[ Search ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
| [ Introduced ] | [ Enrolled ] |
91_SB1189eng SB1189 Engrossed 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.