Signed by Governor Andy Beshear

Vote Smart's Synopsis:

Vote to concur with the senate substitute and pass a bill that establishes a revolving fund for rural hospitals during an emergency.

Highlights:

• Defines “authority” as the Kentucky Economic Development Finance Authority (Sec. 1).

• Defines “rural hospital” as any hospital located within the county of the commonwealth having a population of less than 50,000 according to the most recent annual estimates of the resident population issued by the United States Census Bureau (Sec. 1).

• Establishes the rural hospital operations and facilities revolving fund for the authority to provide loans to rural hospitals (Sec. 1).

• Specifies that any loan issued by the authority will not exceed a 20 year term and will be utilized by the Cabinet for Economic Development to assist a rural hospital in providing needed direct health care services for the citizens of the commonwealth by (Sec. 1):

• Maintaining or upgrading the hospital’s facilities;

• Maintaining or increasing the current staff of the rural hospital; or

• Providing health care services that are not currently available to citizens.

• Requires the Cabinet for Economic Development to (Sec. 1):

• Determine the terms and conditions of each loan, including the repayment plan;

• Monitor the performance of the rural hospital; and

• By October 1, 2020 and each October 1 thereafter, provide a report to the Interim Joint Committee on Appropriations and Revenue information about each outstanding loan issued, including:

• The name and location of the rural hospital;

• The amount of principal originally loaned;

• The terms of the loan and whether the rural hospital is currently meeting those terms; and

• How the rural hospital used the loan related to facilities, staff, or additional services.

Full Bill Text