LAWFER AND HANNIG.
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
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1
END OF INQUIRY
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