N.Y. County Law § 852: Loans of money or credit to hospitals or health related facilities in Suffolk county

§ 852. Loans of money or credit to hospitals or health related

facilities in Suffolk county. Notwithstanding any general, special or

local law or charter provision to the contrary, the county legislature

of the county of Suffolk shall have the power and is hereby authorized,

pursuant to section seven of article seventeen of the constitution, to

lend its money or credit to or in aid of any corporation or association

within its boundaries, regulated by law as to its charges, profits,

dividends, and disposition of its property or franchises, for the

purpose of providing such health related facility or hospital facilities

for the prevention, diagnosis or treatment of human disease, pain,

injury, disability, deformity or physical condition, and for facilities

incidental or appurtenant thereto as may be prescribed by law.

In pursuance of the authority granted herein the county legislature of

the county of Suffolk shall have the power and is hereby authorized from

time to time to issue its bonds, notes or other obligations in such

principal amounts as it shall deem necessary, after taking into account

other monies which may be available for the purposes set forth herein.

Such bonds, notes or obligations shall be issued for the purpose of

making loans to such corporations or associations which are eligible

borrowers, paying interest on such bonds, notes or other obligations;

establishment of reserves to secure such notes, bonds, or other

obligations, and paying all other obligations and expenditures

incidental to and necessary or convenient for the making of such loans.

In connection with the making of loans and commitments therefore, the

county of Suffolk shall make and collect such fees and charges including

but not limited to reimbursement of all costs of financing by the county

of Suffolk, service charges, insurance premiums and other reasonable

costs. Such bonds, notes or obligations shall be issued in accordance

with the applicable provisions of this chapter and the local finance law

and applicable local laws.

The county legislature of the county of Suffolk shall also be

authorized to enact local laws governing the conditions under which such

loans, commitments and guarantees shall be made.

The county legislature of the county of Suffolk shall also be

authorized to guaranty loans for the purposes set forth herein made by

banking corporations and lending institutions, in conformity with

applicable laws.

The expenditure of funds, issuance of bonds, notes or obligations or

guarantee of loans by the county of Suffolk pursuant to the provisions

of this act and the provisions of section seven of article seventeen of

the constitution shall be deemed a lawful county purpose.