(a) In the event that the receiver does not have sufficient funds to cover expenses needed to prevent or remove jeopardy to the residents or to pay the debts accruing to the facility, the receiver may petition the Court for permission to borrow for these purposes.

(b) Notice of the receiver's petition to the Court for permission to borrow must be given to the owner, the licensee, the mortgage holder, and the licensing agency.

(c) The Court may, after hearing, authorize the receiver to borrow money upon specified terms of repayment and to pledge security, if necessary, if the Court determines that the facility should not be closed and that the loan is reasonably necessary to prevent or remove jeopardy, or if it determines that the facility should be closed and that the expenditure is necessary to prevent or remove jeopardy to residents for the limited period of time when they are awaiting transfer. (Added 2009, No. 36, § 2.)