SECTION 1.
(a) Notwithstanding any other law, and subject to review and approval by the Department of Finance, the department shall approve the forgiveness of any department loans pursuant to the Distressed Hospital Loan Program established by Chapter 4 (commencing with Section 129380) of Part 6 of Division 107 of the Health and Safety Code for the St. Rose Hospital in the City of Hayward if the St. Rose Hospital is acquired by the Alameda Health System Hospital Authority established pursuant to Section 101850 of the Health and Safety Code.(b) The department shall forgive the full amounts of the principal, interests, fees, and any other outstanding balances of the loan.
(c) The Department of Finance shall consider in its determination to review and approve the loan forgiveness pursuant to subdivision (a) whether the forgiveness will contribute to the financial and fiscal health of the St. Rose Hospital and make it possible for the Alameda Health System Hospital Authority to acquire the hospital, thereby avoiding the closure of the hospital.