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91_HB2935
LRB9109353MWpc
1 AN ACT to amend the Illinois Farm Development Act by
2 changing Section 7.2.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Farm Development Act is amended
6 by changing Section 7.2 as follows:
7 (20 ILCS 3605/7.2)
8 Sec. 7.2. Interest-buy-back program.
9 (a) The Authority shall establish an interest-buy-back
10 program to subsidize the interest cost on certain loans to
11 Illinois farmers.
12 (b) To be eligible an applicant must (i) be a resident
13 of Illinois; (ii) be a principal operator of a farm or land;
14 (iii) derive at least 50% of annual gross income from
15 farming; and (iv) have a net worth of at least $10,000 or
16 must be a grain producer in an area designated for drought
17 relief by the Governor. The Authority shall establish
18 minimum and maximum financial requirements, maximum payment
19 amounts, starting and ending dates for the program, and other
20 criteria.
21 (c) Lenders may apply on behalf of eligible applicants
22 on forms provided by the Authority. Lenders may submit
23 requests for payment on forms provided by the Authority.
24 Lenders and applicants shall be responsible for any fees or
25 charges the Authority may require.
26 (d) The Authority shall make payments to lenders from
27 available appropriations from the General Revenue Fund.
28 (Source: P.A. 91-281, eff. 7-23-99.)
29 Section 99. Effective date. This Act takes effect upon
30 becoming law.