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| | SB3019 Engrossed | | LRB104 20255 HLH 33706 b |
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| 1 | | AN ACT concerning finance.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Finance Authority Act is amended |
| 5 | | by changing Section 830-20 as follows:
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| 6 | | (20 ILCS 3501/830-20) |
| 7 | | Sec. 830-20. The Authority may not pass a resolution |
| 8 | | authorizing the issuance of any notes or bonds in excess of |
| 9 | | $450,000 for any one agricultural real estate borrower. In any |
| 10 | | calendar year after 2007, the $450,000 amount shall be |
| 11 | | increased by an amount equal to such dollar amount multiplied |
| 12 | | by the inflation percentage determined under Section 305(c) of |
| 13 | | the federal Consolidated Farm and Rural Development Act (7 |
| 14 | | U.S.C. 1925) as of June 18, 2008, unless a higher amount is |
| 15 | | permitted by statute or regulation. Any increase determined |
| 16 | | under the preceding sentence shall be rounded to the nearest |
| 17 | | multiple of $100. No proceeds from any bonds issued by the |
| 18 | | Authority shall be loaned to any natural person who has a net |
| 19 | | worth in excess of $500,000 for the purchase of new |
| 20 | | depreciable agricultural property or to any agribusiness that, |
| 21 | | including all affiliates and subsidiaries, has more than 100 |
| 22 | | employees and a gross income exceeding $2,000,000 for the |
| 23 | | preceding calendar year; provided, however, that the employee |