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SB0260 Engrossed |
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LRB096 04582 JDS 14637 b |
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| AN ACT concerning State government.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Finance Authority Act is amended by |
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| changing Section 830-20 as follows:
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| (20 ILCS 3501/830-20)
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| Sec. 830-20.
The Authority may not pass a resolution |
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| authorizing the
issuance
of any notes or bonds in excess of |
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| $450,000 $250,000 for any one agricultural real
estate
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| borrower. In any calendar year after 2007, the $450,000 amount |
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| shall be increased by an amount equal to such dollar amount |
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| multiplied by the inflation percentage determined under |
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| Section 305(c) of the federal Consolidated Farm and Rural |
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| Development Act (7 U.S.C. 1925) as of June 18, 2008. Any |
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| increase determined under the preceding sentence shall be |
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| rounded to the nearest multiple of $100. No proceeds from any |
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| bonds issued by the Authority shall be loaned to
any natural |
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| person who has a net worth in excess of $500,000 for the |
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| purchase
of
new depreciable agricultural property or to any |
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| agribusiness that, including
all
affiliates and subsidiaries, |
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| has more than 100 employees and a gross income
exceeding |
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| $2,000,000 for the preceding calendar year; provided, however, |
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| that
the employee size and gross income limitations shall not |