Purpose

Section 1270.100  Purpose a)         This Part implements the Hospital Basic Services Preservation Act (the Act) [20 ILCS 4050]. The Act created, in the State treasury, the Hospital Basic Services Preservation Fund, which is administered by the State Treasurer to collateralize loans from financial institutions for capital projects necessary to maintain certain basic services required for the efficient and effective operation of essential community hospital providers who otherwise may not be able to meet financial institution credit standards for issuance of a standard commercial loan. (Section 10 of the Act) b) The Fund consists of all public and private moneys donated or transferred to the Fund for the purpose of enabling essential community hospitals to continue to provide basic quality health care services that are subject to and meet standards of need under the Health Facilities Planning Act. (Section 10 of the Act)