House Sponsors: NOLAND-WOOLARD-TURNER,JOHN-BRUNSVOLD-LAWFER AND BLACK. Senate Sponsors: O'DANIEL-SIEBEN Short description: ILL FARM DEVELOP-ST GUARANTEES Synopsis of Bill as introduced: Amends the Illinois Farm Development Act. Provides that the Illinois Farm Development Authority shall not have outstanding State Guarantees in an aggregate principal amount exceeding $50,000,000 (now $35,000,000). Provides that there shall be no income restriction for applicants who have previously used the guarantee program. Provides that guarantees shall not exceed $500,000 (now $300,000) per farmer. Provides that in those cases where the borrower has not previously used the guarantee program, the lender shall not call the loan due during the first 3 years for any reason except lack of performance or insufficient collateral. Provides that interest earned from amounts invested from the Illinois Agricultural Loan Guarantee Fund and the Illinois Farmer and Agribusiness Loan Guarantee Fund shall be deposited into those funds until the Funds reach their maximum amounts. Provides that after the Funds reach their maximum amounts the interest shall be deposited into the General Revenue Fund. Provides that the Authority may transfer $15,000,000 (now $10,000,000) from appropriations and the Farm Emergency Assistance Fund as of June 30 of each year to the Illinois Farmer and Agribusiness Loan Guarantee Fund. Makes other changes. Effective immediately. FISCAL NOTE (Bureau of the Budget) FY98 costs would be approximately $400 thousand in lost inter- est. HB1880 could cost an additional $5 million over time if a sufficient number of loans default. Last action on Bill: PUBLIC ACT.............................. 90-0325 Last action date: 97-08-08 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status