SB3383 Summary

• Establishes Article 841 under the Illinois Finance Authority Act to create a revolving loan fund for financially distressed health care and human services providers.

• Authorizes the Illinois Finance Authority to issue up to $300,000,000 in bonds to fund short-term, zero-interest loans capped at $200,000 per qualified provider (those receiving at least 40% of operating revenues from State funding).

• Creates the Financially Distressed Provider Debt Service Fund in the State Treasury to pay bond debt service, funded by monthly transfers from cigarette tax receipts as certified by the Director of Management and Budget.

• Allows bond holders to bring civil actions in Sangamon County Circuit Court to compel State appropriations and cigarette tax transfers to the debt service fund, with State covenant not to alter funding mechanisms.

• Grants the State Comptroller authority to deduct loan repayment amounts from warrants and payments to providers, with deductions directed to the Illinois Finance Authority.