HomeMy WebLinkAboutOrd 2481 01/02/1974
ORDINANCE NO. 2481
AN ORDINANCE PROVIDING FOR DISCLOSURE
OF INTERESTS IN LAND TRUSTS
SECTION ONE: That, pursuant to the authority vested in the Village of Mount Prosptct
under Article VII of the 1970 Constitution of the State of Illinois as well as the Illinois!
Revised Statutes, Chapter 24 of the Mount Prospect Municipal Code of 1957, as amenfi e<
be and the same is hereby further amended by adding thereto an additional Article "
Article XI, requiring the disclosure of beneficial interests in land trusts; so that her~-
after the said Article XI of Chapter 24 shall be and read as follows: !
"ARTICLE XI LAND TRUSTS
SECTION 24.1101. Definitions. As used in this Article:
A. "Beneficial interest" means any interest, regardless of how small or
minimal such interest may be, in a land trust, held by a trustee for
the benefit of beneficiaries of such land trust.
B. tlBeneficiary" means any person, body politic, corporate or other en-
tity having a beneficial interest in a land trust.
C. "Land trust" means any express agreement or arrangement whereof a
use, confidence or trust is declared of any land, or of any charge upon
land, for the use or benefit of any beneficiary, under which the title
to real property, either legal or equitable, is held by a trustee, sub-
ject only to the execution of the trust, which may be enforced by the
beneficiaries who have the exclusive right to manage and control the
real estate, to have the possession thereof, to receive the net proceeds
from the rental, sale, hypothecation or other disposition thereof, and
under which the interest of the beneficiary is personal property only.
SECTION 24.1102. Disclosure of Beneficiary Interests Required.
A. Whenever any trustee of a land trust or whenever any beneficiary or
beneficiaries of a land trust make application to the Village of Mount
Prospect for any benefit, authorization, zoning amendment, variance,
special use, license and/or permit relating to the land which is the
subject of such land trust or permit relating to any interest therein,
improvements thereto, or use thereof; such application shall identify
each and every beneficiary of such land trust by name and address
and define his interest therein.
1. All such applications shall be verified by the applicant in his
capacity as trustee, or by the beneficiary as a beneficial owner
of an interest in such land trust.
2. If such application is filed by a body politic or other corporate
entity, it shall be verified by a duly authorized officer of such
body politic or other corporate entity for whom the application
is made.
B. Whoever, in swearing to or in affirming an application, as required
under Subsection A hereinabove, either makes a false statement as to
the identification of beneficiaries of a land trust or makes a false state-
ment material to an issue or point in question on such application;
shall be guilty of a misdemeanor.
C . Whoever, having taken a lawful oath or having made affirmation, shall
testify wilfully and falsely as to any of such matters for the purpose of
inducing the approval of any benefit, authorization, zoning amendment,
variance, special use, license and/or permit relating to the land which
is the subject of a land trust or permit relating to any interest therein,
improvements thereto, or use thereof; or whoever shall suborn any
other person to so swear, affirm, or testify is guilty of a misdemeanor.
SECTION 24.1103. Penalty.
A. Every person convicted of a misdemeanor for a violation of any of the
provisions of this Article shall be punished by a fine of not less than
Ten Dollars ($10.00) nor more than Five Hundred Dollars ($500.00).
B . Fines and penalties recovered under the provisions of this Article for
offenses committed shall be paid over to the Treasurer of the Village
of Mount Prospect. "
SECTION TWO: That this Ordinance shall be in full force and effect from and after
its passage, approval, and publication in the manner provided by law.
AYES: 6
NAYS: 0
PASSED and APPROVED this 2nd day of January, 1974.
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. Village President
ATTEST: 4 4 Iv:
Village Clerk
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