SCHOENBERG-FANTIN-FEIGENHOLTZ-KENNER, LANG, MCGUIRE,
COULSON, SCOTT, GILES, LYONS,JOSEPH, KLINGLER,
CROTTY, MCKEON, ERWIN, WOOD AND WOOLARD.
ELDER CARE SAVINGS BOND ACT
Synopsis of Bill as introduced:
Creates the Elder Care Savings Bond Act that authorizes the
issuance and sale of up to $300,000,000 of General Obligation Elder
Care Savings Bonds for purchase by Illinois residents to enhance their
financial access to long term health care. Amends the General
Obligation Bond Act to reflect this bond authorization. Amends the
Civil Administrative Code to direct the Department of Public Aid, in
cooperation with the Department of Insurance, to undertake a study to
determine the feasibility of health maintenance organizations
providing acute care to the State's Medicaid long term care
recipients. Effective immediately.
STATE DEBT IMPACT NOTE
Increase in general obligation principal $300.0 M
Increase in potential obligation debt $587.1 M
Increase in annual debt service payments $ 23.5 M
HOUSE AMENDMENT NO. 1.
Adds the Director of Public Health as a member ex officio to the
Elder Care Trust Authority.
FISCAL NOTE (Bureau of Budget)
The State tax exemption could equal as much as $7.2 M over the
life of the bonds.
FISCAL NOTE (Dept. of Aging)
There is no fiscal impact to this Dept.
STATE MANDATES ACT FISCAL NOTE, H-AM 1
HB 504 fails to create a State mandate.
STATE DEBT IMPACT NOTE, H-AM 1
No change from previous State debt note.
FISCAL NOTE, H-AM 1 (Bureau of the Budget)
No change from previous BOB fiscal note.
HOME RULE NOTE, H-AM 1
HB504, amended by H-am 1, does not preempt home rule authority.
HOUSE AMENDMENT NO. 2.
Deletes reference to:
20 ILCS 1405/56.5 new
20 ILCS 2205/48c new
Provides that the Elder Care Savings Bonds may be issued and sold
in fiscal year 1998 and the following fiscal years. Provides that the
grant program shall also encourage the use of the bonds and their
income for care in assisted living establishments. Defines assisted
living establishments. Deletes the provisions mandating the Department
of Public Aid and the Department of Insurance to study and report on
the feasibility of health maintenance organizations providing acute
care to the State's Medicaid long term care recipients.
HOUSE AMENDMENT NO. 3.
Further amends the General Obligation Bond Act. In the Section
authorizing the issuance and sale of up to $300,000,000 of General
Obligation Elder Care Savings Bonds, updates the provision to reflect
the increased bond authorization of Public Act 90-1. Deletes
amendatory changes to the total bond authorization amount.
Last action on Bill: SESSION SINE DIE
Last action date: 99-01-12
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 3 SENATE - 0
END OF INQUIRY
Full Text Bill Status