91st General Assembly
Summary of HB4404
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Short description: 
FARM DEV-LOAN PROGRAMS                                                     

Synopsis of Bill as introduced:
        Amends the Illinois Farm Development Act.  Creates  the  Interest      
   Buy-Back  Fund  outside  the  State treasury to receive appropriations      
   unexpended by the Farm Development Authority for  the  subsidizing  of      
   interest costs on farmers' loans.  Authorizes the Authority to use the      
   Fund  for  that  same  purpose.  Requires the Authority to develop and      
   administer a program of loans to Illinois entities  for  establishment      
   and  operation  of  facilities  in  Illinois that process, package, or      
   otherwise enhance the value of Illinois farm products and by-products.      
   Requires that  a  loan  recipient  provide  a  minimum  percentage  of      
   matching  funds.   Specifies various limits on the amount of each loan      
   and provides certain loan  conditions.   Establishes  a  special  fund      
   outside the State treasury for the funding of loans and the receipt of      
   loan  repayments.   Allows   the Authority to borrow from other of its      
   funds while awaiting appropriations.  Effective immediately.                
        SENATE AMENDMENT NO. 1.                                                
          Deletes reference to:                                                
          20 ILCS 3605/7.2                                                     
          20 ILCS 3605/12.1                                                    
          20 ILCS 3605/12.2                                                    
          Adds reference to:                                                   
          30 ILCS 105/5.542 new                                                
        Further amends the Illinois Farm Development Act. Requires the         
   Authority to administer and develop the value-added virtual equity          
   program, subject to appropriations for that purpose. Removes provi-         
   sions authorizing borrowing moneys from other funds for the Virtual         
   Equity Fund. Changes the Virtual Equity Fund to a special fund within       
   the State treasury and removes provisions authorizing retention of the      
   Fund's interest. Requires the Authority to develop standards to eval-       
   uate a project's total costs and requires the Authority to report           
   annually to the General Assembly upon its activities. Repeals the           
   value-added virtual equity loan program provisions on July 1, 2007.         
   Amends the State Finace Act to create the special fund.                     
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   1


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