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91_SB1876sam001
LRB9113130JMmbam01
1 AMENDMENT TO SENATE BILL 1876
2 AMENDMENT NO. . Amend Senate Bill 1876 by replacing
3 everything after the enacting clause with the following:
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.
-2- LRB9113130JMmbam01
1 (d) The Authority shall make payments to lenders from
2 available appropriations from the General Revenue Fund.
3 (Source: P.A. 91-281, eff. 7-23-99.)".