Words defined in the Illinois Finance Authority Act and in Section 1100.50 have the same meaning when used in this Subpart unless a more specific definition is prescribed in this Section. This Section establishes additional definitions for use in this Subpart only.
"Applicant" means a farmer whose application for a Young Farmer Guarantee has been submitted to the Authority by a lender.
"Asset" includes, but is not limited to, the following:crops or feed on hand; livestock held for sale; breeding stock; cash; 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 interest in trusts;governmentpayments or grants; capitalized leases; retirement accounts and all other assets. [20 ILCS 3501/801-10(aa)]
"Debt to Asset Ratio" means total outstanding liabilities, including any debt to be financed or refinanced under this Section, divided by total outstanding assets. [20 ILCS 3501/830-45(a)]
"Fund" means the Illinois Farmer and Agribusiness Loan Guarantee Fund (see 20 ILCS 3501/830-35(c)) , which is the State's fund to cover losses resulting from defaults on young farmer guarantee loans.
"Gross Annual Income" means income as defined in Section 61 of the Internal Revenue Code ( 26 USC 61 ).
"Liability" includes, but is not 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;accruedinterest payable; indebtedness under capitalized leases; and all anyother liabilities. [20 ILCS 3501/801-10(bb)]
"YFG Loan" means an installment note for which the State of Illinois shall be liable for 85% of the total principal and interest as determined by the Authority.
"Young Farmer" means a resident of Illinois who is at least18years of age, who is a principal operator of a farm or land, who derives or will derive at least 50% of gross annual income from farming, who has a net worth of not less than $10,000and whose debt to asset ratio is not less than 40%. [20 ILCS 3501/830-45(a)]
Ill. Admin. Code tit. 74, § 1100.720
Amended at 26 Ill. Reg. 7084, effective May 10, 2002; recodified from 8 Ill. Adm. Code 1400.146 at 31 Ill. Reg. 12104