House Sponsors: SCHOENBERG-FANTIN-FEIGENHOLTZ-KENNER, LANG, MCGUIRE, COULSON, SCOTT, GILES, LYONS,JOSEPH, KLINGLER, CROTTY, MCKEON, ERWIN, WOOD AND WOOLARD. Senate Sponsors: RAUSCHENBERGER Short description: 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 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 3 SENATE - 0 END OF INQUIRY Full Text Bill Status