Synopsis As Introduced Creates the Hospital Basic Services Preservation Act. Establishes the Hospital Basic Services Preservation Fund to collateralize basic services loans from financial institutions for capital projects necessary to maintain certain basic services required for the efficient and effective operation of essential community hospital providers that may not otherwise be able to meet the credit standards of the financial institution. Requires hospitals receiving the loans to account for moneys received and ensure that those moneys are used for the basic services for which the loan was provided. Requires the State Treasurer to promulgate rules to administer the loan program. Amends the State Finance Act to create the Hospital Basic Services Preservation Fund.
House Committee Amendment No. 1 Provides that loans extended by a financial institution and collateralized under the Hospital Basic Services Preservation Act may be in the form of collateralized loans or in the form of subordinated debt.
Deletes everything after the enacting clause. Reinserts the provisions of the engrossed bill but makes the following changes. Establishes the Hospital Basic Services Review Board to review and make recommendations to the State Treasurer concerning essential community hospitals applying for collateralization of loans for completing, attaining, or upgrading basic services. Provides that applicants for collateralization of basic services loans must first apply to the Illinois Hospital Facilities Planning Board for plan approval and to the Hospital Basic Services Review Board for a recommendation of application approval for the collateralization program by the State Treasurer. Requires the applicant to submit certain information to the Hospital Basic Services Review Board. Makes other changes. Amends the State Finance Act. Exempts the Hospital Basic Services Preservation Fund from the Act's administrative charge-back provision.