  or  general  partner
14    entitled   to   receive   more  than  7  1/2%  of  the  total
15    distributable  income  of  any  limited  liability   company,
16    corporation, or limited partnership having any interest, real
17    or   personal,  in  such  property  must  be  disclosed.  The
18    disclosure shall be in writing and shall be subscribed  by  a
19    member,  an  owner,  authorized  trustee, corporate official,
20    general partner, or managing agent, or his or her  authorized
21    attorney,  under  oath.  However,  if the interest, stock, or
22    shares  in  a  limited  liability  company,  corporation,  or
23    general partnership  is  publicly  traded  and  there  is  no
24    readily  known  individual  having  greater  than  a  7  1/2%
25    interest,  then  a  statement  to  that effect, subscribed to
26    under oath by  a  member,  an  officer  of  the  corporation,
27    general  partner,  or  its  managing  agent,  or  his  or her
28    authorized attorney, shall fulfill the  disclosure  statement
29    requirement  of  this  Section.  As  a condition of contracts
30    entered  into  on  or  after  the  effective  date  of   this
31    amendatory  Act  of  1995, the beneficiaries of a lease shall
 
SB1071 Engrossed            -2-                LRB9102002JMcs
 1    furnish the trustee of a trust subject  to  disclosure  under
 2    this Section with a binding non-revocable letter of direction
 3    authorizing   the  trustee  to  provide  the  State  with  an
 4    up-to-date disclosure whenever requested by the  State.   The
 5    letter of direction shall be binding on beneficiaries' heirs,
 6    successors, and assigns during the term of the contract. This
 7    Section  shall  be  liberally  construed  to  accomplish  the
 8    purpose of requiring the identification of the actual parties
 9    benefiting  from  any transaction with a governmental unit or
10    agency involving the procurement of the ownership or  use  of
11    real property thereby.
12        For  any  entity  that  is  wholly  or partially owned by
13    another entity, the names of the  owners  of  the  wholly  or
14    partially   owning  entity  shall  be  disclosed  under  this
15    Section, as well as the names of the owners of the wholly  or
16    partially owned entity.
17    (Source: P.A. 89-91, eff. 6-30-95.)

18        Section  99.  Effective date.  This Act takes effect upon
19    becoming law.

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