(20 ILCS 3501/830-20)
Sec. 830-20.
The Authority may not pass a resolution authorizing the
issuance
of any notes or bonds in excess of $450,000 for any one agricultural real
estate
borrower. In any calendar year after 2007, the $450,000 amount shall be increased by an amount equal to such dollar amount multiplied by the inflation percentage determined under Section 305(c) of the federal Consolidated Farm and Rural Development Act (7 U.S.C. 1925) as of June 18, 2008. Any increase determined under the preceding sentence shall be rounded to the nearest multiple of $100. No proceeds from any bonds issued by the Authority shall be loaned to
any natural person who has a net worth in excess of $500,000 for the purchase
of
new depreciable agricultural property or to any agribusiness that, including
all
affiliates and subsidiaries, has more than 100 employees and a gross income
exceeding $2,000,000 for the preceding calendar year; provided, however, that
the employee size and gross income limitations shall not apply to any loans to
agribusinesses for research and development purposes, and provided further that
the Authority shall retain the power to waive such limitations for any
agribusiness that, at the time of application, does not operate a facility
within this State.
(Source: P.A. 96-531, eff. 8-14-09.)
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