Replaces everything after the enacting clause. Amends the State Finance Act. Creates the Human Services Provider Payment Fund. Amends the General Obligation Bond Act. Provides that the general obligation bond debt limit is increased by $2,500,000,000, with the proceeds from the additional bonds sold to be paid to the Human Services Provider Payment Fund, and used to pay bona fide creditors of the State. Defines "bona fide creditor". Provides that bond sale proceeds may not be used to pay contributions to any pension or retirement system of the State. Provides that priority in payment of up to $2,000,000,000 of the bond sale proceeds will be given to bona fide creditors that receive Federal Medical Assistance Percentage (FMAP) matching funds. Provides that the Human Services Provider Payment Fund is not subject to fund administrative charges or chargebacks. Effective immediately.
State Debt Impact Note, House Floor Amendment No. 1 (Government Forecasting & Accountability)
HB 374 (H-AM 1) would increase general obligation bond authorization by $2.5 billion.