20 ILCS 3501/830-10
2021 Illinois Compiled Statutes|Chapter 20 - EXECUTIVE BRANCH|20 ILCS 3501/ - Illinois Finance Authority Act.|Article 830 - Agricultural Assistance

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.)