California Health Facilities Financing Authority Act.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Chaptered
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill modifies the California Health Facilities Financing Authority Act to change the definition of ‘working capital’ for loans to health institutions. Specifically, it removes a previous restriction that limited interest rates on working capital loans to a maximum of two years. Additionally, the bill eliminates a requirement for private nonprofit health institutions to repay working capital loans within 24 months. The bill also requires the authority to establish financial eligibility standards for working capital loans, prohibiting institutions in financial distress from being deemed eligible.
Key provisions
- Removes the 2-year cap on interest rates for working capital loans.
- Eliminates the 24-month repayment requirement for private nonprofit working capital loans.
- Requires the authority to establish financial eligibility standards for working capital loans.
- Prohibits financially distressed health institutions from being deemed eligible for working capital loans.
- Expands the purpose for which the continuously appropriated fund may be used.
- Includes legislative findings related to the bill's purpose.
Who is affected
- California Health Facilities Financing Authority
- Nonprofit health institutions
- Private nonprofit corporations and associations providing health facilities
- Healthcare providers
- Local jurisdictions operating county health services
Notable changes
Bill text
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