State of Illinois
91st General Assembly

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SB1189 Enrolled                                LRB9106175DHmg

 1        AN ACT to amend the Illinois Farm Development Act.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section  5.  The Illinois Farm Development Act is amended
 5    by adding Section 7.2 as follows:

 6        (20 ILCS 3605/7.2 new)
 7        Sec. 7.2.  Interest-buy-back program.
 8        (a)  The Authority shall establish  an  interest-buy-back
 9    program  to  subsidize  the interest cost on certain loans to
10    Illinois farmers.
11        (b)  To be eligible an applicant must (i) be  a  resident
12    of  Illinois; (ii) be a principal operator of a farm or land;
13    (iii) derive  at  least  50%  of  annual  gross  income  from
14    farming;  and (iv) have a net worth of at least $10,000.  The
15    Authority  shall  establish  minimum  and  maximum  financial
16    requirements, maximum payment amounts,  starting  and  ending
17    dates for the program, and other criteria.
18        (c)  Lenders  may  apply on behalf of eligible applicants
19    on forms provided  by  the  Authority.   Lenders  may  submit
20    requests  for  payment  on  forms  provided by the Authority.
21    Lenders and applicants shall be responsible for any  fees  or
22    charges the Authority may require.
23        (d)  The  Authority  shall  make payments to lenders from
24    available appropriations from the General Revenue Fund.

25        Section 99.  Effective date.  This Act takes effect  upon
26    becoming law.

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