Full Text of HB0442 97th General Assembly
HB0442enr 97TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning State government.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Illinois Finance Authority Act is amended by | 5 | | changing Section 840-5 as follows:
| 6 | | (20 ILCS 3501/840-5)
| 7 | | Sec. 840-5. The Authority shall have the following powers:
| 8 | | (a) To fix and revise from time to time and charge and | 9 | | collect rates, rents,
fees and charges for the use of and for | 10 | | the services furnished or to be
furnished by a project or other | 11 | | health facilities owned, financed or refinanced
by the | 12 | | Authority or any portion thereof and to contract with any | 13 | | person,
partnership, association or corporation or other body, | 14 | | public or private, in
respect thereto; to coordinate its | 15 | | policies and procedures and cooperate with
recognized health | 16 | | facility rate setting mechanisms which may now or hereafter
be | 17 | | established.
| 18 | | (b) To establish rules and regulations for the use of a | 19 | | project or other
health
facilities owned, financed or | 20 | | refinanced by the Authority or any portion
thereof
and to | 21 | | designate a participating health institution as its agent to | 22 | | establish
rules and regulations for the use of a project or | 23 | | other health facilities owned
by the Authority undertaken for |
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| 1 | | that participating health institution.
| 2 | | (c) To establish or contract with others to carry out on | 3 | | its behalf a health
facility project cost estimating service | 4 | | and to make this service available on
all projects to provide | 5 | | expert cost estimates and guidance to the participating
health | 6 | | institution and to the Authority. In order to implement this | 7 | | service
and, through it, to contribute to cost containment, the | 8 | | Authority shall have
the power to require such reasonable | 9 | | reports and documents from health facility
projects as may be | 10 | | required for this service and for the development of cost
| 11 | | reports and guidelines. The Authority may appoint a Technical | 12 | | Committee on
Health Facility Project Costs and Cost | 13 | | Containment.
| 14 | | (d) To make mortgage or other secured or unsecured loans to | 15 | | or for the
benefit
of any participating health institution for | 16 | | the cost of a project in accordance
with an agreement between | 17 | | the Authority and the participating health
institution; | 18 | | provided that no such loan shall exceed the total cost of the
| 19 | | project as determined by the participating health institution | 20 | | and approved by
the Authority; provided further that such loans | 21 | | may be made to any entity
affiliated with a participating | 22 | | health institution if the proceeds of such loan
are made | 23 | | available to or applied for the benefit of such participating | 24 | | health
institution.
| 25 | | (e) To make mortgage or other secured or unsecured loans to | 26 | | or for the
benefit of a participating health institution in |
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| 1 | | accordance with an agreement
between
the Authority and the | 2 | | participating health institution to refund outstanding
| 3 | | obligations, loans, indebtedness or advances issued, made, | 4 | | given or incurred by
such participating health institution for | 5 | | the cost of a project; including the
function to issue bonds | 6 | | and make loans to or for the benefit of a participating
health | 7 | | institution to refinance indebtedness incurred by such | 8 | | participating
health institution in projects undertaken and | 9 | | completed or for other health
facilities acquired prior to or | 10 | | after the enactment of this Act when the
Authority finds that | 11 | | such refinancing is in the public interest, and either
| 12 | | alleviates a financial hardship of such participating health | 13 | | institution, or is
in connection with other financing by the | 14 | | Authority for such participating
health institution or may be | 15 | | expected to result in a lessened cost of patient
care and a | 16 | | saving to third parties, including government, and to others | 17 | | who
must pay for care, or any combination thereof; provided | 18 | | further that such loans
may
be made to any entity affiliated | 19 | | with a participating health institution if the
proceeds of such | 20 | | loan are made available to or applied for the benefit of such
| 21 | | participating health institution.
| 22 | | (f) To mortgage all or any portion of a project or other | 23 | | health facilities
and the property on which any such project or | 24 | | other health facilities are
located
whether owned or thereafter | 25 | | acquired, and to assign or pledge mortgages, deeds
of trust, | 26 | | indentures of mortgage or trust or similar instruments, notes, |
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| 1 | | and
other securities of participating health institutions to | 2 | | which or for the
benefit of which the Authority has made loans | 3 | | or of entities affiliated with
such institutions and the | 4 | | revenues therefrom, including payments or income from
any | 5 | | thereof owned or held by the Authority, for the benefit of the | 6 | | holders of
bonds issued to finance such project or health | 7 | | facilities or issued to refund
or refinance outstanding | 8 | | obligations, loans, indebtedness or advances of
participating | 9 | | health institutions as permitted by this Act.
| 10 | | (g) To lease to a participating health institution the | 11 | | project being
financed or refinanced or other health facilities | 12 | | conveyed to the Authority in
connection with such financing or | 13 | | refinancing, upon such terms and conditions
as the
Authority | 14 | | shall deem proper, and to charge and collect rents therefor and | 15 | | to
terminate any such lease upon the failure of the lessee to | 16 | | comply with any of
the obligations thereof; and to include in | 17 | | any such lease, if desired,
provisions that the lessee thereof | 18 | | shall have options to renew the lease for
such period or | 19 | | periods and at such rent as shall be determined by the | 20 | | Authority
or to purchase any or all of the health facilities or | 21 | | that upon payment of all
of the indebtedness incurred by the | 22 | | Authority for the financing of such project
or health | 23 | | facilities or for refunding outstanding obligations, loans,
| 24 | | indebtedness or advances of a participating health | 25 | | institution, then the
Authority may convey any or all of the | 26 | | project or such other health facilities
to the lessee or |
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| 1 | | lessees thereof with or without consideration.
| 2 | | (h) To make studies of needed health facilities that could | 3 | | not sustain a
loan
were it made under this Act and to recommend | 4 | | remedial action to the General
Assembly; to do the same with | 5 | | regard to any laws or regulations that prevent
health | 6 | | facilities from benefiting from this Act.
| 7 | | (i) To assist the Department of Commerce and Economic | 8 | | Opportunity to
establish and implement a program to assist | 9 | | health facilities to identify and
arrange
financing for energy | 10 | | conservation projects in buildings and facilities owned or
| 11 | | leased by health facilities.
| 12 | | (j) To assist the Department of Human Services in | 13 | | establishing a low
interest
loan program to help child care | 14 | | centers and family day care homes serving
children of low | 15 | | income families under
Section 22.4 of the Children and Family
| 16 | | Services Act. The Authority, on or after the effective date of | 17 | | this amendatory Act of the 97th General Assembly, is authorized | 18 | | to convert existing agreements for financial aid in accordance | 19 | | with Section 840-5(j) to permanent capital to leverage | 20 | | additional private capital and establish a revolving loan fund | 21 | | for nonprofit corporations providing human services under | 22 | | contract to the State. | 23 | | (k) To assist the Department of Public Health and nursing | 24 | | homes in undertaking nursing home conversion projects in | 25 | | accordance with the Older Adult Services Act.
| 26 | | (Source: P.A. 93-205, eff. 1-1-04; 93-1031, eff. 8-27-04.)
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| 1 | | Section 99. Effective date. This Act takes effect upon | 2 | | becoming law.
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