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91_SB1189
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.