FARM DEVELOPMENT Senate SponsorsSen. Todd Sieben 1/9/2007SenateSession Sine Die 20 ILCS 690/2from Ch. 5, par. 225220 ILCS 690/3from Ch. 5, par. 225320 ILCS 690/4from Ch. 5, par. 225420 ILCS 690/5from Ch. 5, par. 225520 ILCS 3501/801-520 ILCS 3501/801-1020 ILCS 3501/845-7520 ILCS 3501/845-8020 ILCS 3501/845-8520 ILCS 3501/890-9020 ILCS 3501/Art. 830 rep.20 ILCS 3605/12.1from Ch. 5, par. 1212.120 ILCS 3605/12.2from Ch. 5, par. 1212.220 ILCS 3605/12.4from Ch. 5, par. 1212.420 ILCS 3605/12.520 ILCS 3610/3from Ch. 5, par. 125320 ILCS 3610/4from Ch. 5, par. 125430 ILCS 750/8-3from Ch. 127, par. 2708-3510 ILCS 77/17525 ILCS 15/4from Ch. 96 1/2, par. 9104525 ILCS 15/6afrom Ch. 96 1/2, par. 9106aReinstates the Illinois Farm Development Act repealed by Public Act 93-205, which created the Illinois Finance Authority Act. Amends the Illinois Finance Authority Act, the Rural Diversification Act, the Emergency Farm Credit Allocation Act, the Build Illinois Act, the Livestock Management Facilities Act, and the Illinois Forestry Development Act to effect the reinstatement. Amends the Illinois Farm Development Act. Provides that to be eligible for certain State guarantees, a farmer must be a principal operator of a farm or land, at least 30% (instead of 50%) of whose annual income is derived from farming and whose debt to asset ratio shall not exceed the maximum limit established by the Illinois Farm Development Authority (instead of "shall not be less than 40%"). Provides that State guarantees under certain programs shall not exceed $1,000,000 (instead of $500,000). Provides that the collateral acceptable to the Authority must be at least equal to the gross loan amount (instead of "at least equal to the State's portion of the Guarantee to be provided"). Deletes a provision that to be eligible for State guarantees, a farmer's net worth may not exceed $500,000. Deletes a provision stating that a lender may not withdraw a State guarantee if the loan contract provides for an interest rate that may vary. Changes the name of the "Young Farmer Loan Guarantee Program" to the "Illinois Farmer Loan Guarantee Program". Makes other changes. Effective immediately. 2/16/2005SenateFiled with Secretary by Sen. Todd Sieben 2/16/2005SenateFirst Reading 2/16/2005SenateReferred to Rules 2/17/2005SenateAssigned to Executive 2/24/2005SenatePostponed - Executive 3/3/2005SenatePostponed - Executive 3/18/2005SenateRule 3-9(a) / Re-referred to Rules 1/9/2007SenateSession Sine Die