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| [ Introduced ] | [ Senate Amendment 001 ] |
91_SB1876eng SB1876 Engrossed LRB9113130JMdvA 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 changing Section 7.2 as follows: 6 (20 ILCS 3605/7.2) 7 Sec. 7.2. Interest-buy-back program. 8 (a) The Illinois Farm Development Authority shall 9 establish an interest-buy-back program to subsidize the 10 interest cost on certain loans to 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 (Source: P.A. 91-281, eff. 7-23-99.)