Illinois General Assembly - Full Text of HB2419
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Full Text of HB2419  93rd General Assembly

HB2419 93rd General Assembly


093_HB2419

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 1        AN ACT concerning farm development.

 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 Sections 12.1, 12.2, 12.4, and 12.5 as follows:

 6        (20 ILCS 3605/12.1) (from Ch. 5, par. 1212.1)
 7        Sec. 12.1.  State Guarantees for existing debt.
 8        (a)  The   Authority   is   authorized   to  issue  State
 9    Guarantees for farmers' existing debts held by a lender.  For
10    the purposes of this Section, a farmer shall be a resident of
11    Illinois,  who  is a principal operator of a farm or land, at
12    least 30% 50% of whose annual gross income  is  derived  from
13    farming  and  whose  debt to asset ratio shall not exceed the
14    maximum established by the Authority be less than 40%, except
15    in those cases where the applicant has  previously  used  the
16    guarantee  program  there  shall be no debt to asset ratio or
17    income restriction.  For the purposes of this  Section,  debt
18    to asset ratio shall mean the current outstanding liabilities
19    of  the  farmer  divided by the current outstanding assets of
20    the  farmer.   The  Authority  shall  establish  the  maximum
21    permissible debt to asset ratio based on criteria established
22    by the Authority.
23        Lenders shall apply for the  State  Guarantees  on  forms
24    provided  by  the  Authority and certify that the application
25    and any other documents submitted are true and correct.   The
26    lender  or  borrower,  or  both  in combination, shall pay an
27    administrative fee  as  determined  by  the  Authority.   The
28    applicant shall be responsible for paying any fees or charges
29    involved   in   recording   mortgages,   releases,  financing
30    statements, insurance for secondary  market  issues  and  any
31    other  similar  fees or charges as the Authority may require.
 
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 1    The application shall at a minimum contain the farmer's name,
 2    address, present credit and financial information,  including
 3    cash  flow  statements, financial statements, balance sheets,
 4    and any other information pertinent to the  application,  and
 5    the  collateral to be used to secure the State Guarantee.  In
 6    addition, the lender must agree to bring the farmer's debt to
 7    a current status at the time the State Guarantee is  provided
 8    and  must also agree to charge a fixed or adjustable interest
 9    rate which the Authority determines to be  below  the  market
10    rate  of  interest  generally  available to the borrower.  If
11    both the lender and applicant agree, the interest rate on the
12    State Guarantee Loan can be converted  to  a  fixed  interest
13    rate at any time during the term of the loan.
14        Any  State  Guarantees  provided  under  this Section (i)
15    shall not exceed $1,000,000 $500,000 per farmer,  (ii)  shall
16    be  set  up on a payment schedule not to exceed 30 years, and
17    shall be no longer than 30 years in duration, and (iii) shall
18    be subject to an annual review and renewal by the lender  and
19    the  Authority;  provided  that only one such State Guarantee
20    shall be outstanding per farmer at any one  time.   No  State
21    Guarantee  shall be revoked by the Authority without a 90 day
22    notice, in writing, to all parties.  In those cases were  the
23    borrower  has  not previously used the guarantee program, the
24    lender shall not call due any loan during the first  3  years
25    for any reason except for lack of performance or insufficient
26    collateral.  The  lender  can review and withdraw or continue
27    with the State Guarantee on an annual basis after the first 3
28    years of the loan, provided a 90 day notice, in  writing,  to
29    all parties has been given.
30        (b)  The   Authority  shall  provide  or  renew  a  State
31    Guarantee to a lender if:
32             (i)  A fee equal to 25 basis points on the  loan  is
33        paid to the Authority on an annual basis by the lender.
34             (ii)  The application provides collateral acceptable
 
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 1        to the Authority that is at least equal to the gross loan
 2        amount State's portion of the Guarantee to be provided.
 3             (iii)  The  lender  assumes  all  responsibility and
 4        costs for pursuing legal action on  collecting  any  loan
 5        that is delinquent or in default.
 6             (iv)  The lender is responsible for the first 15% of
 7        the outstanding principal of the note for which the State
 8        Guarantee has been applied.
 9        (c)  There   is  hereby  created  outside  of  the  State
10    Treasury  a  special  fund  to  be  known  as  the   Illinois
11    Agricultural  Loan Guarantee Fund.  The State Treasurer shall
12    be custodian of this  Fund.   Any  amounts  in  the  Illinois
13    Agricultural Loan Guarantee Fund not currently needed to meet
14    the  obligations of the Fund shall be invested as provided by
15    law, and all interest earned from these investments shall  be
16    deposited  into  the  Fund until the Fund reaches the maximum
17    amount authorized in this Act;  thereafter,  interest  earned
18    shall  be  deposited  into  the  General  Revenue Fund. After
19    September 1, 1989, annual investment earnings equal  to  1.5%
20    of  the  Fund  shall  remain  in  the Fund to be used for the
21    purposes established in Section 12.3 of this Act.
22        The Authority is authorized to transfer to the Fund  such
23    amounts  as  are  necessary  to  satisfy  claims  during  the
24    duration  of  the  State  Guarantee  program  to secure State
25    Guarantees issued under this Section. If for any  reason  the
26    General Assembly fails to make an appropriation sufficient to
27    meet   these   obligations,  this  Act  shall  constitute  an
28    irrevocable  and  continuing  appropriation  of   an   amount
29    necessary  to  secure  guarantees  as  defaults occur and the
30    irrevocable and continuing authority for, and  direction  to,
31    the State Treasurer and the Comptroller to make the necessary
32    transfers  to  the Illinois Agricultural Loan Guarantee Fund,
33    as directed by the Governor, out of the General Revenue Fund.
34        Within 30 days after November 15, 1985, the Authority may
 
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 1    transfer up to $7,000,000 from available appropriations  into
 2    the   Illinois  Agricultural  Loan  Guarantee  Fund  for  the
 3    purposes of this Act.  Thereafter, the Authority may transfer
 4    additional  amounts  into  the  Illinois  Agricultural   Loan
 5    Guarantee  Fund to secure guarantees for defaults as defaults
 6    occur.
 7        In the event of default by the farmer, the  lender  shall
 8    be  entitled  to,  and the Authority shall direct payment on,
 9    the State  Guarantee  after  90  days  of  delinquency.   All
10    payments  by  the  Authority  shall be made from the Illinois
11    Agricultural Loan Guarantee Fund to  satisfy  claims  against
12    the   State   Guarantee.    The  Illinois  Agricultural  Loan
13    Guarantee Fund shall guarantee receipt of payment of the  85%
14    of  the  principal  and  interest owed on the State Guarantee
15    Loan by the farmer to the guarantee holder.
16        It shall be the responsibility of the lender  to  proceed
17    with  the collecting and disposing of collateral on the State
18    Guarantee within 14 months of the time the State Guarantee is
19    declared delinquent; provided, however, that the lender shall
20    not collect or dispose of collateral on the  State  Guarantee
21    without  the express written prior approval of the Authority.
22    If the lender does not dispose of the  collateral  within  14
23    months,  the  lender  shall  be  liable to repay to the State
24    interest on the State Guarantee equal to the same rate  which
25    the lender charges on the State Guarantee; provided, however,
26    that  the  Authority  may  extend  the  14 month period for a
27    lender   in   the   case   of   bankruptcy   or   extenuating
28    circumstances. The Fund shall be reimbursed for  any  amounts
29    paid  under  this Section upon liquidation of the collateral.
30    The Authority, by resolution of the Board,  may  borrow  sums
31    from  the  Fund  and  provide for repayment as soon as may be
32    practical upon receipt of payments of principal and  interest
33    by  a  farmer.  Money  may  be  borrowed from the Fund by the
34    Authority for the sole purpose  of  paying  certain  interest
 
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 1    costs for farmers associated with selling a loan subject to a
 2    State  Guarantee  in  a  secondary  market  as  may be deemed
 3    reasonable and necessary by the Authority.
 4        (d)  Notwithstanding the provisions of this Section  12.1
 5    with  respect to the farmers and lenders who may obtain State
 6    Guarantees, the Authority may promulgate  rules  establishing
 7    the  eligibility of farmers and lenders to participate in the
 8    State  guarantee  program  and  the  terms,  standards,   and
 9    procedures  that  will  apply,  when the Authority finds that
10    emergency conditions in Illinois agriculture have created the
11    need for State Guarantees pursuant to terms,  standards,  and
12    procedures other than those specified in this Section.
13    (Source: P.A. 90-325, eff. 8-8-97; 91-386, eff. 1-1-00.)

14        (20 ILCS 3605/12.2) (from Ch. 5, par. 1212.2)
15        Sec.  12.2.  State  Guarantees  for  loans to farmers and
16    agribusiness; eligibility.
17        (a)  The  Authority  is   authorized   to   issue   State
18    Guarantees  to  lenders  for  loans  to  eligible farmers and
19    agribusinesses for purposes set forth in  this  Section.  For
20    purposes  of  this  Section,  an  eligible  farmer shall be a
21    resident of Illinois (i) who is principal operator of a  farm
22    or  land,  at  least  30% 50% of whose annual gross income is
23    derived from farming, and (ii) whose annual  total  sales  of
24    agricultural  products,  commodities,  or  livestock  exceeds
25    $20,000,  and (iii) whose net worth does not exceed $500,000.
26    An eligible agribusiness shall be that as defined in  Section
27    2 of this Act.
28        The  Authority  may  approve  applications by farmers and
29    agribusinesses  that  promote  diversification  of  the  farm
30    economy of this State through the growth and  development  of
31    new  crops  or livestock not customarily grown or produced in
32    this State or that emphasize a vertical integration of  grain
33    or livestock produced or raised in this State into a finished
 
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 1    agricultural  product  for consumption or use.  "New crops or
 2    livestock not customarily grown or produced  in  this  State"
 3    shall  not  include  corn, soybeans, wheat, swine, or beef or
 4    dairy cattle. "Vertical integration  of  grain  or  livestock
 5    produced  or  raised  in this State" shall include any new or
 6    existing grain or livestock grown or produced in this State.
 7        Lenders shall apply for the  State  Guarantees  on  forms
 8    provided  by  the Authority, certify that the application and
 9    any other documents submitted are true and correct,  and  pay
10    an  administrative  fee  as determined by the Authority.  The
11    applicant shall be responsible for paying any fees or charges
12    involved  in   recording   mortgages,   releases,   financing
13    statements,  insurance  for  secondary  market issues and any
14    other similar fees or charges as the Authority  may  require.
15    The  application  shall  at a minimum contain the farmer's or
16    agribusiness' name, address,  present  credit  and  financial
17    information,   including   cash  flow  statements,  financial
18    statements,  balance  sheets,  and  any   other   information
19    pertinent  to  the application, and the collateral to be used
20    to secure the State Guarantee.  In addition, the lender  must
21    agree to charge an interest rate, which may vary, on the loan
22    that  the Authority determines to be below the market rate of
23    interest generally available to the  borrower.  If  both  the
24    lender  and  applicant  agree, the interest rate on the State
25    Guarantee Loan can be converted to a fixed interest  rate  at
26    any time during the term of the loan.
27        Any  State  Guarantees  provided  under  this Section (i)
28    shall  not  exceed  $500,000  per  farmer  or  an  amount  as
29    determined by the Authority on a case-by-case  basis  for  an
30    agribusiness,  (ii)  shall  not exceed a term of 30 15 years,
31    and (iii) shall be subject to an annual review and renewal by
32    the lender and the Authority; provided  that  only  one  such
33    State  Guarantee  shall  be  made per farmer or agribusiness,
34    except that additional  State  Guarantees  may  be  made  for
 
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 1    purposes  of  expansion  of  projects  financed  in part by a
 2    previously issued State Guarantee.  No State Guarantee  shall
 3    be  revoked  by  the  Authority  without  a 90 day notice, in
 4    writing, to all parties.  The lender shall not call  due  any
 5    loan   for   any  reason  except  for  lack  of  performance,
 6    insufficient collateral, or maturity.  A  lender  may  review
 7    and  withdraw or continue with a State Guarantee on an annual
 8    basis after the first 5 years following closing of  the  loan
 9    application  if  the  loan  contract provides for an interest
10    rate that shall not vary.  A  lender  shall  not  withdraw  a
11    State Guarantee if the loan contract provides for an interest
12    rate that may vary, except for reasons set forth herein.
13        (b)  The   Authority  shall  provide  or  renew  a  State
14    Guarantee to a lender if:
15             i.  A fee equal to 25 basis points on  the  loan  is
16        paid to the Authority on an annual basis by the lender.
17             ii.  The  application provides collateral acceptable
18        to the Authority that is at least equal to the gross loan
19        amount State's portion of the Guarantee to be provided.
20             iii.  The  lender  assumes  all  responsibility  and
21        costs for pursuing legal action on  collecting  any  loan
22        that is delinquent or in default.
23             iv.  The  lender is responsible for the first 15% of
24        the outstanding principal of the note for which the State
25        Guarantee has been applied.
26        (c)  There  is  hereby  created  outside  of  the   State
27    Treasury  a  special  fund to be known as the Illinois Farmer
28    and Agribusiness Loan Guarantee Fund.   The  State  Treasurer
29    shall be custodian of this Fund.  Any amounts in the Fund not
30    currently needed to meet the obligations of the Fund shall be
31    invested  as  provided  by  law, and all interest earned from
32    these investments shall be deposited into the Fund until  the
33    Fund  reaches  the  maximum  amounts  authorized in this Act;
34    thereafter, interest  earned  shall  be  deposited  into  the
 
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 1    General   Revenue  Fund.  After  September  1,  1989,  annual
 2    investment earnings equal to 1.5% of the Fund shall remain in
 3    the Fund to be used for the purposes established  in  Section
 4    12.3 of this Act.
 5        The  Authority  is authorized to transfer such amounts as
 6    are necessary to satisfy claims from available appropriations
 7    and from fund balances of the Farm Emergency Assistance  Fund
 8    as  of  June  30  of  each  year  to  the Illinois Farmer and
 9    Agribusiness Loan Guarantee Fund to secure  State  Guarantees
10    issued  under this Section and Sections 12.4 and 12.5. If for
11    any  reason  the  General   Assembly   fails   to   make   an
12    appropriation  sufficient to meet these obligations, this Act
13    shall constitute an irrevocable and continuing  appropriation
14    of an amount necessary to secure guarantees as defaults occur
15    and   the  irrevocable  and  continuing  authority  for,  and
16    direction to, the State Treasurer and the Comptroller to make
17    the  necessary  transfers  to   the   Illinois   Farmer   and
18    Agribusiness   Loan   Guarantee  Fund,  as  directed  by  the
19    Governor, out of the General Revenue Fund.
20        In  the  event  of  default  by  the  borrower  on  State
21    Guarantee Loans under this Section, Section 12.4, or  Section
22    12.5,  the  lender  shall  be  entitled to, and the Authority
23    shall direct payment on, the State Guarantee after 90 days of
24    delinquency.  All payments by the  Authority  shall  be  made
25    from the Illinois Farmer and Agribusiness Loan Guarantee Fund
26    to satisfy claims against the State Guarantee.
27        It  shall  be the responsibility of the lender to proceed
28    with the collecting and disposing of collateral on the  State
29    Guarantee  under  this Section, Section 12.4, or Section 12.5
30    within 14 months of the time the State Guarantee is  declared
31    delinquent.  If the lender does not dispose of the collateral
32    within  14 months, the lender shall be liable to repay to the
33    State interest on the State Guarantee equal to the same  rate
34    that the lender charges on the State Guarantee, provided that
 
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 1    the Authority shall have the authority to extend the 14 month
 2    period  for a lender in the case of bankruptcy or extenuating
 3    circumstances. The Fund shall be reimbursed for  any  amounts
 4    paid  under  this Section, Section 12.4, or Section 12.5 upon
 5    liquidation of the collateral.
 6        The Authority, by resolution of  the  Board,  may  borrow
 7    sums  from  the Fund and provide for repayment as soon as may
 8    be practical  upon  receipt  of  payments  of  principal  and
 9    interest  by  a  borrower on State Guarantee Loans under this
10    Section, Section 12.4, or Section 12.5. Money may be borrowed
11    from the Fund by the Authority for the sole purpose of paying
12    certain interest costs for borrowers associated with  selling
13    a  loan  subject  to  a  State  Guarantee under this Section,
14    Section 12.4, or Section 12.5 in a secondary market as may be
15    deemed reasonable and necessary by the Authority.
16        (d)  Notwithstanding the provisions of this Section  12.2
17    with  respect to the farmers, agribusinesses, and lenders who
18    may obtain State Guarantees,  the  Authority  may  promulgate
19    rules    establishing    the    eligibility    of    farmers,
20    agribusinesses,  and  lenders  to  participate  in  the State
21    Guarantee program and the terms,  standards,  and  procedures
22    that  will  apply,  when  the  Authority finds that emergency
23    conditions in Illinois agriculture have created the need  for
24    State Guarantees pursuant to terms, standards, and procedures
25    other than those specified in this Section.
26    (Source: P.A. 90-325, eff. 8-8-97; 91-386, eff. 1-1-00.)

27        (20 ILCS 3605/12.4) (from Ch. 5, par. 1212.4)
28        Sec. 12.4.  Illinois Young Farmer Loan Guarantee Program.
29        (a)  The   Authority   is   authorized   to  issue  State
30    Guarantees to lenders for loans to finance or refinance debts
31    of young farmers.  For the purposes of this Section, a  young
32    farmer  is a resident of Illinois who is at least 18 years of
33    age and who is a principal operator of a farm  or  land,  who
 
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 1    derives at least 30% 50% of annual gross income from farming,
 2    whose  net  worth  is not less than $10,000 and whose debt to
 3    asset ratio does not exceed the maximum limit established  by
 4    the  Authority is not less than 40%. For the purposes of this
 5    Section,  debt  to  asset  ratio  means  current  outstanding
 6    liabilities, including any debt to be financed or  refinanced
 7    under  this  Section,  divided by current outstanding assets.
 8    The Authority shall establish the maximum permissible debt to
 9    asset ratio based on criteria established by the Authority.
10        Lenders shall apply for the  State  Guarantees  on  forms
11    provided  by  the  Authority and certify that the application
12    and any other documents submitted are true and correct.   The
13    lender  or  borrower,  or  both  in combination, shall pay an
14    administrative fee  as  determined  by  the  Authority.   The
15    applicant  shall  be responsible for paying any fee or charge
16    involved  in   recording   mortgages,   releases,   financing
17    statements,  insurance  for  secondary market issues, and any
18    other similar fee or charge that the Authority  may  require.
19    The application shall at a minimum contain the young farmer's
20    name,  address,  present  credit  and  financial information,
21    including cash flow statements, financial statements, balance
22    sheets,  and  any  other   information   pertinent   to   the
23    application,  and  the  collateral  to  be used to secure the
24    State Guarantee.  In addition, the borrower must  certify  to
25    the  Authority  that,  at  the  time  the  State Guarantee is
26    provided,  the  borrower  will  not  be  delinquent  in   the
27    repayment  of  any  debt.   The lender must agree to charge a
28    fixed  or  adjustable  interest  rate  that   the   Authority
29    determines  to be below the market rate of interest generally
30    available to the borrower.  If both the lender and  applicant
31    agree,  the interest rate on the State guaranteed loan can be
32    converted to a fixed interest rate at  any  time  during  the
33    term of the loan.
34        State  Guarantees  provided  under this Section (i) shall
 
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 1    not exceed $1,000,000 $500,000 per young farmer,  (ii)  shall
 2    be  set  up on a payment schedule not to exceed 30 years, but
 3    shall be no longer than 30 15 years in  duration,  and  (iii)
 4    shall  be  subject  to  an  annual  review and renewal by the
 5    lender and the Authority. A young farmer may use this program
 6    more than once provided the  aggregate  principal  amount  of
 7    State Guarantees under this Section to that young farmer does
 8    not  exceed $500,000.  No State Guarantee shall be revoked by
 9    the Authority without a 90 day notice,  in  writing,  to  all
10    parties.
11        (b)  The   Authority  shall  provide  or  renew  a  State
12    Guarantee to a lender if:
13             (i)  The lender pays a fee equal to 25 basis  points
14        on the loan to the Authority on an annual basis.
15             (ii)  The application provides collateral acceptable
16        to the Authority that is at least equal to the gross loan
17        amount State Guarantee.
18             (iii)  The  lender  assumes  all  responsibility and
19        costs for pursuing legal action on  collecting  any  loan
20        that is delinquent or in default.
21             (iv)  The lender is at risk for the first 15% of the
22        outstanding  principal  of  the  note for which the State
23        Guarantee is provided.
24        (c)  The Illinois Farmer and Agribusiness Loan  Guarantee
25    Fund may be used to secure State Guarantees issued under this
26    Section as provided in Section 12.2.
27        (d)  Notwithstanding  the provisions of this Section 12.4
28    with respect to the young farmers and lenders who may  obtain
29    State   Guarantees,   the   Authority  may  promulgate  rules
30    establishing the eligibility of young farmers and lenders  to
31    participate  in  the  State  Guarantee program and the terms,
32    standards, and procedures that will apply, when the Authority
33    finds that emergency conditions in Illinois agriculture  have
34    created  the  need  for  State  Guarantees pursuant to terms,
 
                            -12-     LRB093 09686 BDD 09925 b
 1    standards, and procedures other than those specified in  this
 2    Section.
 3    (Source: P.A. 90-325, eff. 8-8-97; 91-386, eff. 1-1-00.)

 4        (20 ILCS 3605/12.5)
 5        Sec. 12.5.  Specialized Livestock Guarantee Program.
 6        (a)  The   Authority   is   authorized   to  issue  State
 7    Guarantees to lenders for loans to finance or refinance debts
 8    for specialized livestock operations  that  are  or  will  be
 9    located  in  Illinois.   For  purposes  of  this  Section,  a
10    "specialized   livestock  operation"  includes,  but  is  not
11    limited to, dairy, beef, and swine enterprises.
12        (b)  Lenders shall apply  for  the  State  Guarantees  on
13    forms   provided  by  the  Authority  and  certify  that  the
14    application and any other documents submitted  are  true  and
15    correct.   The  lender  or  borrower, or both in combination,
16    shall  pay  an  administrative  fee  as  determined  by   the
17    Authority.  The applicant shall be responsible for paying any
18    fee  or  charge  involved  in  recording mortgages, releases,
19    financing statements, insurance for secondary market  issues,
20    and  any  other  similar fee or charge that the Authority may
21    require.  The application shall, at a  minimum,  contain  the
22    farmer's   name,   address,   present  credit  and  financial
23    information,  including  cash  flow   statements,   financial
24    statements,   balance   sheets,  and  any  other  information
25    pertinent to the application, and the collateral to  be  used
26    to  secure  the  State  Guarantee.  In addition, the borrower
27    must certify to the Authority that, at  the  time  the  State
28    Guarantee is provided, the borrower will not be delinquent in
29    the repayment of any debt.  The lender must agree to charge a
30    fixed   or   adjustable  interest  rate  that  the  Authority
31    determines to be below the market rate of interest  generally
32    available  to the borrower.  If both the lender and applicant
33    agree, the interest rate on the State guaranteed loan can  be
 
                            -13-     LRB093 09686 BDD 09925 b
 1    converted  to  a  fixed  interest rate at any time during the
 2    term of the loan.
 3        (c)  State Guarantees provided  under  this  Section  (i)
 4    shall  not  exceed $1,000,000 per applicant, (ii) shall be no
 5    longer  than 30 15 years in  duration,  and  (iii)  shall  be
 6    subject to an annual review and renewal by the lender and the
 7    Authority.  An applicant may use this program more than once,
 8    provided  that  the  aggregate  principal  amount  of   State
 9    Guarantees  under  this  Section  to  that applicant does not
10    exceed $1,000,000.  A State Guarantee shall not be revoked by
11    the Authority without a 90-day notice,  in  writing,  to  all
12    parties.
13        (d)  The   Authority  shall  provide  or  renew  a  State
14    Guarantee to a lender if:
15             (i)  The lender pays a fee equal to 25 basis  points
16        on the loan to the Authority on an annual basis.
17             (ii)  The application provides collateral acceptable
18        to the Authority that is at least equal to the gross loan
19        amount State Guarantee.
20             (iii)  The  lender  assumes  all  responsibility and
21        costs for pursuing legal action on  collecting  any  loan
22        that is delinquent or in default.
23             (iv)  The lender is at risk for the first 15% of the
24        outstanding  principal  of  the  note for which the State
25        Guarantee is provided.
26        (e)  The Illinois Farmer and Agribusiness Loan  Guarantee
27    Fund may be used to secure State Guarantees issued under this
28    Section as provided in Section 12.2.
29        (f)  Notwithstanding  the provisions of this Section 12.5
30    with respect to  the  specialized  livestock  operations  and
31    lenders  who  may  obtain State Guarantees, the Authority may
32    promulgate rules establishing the eligibility of  specialized
33    livestock  operations and lenders to participate in the State
34    Guarantee program and the terms,  standards,  and  procedures
 
                            -14-     LRB093 09686 BDD 09925 b
 1    that  will  apply,  when  the  Authority finds that emergency
 2    conditions in Illinois agriculture have created the need  for
 3    State Guarantees pursuant to terms, standards, and procedures
 4    other than those specified in this Section.
 5    (Source: P.A. 91-386, eff. 1-1-00.)