House Sponsors: GARRETT-SCHOENBERG-LANG-SILVA-SCOTT, PUGH, RONEN, FRITCHEY, MOORE,ANDREA, KRAUSE, ERWIN, NOVAK, BRADLEY, GILES, FRANKS, COULSON, LYONS,JOSEPH, COWLISHAW, LAWFER, MITCHELL,JERRY, MCGUIRE, BROSNAHAN, O'BRIEN, FEIGENHOLTZ, GRANBERG, GASH, CROTTY AND DELGADO. Senate Sponsors: GEO-KARIS-MYERS,J-SILVERSTEIN-TROTTER Short description: ELDER CARE SAVINGS BOND ACT Synopsis of Bill as introduced: Creates the Elder Care Savings Bond Act that authorizes the issuance and sale of up to $300,000,000 of General Obligation Elder Care Savings Bonds for purchase by Illinois residents to enhance their financial access to long term health care. Amends the General Obligation Bond Act to reflect the increased bond authorization. Effective immediately. STATE DEBT NOTE (Economic and Fiscal Commission) Increase in general obligation principal $300.0 million Increase in general obligation debt $505.8 million Increase in annual debt service payments $ 20.8 million FISCAL NOTE (Dept. on Aging) There is no fiscal impact on the Department. HOUSE AMENDMENT NO. 1. Replaces the definition of "assisted living establishment". Provides that the Department on Aging's case coordination units may provide certain services under the Act. Provides that the Treasurer shall conduct the Act's education program in cooperation with the Department on Aging and area agencies on aging. HOUSE AMENDMENT NO. 2. Deletes reference to: 30 ILCS 330/2 Deletes everything. Creates the Elder Care Savings Fund Act to provide investors with investment alternatives to enhance their financial access to long term health care and to authorize the State Treasurer to establish and administer an Elder Care Savings Fund. Provides that the Treasurer, in administering the Elder Care Savings Fund, may receive moneys from Illinois residents for deposit into the Fund and invest moneys within the Fund on their behalf. Provides that the Treasurer shall develop, publish, and implement an investment po- licy covering the management of funds in the Elder Care Savings Fund. Provides that the policy shall be published at least once each year in at least one newspaper of general circulation in both Springfield and Chicago, and each year as part of the audit of the Elder Care Savings Fund by the Auditor General, which shall be distributed to all participants in the Fund. Provides that the Treasurer shall notify all participants in writing, and the Treasurer shall publish in a newspaper of general circulation in both Chicago and Springfield any changes to the previously published investment policy at least 30 calendar days before implementing the policy. Provides that any investment policy adopted by the Treasurer shall be reviewed, and updated if necessary, within 90 days following the installation of a new Treasurer. Provides that interest earnings in excess of administrative expenses shall be credited or paid monthly to the several participants in the Fund in a manner which equitably reflects the differing amounts of their respective investments in the Fund and the differing periods of time for which the amounts were in the custody of the Fund. Provides that the Treasurer shall promulgate rules and regulations as he or she deems necessary for the efficient administration of the Elder Care Savings Fund, including specification of minimum and maximum amounts which may be deposited, minimum and maximum periods of time for which deposits may be retained in the Fund, and conditions under which penalties will be assessed for refunds of earnings that are not used for long term health care expenses. Effective immediately. Last action on Bill: SESSION SINE DIE Last action date: 01-01-09 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 2 SENATE - 0 END OF INQUIRY Full Text Bill Status