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Public Act 096-0531
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| SB0260 Enrolled |
LRB096 04582 JDS 14637 b |
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AN ACT concerning State government.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Illinois Finance Authority Act is amended by |
changing Section 830-20 as follows:
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(20 ILCS 3501/830-20)
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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
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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 |