GARRETT-SCHOENBERG-LANG-SILVA-SCOTT, PUGH, RONEN, FRITCHEY, MOORE,ANDREA, KRAUSE, ERWIN, NOVAK, BRADLEY, GILES, FRANKS, COULSON, LYONS,JOSEPH, COWLISHAW, LAWFER, MITCHELL,JERRY, MCGUIRE, BROSNAHAN, O'BRIEN, FEIGENHOLTZ, GRANBERG, GASH, CROTTY AND DELGADO. (GEO-KARIS-MYERS,J-SILVERSTEIN-TROTTER) New Act 30 ILCS 330/2 from Ch. 127, par. 652 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 the increased bond authorization. Effective immediately. STATE DEBT NOTE (Economic and Fiscal Commission) Increase in general obligation principal $300.0 million Increase in general obligation debt $505.8 million Increase in annual debt service payments $ 20.8 million FISCAL NOTE (Dept. on Aging) There is no fiscal impact on the Department. HOUSE AMENDMENT NO. 1. Replaces the definition of "assisted living establishment". Provides that the Department on Aging's case coordination units may provide certain services under the Act. Provides that the Treasurer shall conduct the Act's education program in cooperation with the Department on Aging and area agencies on aging. HOUSE AMENDMENT NO. 2. Deletes reference to: 30 ILCS 330/2 Deletes everything. Creates the Elder Care Savings Fund Act to provide investors with investment alternatives to enhance their financial access to long term health care and to authorize the State Treasurer to establish and administer an Elder Care Savings Fund. Provides that the Treasurer, in administering the Elder Care Savings Fund, may receive moneys from Illinois residents for deposit into the Fund and invest moneys within the Fund on their behalf. Provides that the Treasurer shall develop, publish, and implement an investment po- licy covering the management of funds in the Elder Care Savings Fund. Provides that the policy shall be published at least once each year in at least one newspaper of general circulation in both Springfield and Chicago, and each year as part of the audit of the Elder Care Savings Fund by the Auditor General, which shall be distributed to all participants in the Fund. Provides that the Treasurer shall notify all participants in writing, and the Treasurer shall publish in a newspaper of general circulation in both Chicago and Springfield any changes to the previously published investment policy at least 30 calendar days before implementing the policy. Provides that any investment policy adopted by the Treasurer shall be reviewed, and updated if necessary, within 90 days following the installation of a new Treasurer. Provides that interest earnings in excess of administrative expenses shall be credited or paid monthly to the several participants in the Fund in a manner which equitably reflects the differing amounts of their respective investments in the Fund and the differing periods of time for which the amounts were in the custody of the Fund. Provides that the Treasurer shall promulgate rules and regulations as he or she deems necessary for the efficient administration of the Elder Care Savings Fund, including specification of minimum and maximum amounts which may be deposited, minimum and maximum periods of time for which deposits may be retained in the Fund, and conditions under which penalties will be assessed for refunds of earnings that are not used for long term health care expenses. Effective immediately. 98-12-17 H PREFILED WITH CLERK 99-01-14 H FIRST READING 99-01-14 H REFERRED TO HOUSE RULES COMMITTEE RULES 99-01-27 H ADDED AS A JOINT SPONSOR LANG 99-01-27 H ASSIGNED TO COMMITTEE AGING 99-01-28 H ADDED AS A CO-SPONSOR SILVA 99-02-03 H ADDED AS A CO-SPONSOR SCOTT 99-02-09 H STATE DEBT IMPACT NOTE FILED 99-02-09 H COMMITTEE AGING 99-02-10 H ADDED AS A CO-SPONSOR RONEN 99-02-10 H ADDED AS A CO-SPONSOR PUGH 99-02-11 H PRIMARY SPONSOR CHANGED TO GARRETT 99-02-11 H JOINT-SPONSOR CHANGED TO SCHOENBERG 99-02-11 H ADDED AS A CO-SPONSOR PUGH 99-02-16 H FISCAL NOTE FILED 99-02-16 H COMMITTEE AGING 99-02-18 H ADDED AS A CO-SPONSOR HOFFMAN 99-02-18 H ADDED AS A CO-SPONSOR FRITCHEY 99-02-23 H ADDED AS A CO-SPONSOR MOORE,ANDREA 99-02-24 H ADDED AS A CO-SPONSOR KRAUSE 99-02-24 H ADDED AS A CO-SPONSOR ERWIN 99-02-25 H ADDED AS A CO-SPONSOR NOVAK 99-02-25 H ADDED AS A CO-SPONSOR BRADLEY 99-02-25 H ADDED AS A CO-SPONSOR BOLAND 99-03-04 H AMENDMENT NO. 01-AGING H 99-03-04 H ADOPTED 99-03-04 H DO PASS AMENDED/SHORT DEBATE 018-000-000 HAGI 99-03-04 H PLACED CALENDAR 2ND READING-SHORT DEBATE 99-03-04 H ADDED AS A CO-SPONSOR GILES 99-03-04 H ADDED AS A CO-SPONSOR FRANKS 99-03-04 H ADDED AS A CO-SPONSOR COULSON 99-03-04 H ADDED AS A CO-SPONSOR LYONS,JOSEPH 99-03-04 H ADDED AS A CO-SPONSOR COWLISHAW 99-03-04 H ADDED AS A CO-SPONSOR MOFFITT 99-03-04 H ADDED AS A CO-SPONSOR LAWFER 99-03-04 H ADDED AS A CO-SPONSOR MITCHELL,JERRY 99-03-04 H ADDED AS A CO-SPONSOR MCGUIRE 99-03-04 H ADDED AS A CO-SPONSOR BROSNAHAN 99-03-05 H ADDED AS A CO-SPONSOR O'BRIEN 99-03-10 H ADDED AS A CO-SPONSOR CURRY,JULIE 99-03-11 H ADDED AS A CO-SPONSOR FEIGENHOLTZ 99-03-16 H ADDED AS A CO-SPONSOR GRANBERG 99-03-16 H AMENDMENT NO. 02-GARRETT 99-03-16 H AMENDMENT REFERRED TO HRUL 99-03-16 H RULES REFERS TO HAGI 99-03-16 H SECOND READING-SHORT DEBATE 99-03-16 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE 99-03-17 H AMENDMENT NO. 02-GARRETT 99-03-17 H RECOMMENDS BE ADOPTED HAGI/010-000-000 99-03-17 H AMENDMENT NO. 02-GARRETT 99-03-17 H ADOPTED 99-03-17 H PLCD CAL ORDER 3RD READING-SHORT DEBATE 99-03-17 H ADDED AS A CO-SPONSOR GASH 99-03-18 H THIRD READING/SHORT DEBATE/PASSED 113-003-000 99-03-18 H ADDED AS A CO-SPONSOR CROTTY 99-03-18 H ADDED AS A CO-SPONSOR DELGADO 99-03-18 S ARRIVE IN SENATE 99-03-18 S PLACED CALENDAR ORDER OF FIRST READING 99-03-19 99-03-18 S CHIEF SPONSOR GEO-KARIS 99-03-19 S FIRST READING 99-03-19 S REFERRED TO SENATE RULES COMMITTEE RULES 99-03-23 S ADDED AS A CHIEF CO-SPONSOR MYERS,J 99-03-24 S ADDED AS A CHIEF CO-SPONSOR SILVERSTEIN 99-04-14 S ASSIGNED TO COMMITTEE PUBLIC HEALTH 99-04-14 S ADDED AS A CHIEF CO-SPONSOR TROTTER 99-04-15 S RE-REFERRED TO COMMITTEE RULES 99-04-15 S ASSIGNED TO COMMITTEE EXECUTIVE 99-04-21 S ADDED AS A CO-SPONSOR MOLARO 99-04-22 S POSTPONED 99-04-29 S TO SUBCOMMITTEE 99-04-29 S COMMITTEE EXECUTIVE 99-05-04 S ADDED AS A CO-SPONSOR LIGHTFORD 99-05-08 S RE-REFERRED TO RULES COMM/RULE 3-9(A) RULES 99-05-26 S RULED EXEMPT UNDER SENATE RULE 3-9(B) SRUL 99-05-26 S ASSIGNED TO COMMITTEE EXECUTIVE 01-01-09 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary