90th General Assembly
Status of HB1880
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   20 ILCS 3605/11           from Ch. 5, par. 1211                             
   20 ILCS 3605/12.1         from Ch. 5, par. 1212.1                           
   20 ILCS 3605/12.2         from Ch. 5, par. 1212.2                           
   20 ILCS 3605/12.4         from Ch. 5, par. 1212.4                           

        Amends the Illinois Farm  Development  Act.   Provides  that  the      
   Illinois  Farm  Development Authority shall not have outstanding State      
   Guarantees in an aggregate principal amount exceeding $50,000,000 (now      
   $35,000,000).  Provides that there shall be no income restriction  for      
   applicants  who  have previously used the guarantee program.  Provides      
   that guarantees shall not exceed $500,000 (now $300,000)  per  farmer.      
   Provides  that  in  those  cases where the borrower has not previously      
   used the guarantee program, the lender shall not  call  the  loan  due      
   during  the first 3 years for any reason except lack of performance or      
   insufficient collateral. Provides that interest  earned  from  amounts      
   invested  from  the  Illinois Agricultural Loan Guarantee Fund and the      
   Illinois  Farmer  and  Agribusiness  Loan  Guarantee  Fund  shall   be      
   deposited  into  those  funds  until  the  Funds  reach  their maximum      
   amounts.  Provides that after the Funds reach  their  maximum  amounts      
   the  interest  shall  be  deposited  into  the  General  Revenue Fund.      
   Provides that the Authority may transfer $15,000,000 (now $10,000,000)      
   from appropriations and the Farm Emergency Assistance Fund as of  June      
   30 of each year to the Illinois Farmer and Agribusiness Loan Guarantee      
   Fund. Makes other changes.  Effective immediately.                          
          FISCAL NOTE (Bureau of the Budget)                                   
          FY98 costs would be approximately $400 thousand in lost inter-       
          est. HB1880 could cost an additional $5 million over time if a       
          sufficient number of loans default.                                  
   97-03-07  H  FIRST READING                                                  
   97-03-07  H  ADDED AS A JOINT SPONSOR                 WOOLARD               
   97-03-07  H  ADDED AS A CO-SPONSOR                    TURNER,JOHN           
   97-03-07  H  ADDED AS A CO-SPONSOR                    BRUNSVOLD             
   97-03-07  H  ADDED AS A CO-SPONSOR                    LAWFER                
   97-03-07  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   97-03-11  H       ASSIGNED TO COMMITTEE               AGRIC CONSERV         
   97-03-19  H  DO PASS/SHORT DEBATE                     014-001-000   HAGC    
   97-03-19  H  PLACED CALENDAR 2ND READING-SHORT DEBATE                       
   97-03-20  H  SECOND READING-SHORT DEBATE                                    
   97-03-20  H  PLCD CAL ORDER 3RD READING-SHORT DEBATE                        
   97-03-20  H  ADDED AS A CO-SPONSOR                    BLACK                 
   97-03-21  H                         FISCAL NOTE FILED                       
   97-03-21  H  CALENDAR ORDER 3RD READING-SHORT DEBATE                        
   97-04-11  H  THIRD READING/SHORT DEBATE/PASSED        115-000-000           
   97-04-14  S  ARRIVE IN SENATE                                               
   97-04-14  S  PLACED CALENDAR ORDER OF FIRST READING   97-04-23              
   97-04-25  S  CHIEF SPONSOR                            O'DANIEL              
   97-04-25  S  FIRST READING                                                  
   97-04-25  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   97-04-25  S  ADDED AS A CHIEF CO-SPONSOR              SIEBEN                
   97-04-30  S       ASSIGNED TO COMMITTEE               STATE GOVERN          
   97-05-08  S       DO PASS                             008-000-001   SGOA    
   97-05-08  S  PLACED ON CALENDAR ORDER OF 2ND READING  97-05-09              
   97-05-09  S  SECOND READING                                                 
   97-05-09  S  PLACED ON CALENDAR ORDER OF 3RD READING  97-05-12              
   97-05-13  S  THIRD READING - PASSED                   055-000-000           
   97-05-13  H  PASSED BOTH HOUSES                                             
   97-06-11  H  SENT TO THE GOVERNOR                                           
   97-08-08  H  GOVERNOR APPROVED                                              
   97-08-08  H                            EFFECTIVE DATE 97-08-08              
   97-08-08  H  PUBLIC ACT.............................. 90-0325               


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