20 ILCS 3501/840-5
2021 Illinois Compiled Statutes|Chapter 20 - EXECUTIVE BRANCH|20 ILCS 3501/ - Illinois Finance Authority Act.|Article 840 - Health Facilities Development

Sec. 840-5. The Authority shall have the following powers:(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.(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 that participating health institution.(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  reports and guidelines. The Authority may appoint a Technical Committee on  Health Facility Project Costs and Cost Containment.(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  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.(e) To make mortgage or other secured or unsecured loans to or for the  benefit of a participating health institution in accordance with an agreement  between  the Authority and the participating health institution to refund outstanding  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  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  participating health institution.(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, 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.(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,  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 lessees thereof with or without consideration.(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.(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  leased by health facilities.(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  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.    (Source: P.A. 97-654, eff. 1-13-12.)