Illinois Compiled Statutes
ILCS Listing
Public
Acts Search
Guide
Disclaimer
Information maintained by the Legislative
Reference Bureau
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process.
Recent laws may not yet be included in the ILCS database, but they are found on this site as Public
Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the
Guide.
Because the statute database is maintained primarily for legislative drafting purposes,
statutory changes are sometimes included in the statute database before they take effect.
If the source note at the end of a Section of the statutes includes a Public Act that has
not yet taken effect, the version of the law that is currently in effect may have already
been removed from the database and you should refer to that Public Act to see the changes
made to the current law.
20 ILCS 3501/830-5
(20 ILCS 3501/830-5)
Sec. 830-5. The Authority shall have the following powers:
(a) To loan its funds to one or more persons to be used by such persons to
pay
the costs of acquiring, constructing, reconstructing or improving Agricultural
Facilities, soil or water conservation projects or watershed areas, such loans
to be on such terms and conditions, and for such period of time, and secured or
evidenced by such mortgages, deeds of trust, notes, debentures, bonds or other
secured or unsecured evidences of indebtedness of such persons as the Board may
determine;
(b) To loan its funds to any agribusiness which operates or will operate a
facility located in Illinois for those purposes permitted by rules and
regulations issued pursuant to the Internal Revenue Code of 1954, as amended,
relating to the use of moneys loaned from the proceeds from the issuance of
industrial development revenue bonds; such loans shall be on terms and
conditions, and for periods of time, and secured or evidenced by mortgages,
deeds of trust, notes, debentures, bonds or other secured or unsecured
evidences
of indebtedness of such agribusiness as the Board may require;
(c) To purchase, or to make commitments to purchase, from lenders notes,
debentures, bonds or other evidences of indebtedness secured by mortgages,
deeds of trust, or security devices, or unsecured, as the Authority may
determine, or portions thereof or participations therein, which notes, bonds,
or other evidences of indebtedness shall have been or will be executed by the
obligors thereon to obtain funds with which to acquire, by purchase,
construction, or otherwise, reconstruct or improve Agricultural Facilities;
(d) To contract with lenders or others for the origination of or the
servicing
of the loans made by the Authority pursuant to this
Section or
represented by the notes, bonds, or other evidences of indebtedness which it
has purchased pursuant to this
Section; provided that such
servicing fees shall not exceed one percent per annum of the principal amount
outstanding owed to the Authority; and
(e) To enter into a State Guarantee with a lender or a person holding a note
and
to sell or issue such State Guarantees, bonds or evidences of indebtedness in a
primary or a secondary market and to make payment on a State Guarantee from available sources, including but not limited to, the Illinois Agricultural Loan Guarantee Fund and the Illinois Farmer and Agribusiness Loan Guarantee Fund created under Section 830-30 and Section 830-35, respectively, and the Industrial Project Insurance Fund created under Article 805 of this Act.
(Source: P.A. 96-897, eff. 5-24-10.)
|
|
