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91_HB4405
LRB9111347JMmb
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. The
16 Authority shall establish minimum and maximum financial
17 requirements, maximum payment amounts, starting and ending
18 dates for the program, and other criteria.
19 (c) Lenders may apply on behalf of eligible applicants
20 on forms provided by the Authority. Lenders may submit
21 requests for payment on forms provided by the Authority.
22 Lenders and applicants shall be responsible for any fees or
23 charges the Authority may require.
24 (d) The Interest Buy-Back Fund is created as a special
25 fund outside the State treasury. The State Treasurer shall
26 be custodian of the Fund. Unexpended appropriations to the
27 Authority for the purpose of this Section shall be deposited
28 into the Interest Buy-Back Fund. Amounts in the Fund not
29 currently needed to meet the obligations of the Fund shall be
30 invested as provided by law, and all interest earned from
31 those investments shall be deposited into the Fund. The
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1 Authority shall make payments to lenders under this Section
2 from the Interest Buy-Back Fund and from available
3 appropriations from the General Revenue Fund.
4 (Source: P.A. 91-281, eff. 7-23-99.)
5 Section 99. Effective date. This Act takes effect upon
6 becoming law.