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(20 ILCS 3501/830-10)
Sec. 830-10.
(a) The Authority may establish a Farm Debt Relief Program to
help provide
eligible Illinois farmers with State assistance in meeting their
farming-related debts.
(b) To be eligible for the program, a person must (1) be actively engaged in
farming in this State, (2) have farming-related debts in an amount equal to at
least 55% of the person's total assets, and (3) demonstrate that he can secure
credit from a conventional lender for the 1986 crop year.
(c) An eligible person may apply to the Authority, in such manner as the
Authority may specify, for a one-time farm debt relief payment of up to 2% of
the person's outstanding farming-related debt. If the Authority determines that
the applicant is eligible for a payment under this
Section, it may then approve
a payment to the applicant. Such payment shall consist of a payment made by the
Authority directly to one or more of the applicant's farming-related creditors,
to be applied to the reduction of the applicant's farming-related debt. The
applicant shall be entitled to select the creditor or creditors to receive the
payment, unless the applicant is subject to the jurisdiction of a bankruptcy
court, in which case the selection of the court shall control.
(d) Payments shall be made from the Farm Emergency Assistance Fund, which is
hereby established as a special fund in the State treasury, from funds
appropriated to the Authority for that purpose. No grant may exceed the lesser
of (1) 2% of the applicant's outstanding farm-related debt, or (2) $2000. Not
more than one grant under this
Section may be made to any one person, or to any
one household, or to any single farming operation.
(e) Payments to applicants having farming-related debts in an amount equal
to
at least 55% of the person's total assets, but less than 70%, shall be repaid
by
the applicant to the Authority for deposit into the Farm Emergency Assistance
Fund within five years from the date the payment was made. Repayment shall be
made in equal installments during the five-year period with no additional
interest charge and may be prepaid in whole or in part at any time. Applicants
having farming-related debts in an amount equal to at least 70% of the person's
total assets shall not be required to make any repayment. Assets shall include,
but not be limited to, the following: cash crops or feed on hand; livestock
held for sale; breeding stock; marketable bonds and securities; securities not
readily marketable; accounts receivable; notes receivable; cash invested in
growing crops; net cash value of life insurance; machinery and equipment; cars
and trucks; farm and other real estate including life estates and personal
residence; value of beneficial interests in trusts; government payments or
grants; and any other assets. Debts shall include, but not be limited to, the
following: accounts payable; notes or other indebtedness owed to any source;
taxes; rent; amounts owed on real estate contracts or real estate mortgages;
judgments; accrued interest payable; and any other liability.
(Source: P.A. 98-90, eff. 7-15-13.)
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