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Public Act 097-0654
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| HB0442 Enrolled | LRB097 03902 PJG 43941 b |
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AN ACT concerning State government.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Illinois Finance Authority Act is amended by |
changing Section 840-5 as follows:
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(20 ILCS 3501/840-5)
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Sec. 840-5. The Authority shall have the following powers:
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(a) To fix and revise from time to time and charge and |
collect rates, rents,
fees and charges for the use of and for |
the services furnished or to be
furnished by a project or other |
health facilities owned, financed or refinanced
by the |
Authority or any portion thereof and to contract with any |
person,
partnership, association or corporation or other body, |
public or private, in
respect thereto; to coordinate its |
policies and procedures and cooperate with
recognized health |
facility rate setting mechanisms which may now or hereafter
be |
established.
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(b) To establish rules and regulations for the use of a |
project or other
health
facilities owned, financed or |
refinanced by the Authority or any portion
thereof
and to |
designate a participating health institution as its agent to |
establish
rules and regulations for the use of a project or |
other health facilities owned
by the Authority undertaken for |
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that participating health institution.
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(c) To establish or contract with others to carry out on |
its behalf a health
facility project cost estimating service |
and to make this service available on
all projects to provide |
expert cost estimates and guidance to the participating
health |
institution and to the Authority. In order to implement this |
service
and, through it, to contribute to cost containment, the |
Authority shall have
the power to require such reasonable |
reports and documents from health facility
projects as may be |
required for this service and for the development of cost
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reports and guidelines. The Authority may appoint a Technical |
Committee on
Health Facility Project Costs and Cost |
Containment.
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(d) To make mortgage or other secured or unsecured loans to |
or for the
benefit
of any participating health institution for |
the cost of a project in accordance
with an agreement between |
the Authority and the participating health
institution; |
provided that no such loan shall exceed the total cost of the
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project as determined by the participating health institution |
and approved by
the Authority; provided further that such loans |
may be made to any entity
affiliated with a participating |
health institution if the proceeds of such loan
are made |
available to or applied for the benefit of such participating |
health
institution.
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(e) To make mortgage or other secured or unsecured loans to |
or for the
benefit of a participating health institution in |
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accordance with an agreement
between
the Authority and the |
participating health institution to refund outstanding
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obligations, loans, indebtedness or advances issued, made, |
given or incurred by
such participating health institution for |
the cost of a project; including the
function to issue bonds |
and make loans to or for the benefit of a participating
health |
institution to refinance indebtedness incurred by such |
participating
health institution in projects undertaken and |
completed or for other health
facilities acquired prior to or |
after the enactment of this Act when the
Authority finds that |
such refinancing is in the public interest, and either
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alleviates a financial hardship of such participating health |
institution, or is
in connection with other financing by the |
Authority for such participating
health institution or may be |
expected to result in a lessened cost of patient
care and a |
saving to third parties, including government, and to others |
who
must pay for care, or any combination thereof; provided |
further that such loans
may
be made to any entity affiliated |
with a participating health institution if the
proceeds of such |
loan are made available to or applied for the benefit of such
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participating health institution.
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(f) To mortgage all or any portion of a project or other |
health facilities
and the property on which any such project or |
other health facilities are
located
whether owned or thereafter |
acquired, and to assign or pledge mortgages, deeds
of trust, |
indentures of mortgage or trust or similar instruments, notes, |
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and
other securities of participating health institutions to |
which or for the
benefit of which the Authority has made loans |
or of entities affiliated with
such institutions and the |
revenues therefrom, including payments or income from
any |
thereof owned or held by the Authority, for the benefit of the |
holders of
bonds issued to finance such project or health |
facilities or issued to refund
or refinance outstanding |
obligations, loans, indebtedness or advances of
participating |
health institutions as permitted by this Act.
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(g) To lease to a participating health institution the |
project being
financed or refinanced or other health facilities |
conveyed to the Authority in
connection with such financing or |
refinancing, upon such terms and conditions
as the
Authority |
shall deem proper, and to charge and collect rents therefor and |
to
terminate any such lease upon the failure of the lessee to |
comply with any of
the obligations thereof; and to include in |
any such lease, if desired,
provisions that the lessee thereof |
shall have options to renew the lease for
such period or |
periods and at such rent as shall be determined by the |
Authority
or to purchase any or all of the health facilities or |
that upon payment of all
of the indebtedness incurred by the |
Authority for the financing of such project
or health |
facilities or for refunding outstanding obligations, loans,
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indebtedness or advances of a participating health |
institution, then the
Authority may convey any or all of the |
project or such other health facilities
to the lessee or |
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lessees thereof with or without consideration.
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(h) To make studies of needed health facilities that could |
not sustain a
loan
were it made under this Act and to recommend |
remedial action to the General
Assembly; to do the same with |
regard to any laws or regulations that prevent
health |
facilities from benefiting from this Act.
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(i) To assist the Department of Commerce and Economic |
Opportunity to
establish and implement a program to assist |
health facilities to identify and
arrange
financing for energy |
conservation projects in buildings and facilities owned or
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leased by health facilities.
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(j) To assist the Department of Human Services in |
establishing a low
interest
loan program to help child care |
centers and family day care homes serving
children of low |
income families under
Section 22.4 of the Children and Family
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Services Act. The Authority, on or after the effective date of |
this amendatory Act of the 97th General Assembly, is authorized |
to convert existing agreements for financial aid in accordance |
with Section 840-5(j) to permanent capital to leverage |
additional private capital and establish a revolving loan fund |
for nonprofit corporations providing human services under |
contract to the State. |
(k) To assist the Department of Public Health and nursing |
homes in undertaking nursing home conversion projects in |
accordance with the Older Adult Services Act.
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(Source: P.A. 93-205, eff. 1-1-04; 93-1031, eff. 8-27-04.)
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