IL SB0260

Increases the maximum bond issuance limit for individual agricultural real estate borrowers from $250,000 to $450,000.

Establishes annual inflation adjustments to the $450,000 limit beginning in 2008, based on the federal Consolidated Farm and Rural Development Act inflation percentage, rounded to the nearest $100.

Prohibits bond proceeds from being loaned to individuals with net worth exceeding $500,000 for new agricultural property purchases or to agribusinesses with more than 100 employees and annual gross income exceeding $2,000,000.

Exempts agricultural research and development loans from the employee size and gross income restrictions, and allows the Illinois Finance Authority to waive these limitations for agribusinesses without existing facilities in Illinois.

Takes effect upon becoming law.