Illinois General Assembly - Full Text of HB0442
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Full Text of HB0442  97th General Assembly


Rep. Barbara Flynn Currie

Filed: 10/24/2011





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2    AMENDMENT NO. ______. Amend House Bill 442 by replacing
3everything after the enacting clause with the following:
4    "Section 5. The Illinois Finance Authority Act is amended
5by 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
9collect rates, rents, fees and charges for the use of and for
10the services furnished or to be furnished by a project or other
11health facilities owned, financed or refinanced by the
12Authority or any portion thereof and to contract with any
13person, partnership, association or corporation or other body,
14public or private, in respect thereto; to coordinate its
15policies and procedures and cooperate with recognized health
16facility rate setting mechanisms which may now or hereafter be



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2    (b) To establish rules and regulations for the use of a
3project or other health facilities owned, financed or
4refinanced by the Authority or any portion thereof and to
5designate a participating health institution as its agent to
6establish rules and regulations for the use of a project or
7other health facilities owned by the Authority undertaken for
8that participating health institution.
9    (c) To establish or contract with others to carry out on
10its behalf a health facility project cost estimating service
11and to make this service available on all projects to provide
12expert cost estimates and guidance to the participating health
13institution and to the Authority. In order to implement this
14service and, through it, to contribute to cost containment, the
15Authority shall have the power to require such reasonable
16reports and documents from health facility projects as may be
17required for this service and for the development of cost
18reports and guidelines. The Authority may appoint a Technical
19Committee on Health Facility Project Costs and Cost
21    (d) To make mortgage or other secured or unsecured loans to
22or for the benefit of any participating health institution for
23the cost of a project in accordance with an agreement between
24the Authority and the participating health institution;
25provided that no such loan shall exceed the total cost of the
26project as determined by the participating health institution



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1and approved by the Authority; provided further that such loans
2may be made to any entity affiliated with a participating
3health institution if the proceeds of such loan are made
4available to or applied for the benefit of such participating
5health institution.
6    (e) To make mortgage or other secured or unsecured loans to
7or for the benefit of a participating health institution in
8accordance with an agreement between the Authority and the
9participating health institution to refund outstanding
10obligations, loans, indebtedness or advances issued, made,
11given or incurred by such participating health institution for
12the cost of a project; including the function to issue bonds
13and make loans to or for the benefit of a participating health
14institution to refinance indebtedness incurred by such
15participating health institution in projects undertaken and
16completed or for other health facilities acquired prior to or
17after the enactment of this Act when the Authority finds that
18such refinancing is in the public interest, and either
19alleviates a financial hardship of such participating health
20institution, or is in connection with other financing by the
21Authority for such participating health institution or may be
22expected to result in a lessened cost of patient care and a
23saving to third parties, including government, and to others
24who must pay for care, or any combination thereof; provided
25further that such loans may be made to any entity affiliated
26with a participating health institution if the proceeds of such



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1loan are made available to or applied for the benefit of such
2participating health institution.
3    (f) To mortgage all or any portion of a project or other
4health facilities and the property on which any such project or
5other health facilities are located whether owned or thereafter
6acquired, and to assign or pledge mortgages, deeds of trust,
7indentures of mortgage or trust or similar instruments, notes,
8and other securities of participating health institutions to
9which or for the benefit of which the Authority has made loans
10or of entities affiliated with such institutions and the
11revenues therefrom, including payments or income from any
12thereof owned or held by the Authority, for the benefit of the
13holders of bonds issued to finance such project or health
14facilities or issued to refund or refinance outstanding
15obligations, loans, indebtedness or advances of participating
16health institutions as permitted by this Act.
17    (g) To lease to a participating health institution the
18project being financed or refinanced or other health facilities
19conveyed to the Authority in connection with such financing or
20refinancing, upon such terms and conditions as the Authority
21shall deem proper, and to charge and collect rents therefor and
22to terminate any such lease upon the failure of the lessee to
23comply with any of the obligations thereof; and to include in
24any such lease, if desired, provisions that the lessee thereof
25shall have options to renew the lease for such period or
26periods and at such rent as shall be determined by the



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1Authority or to purchase any or all of the health facilities or
2that upon payment of all of the indebtedness incurred by the
3Authority for the financing of such project or health
4facilities or for refunding outstanding obligations, loans,
5indebtedness or advances of a participating health
6institution, then the Authority may convey any or all of the
7project or such other health facilities to the lessee or
8lessees thereof with or without consideration.
9    (h) To make studies of needed health facilities that could
10not sustain a loan were it made under this Act and to recommend
11remedial action to the General Assembly; to do the same with
12regard to any laws or regulations that prevent health
13facilities from benefiting from this Act.
14    (i) To assist the Department of Commerce and Economic
15Opportunity to establish and implement a program to assist
16health facilities to identify and arrange financing for energy
17conservation projects in buildings and facilities owned or
18leased by health facilities.
19    (j) To assist the Department of Human Services in
20establishing a low interest loan program to help child care
21centers and family day care homes serving children of low
22income families under Section 22.4 of the Children and Family
23Services Act. The Authority, on or after the effective date of
24this amendatory Act of the 97th General Assembly, is authorized
25to convert existing agreements for financial aid in accordance
26with Section 840-5(j) to permanent capital to leverage



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1additional private capital and establish a revolving loan fund
2for nonprofit corporations providing human services under
3contract to the State.
4    (k) To assist the Department of Public Health and nursing
5homes in undertaking nursing home conversion projects in
6accordance with the Older Adult Services Act.
7(Source: P.A. 93-205, eff. 1-1-04; 93-1031, eff. 8-27-04.)
8    Section 99. Effective date. This Act takes effect upon
9becoming law.".