Illinois General Assembly - Full Text of Public Act 096-0531
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Public Act 096-0531




Public Act 096-0531
SB0260 Enrolled LRB096 04582 JDS 14637 b

    AN ACT concerning State government.
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
    Section 5. The Illinois Finance Authority Act is amended by
changing Section 830-20 as follows:
    (20 ILCS 3501/830-20)
    Sec. 830-20. The Authority may not pass a resolution
authorizing the issuance of any notes or bonds in excess of
$450,000 $250,000 for any one agricultural real estate
borrower. In any calendar year after 2007, the $450,000 amount
shall be increased by an amount equal to such dollar amount
multiplied by the inflation percentage determined under
Section 305(c) of the federal Consolidated Farm and Rural
Development Act (7 U.S.C. 1925) as of June 18, 2008. Any
increase determined under the preceding sentence shall be
rounded to the nearest multiple of $100. No proceeds from any
bonds issued by the Authority shall be loaned to any natural
person who has a net worth in excess of $500,000 for the
purchase of new depreciable agricultural property or to any
agribusiness that, including all affiliates and subsidiaries,
has more than 100 employees and a gross income exceeding
$2,000,000 for the preceding calendar year; provided, however,
that the employee size and gross income limitations shall not
apply to any loans to agribusinesses for research and
development purposes, and provided further that the Authority
shall retain the power to waive such limitations for any
agribusiness that, at the time of application, does not operate
a facility within this State.
(Source: P.A. 93-205, eff. 1-1-04.)
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 8/14/2009