House Sponsors: SMITH,MICHAEL-MITCHELL,BILL-BOLAND-TURNER,JOHN, LAWFER AND HANNIG. Senate Sponsors: NOLAND-SIEBEN Short description: 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 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1 END OF INQUIRY Full Text Bill Status