§ 2872 — Definitions

New York § 2872

• Jurisdiction: New York
• Law PBH: Public Health
• Art. 28-B: Hospital Mortgage Loan Construction

Text

§ 2872. Definitions. As used in this article, the following words and\nphrases shall have the following meanings unless a different meaning is\nplainly required by the context:\n 1. "Commissioner". The commissioner of health of the state of New\nYork.\n 2. "Agency". The New York state housing finance agency created by\narticle three of the private housing finance law or the New York state\nmedical care facilities finance agency created by the New York state\nmedical care facilities finance agency act.\n 3. "Eligible borrower". "Hospital corporation". A non-profit hospital\ncorporation organized under the laws of this state, or a non-profit\nmedical corporation organized under and governed by article forty-four\nof this chapter, which has entered into a regulatory agreement in\naccordance with the provisions of section twenty-eight hundred\nseventy-three of this article.\n 3-a. "Secured hospital project bonds" shall mean outstanding bonds\nissued on behalf of a not-for-profit hospital corporation organized\nunder the laws of this state, which hospital has previously been\ndesignated by the commissioner and the public health council to be\neligible to receive distributions from the reimbursement pools\nestablished pursuant to paragraph (c) of subdivision nine of section\ntwenty-eight hundred seven-a of this chapter, or any successor pool or\npools established to serve a substantially similar purpose to such\npools.\n 4. "Project". "Hospital project". A specific work or improvement,\nincluding lands, buildings, improvements, fixtures and articles of\npersonal property, acquired, constructed, rehabilitated, owned and\noperated by an eligible borrower pursuant to this article, to provide\nhospital or other facilities for the prevention, diagnosis or treatment\nof human disease, pain, injury, disability, deformity or physical\ncondition, and for facilities incidental or appurtenant thereto.\n"Project" and "Hospital project" shall also mean the refinancing of\nexisting indebtedness which constitutes a lien or other encumbrance upon\nthe real property or assets of the eligible borrower whether or not such\nrefinancing is related to the construction, acquisition or\nrehabilitation of a specific work or improvement. The term "project" or\n"hospital project" as used in this subdivision shall also mean a\nseparate work or improvement, including lands, buildings, fixtures and\npersonal property related thereto owned and operated by an eligible\nborrower to provide such services, functions, capabilities and\nfacilities as may be convenient or deisrable for the operation of a\nhospital or other such facility.\n 5. "Project cost". "Hospital project cost". The sum total of all costs\nincurred by an eligible borrower as approved by the commissioner as\nreasonable and necessary for carrying out all works and undertakings and\nproviding all necessary equipment for the development of a project less\nany portion of any state, federal or municipal assistance grant as the\ncommissioner shall, prior to the making of a loan by the agency to an\neligible borrower, determine to be available to reimburse the eligible\nborrower for the payment of such project costs prior to the initial\noccupancy of the project. These shall include but are not necessarily\nlimited to the carrying charges during construction or rehabilitation up\nto and including the occupancy date, working capital not exceeding three\nper centum of the estimated total cost or three per centum, of the\nactual total final cost, whichever is larger, the cost of all necessary\nstudies, surveys, plans and specifications, architectural, engineering,\nlegal or other special services, the cost of acquisition of land and any\nbuildings and improvements thereon, site preparation and development,\nconstruction, reconstruction and equipment, including fixtures,\nequipment, and articles of personal property required, the reasonable\ncost of financing incurred by an eligible borrower in the course of the\ndevelopment of the project, up to and including the occupancy date, the\nfees imposed by the commissioner and by the agency; other fees charged,\nand necessary expenses incurred in connection with the initial occupancy\nof the project, and the cost of such other items as the commissioner may\ndetermine to be reasonable and necessary for the development of a\nproject, less any and all rents and other net revenues from the\noperation of the real property, improvements or personal property on the\nproject site, or any part thereof, by an eligible borrower on and after\nthe date on which the contract between an eligible borrower and the\nagency was entered into and prior to the occupancy date. The definition\ncontained in this subdivision shall also include all costs relating to\nthe refinancing of existing indebtedness which constitutes a lien or\nother encumbrance upon the real property or assets of the eligible\nborrower provided that the amount of the indebtedness to be so\nrefinanced has been found by the commissioner to be reasonable.\n 6. "Occupancy date". The date defined in the document providing for a\nloan between an eligible borrower and the agency.\n 7. "Loan". As used in this article, a loan shall mean either a\nmortgage loan or a project loan, each as defined in the New York state\nmedical facilities finance agency act, made by the agency to an eligible\nborrower, as defined in the New York state medical facilities finance\nagency act.\n