N.Y. Medical Care Facilities Finance Agency 392/73 § 5-b: Equipment loans

* § 5-b. Equipment loans. 1. The agency may make an equipment loan to

a non-profit hospital corporation, a county hospital, a municipal

hospital, a New York state department of health facility, a state

university of New York health care facility or a non-profit corporation

providing a residential health care facility, upon terms and conditions

not inconsistent with article twenty-eight of the public health law and

this section. The proceeds of such loan are to be used substantially to

finance the acquisition through purchase or lease of equipment including

construction and rehabilitation related to the installation of such

equipment or the acquisition of intellectual property or other

intangible property, including information technology and software, that

is eligible for tax-exempt financing under the United States internal

revenue code.

2. The agency shall not make an equipment loan unless the agency finds

that the non-profit hospital corporation, municipal hospital, county

hospital, New York state department of health facility, a state

university of New York health care facility or non-profit corporation

providing a residential health care facility, has complied with the

provisions of article twenty-eight of the public health law in

connection with the proposed equipment loan and that the commissioner

has approved the equipment acquisition or lease pursuant to section

twenty-eight hundred two of the public health law in any case where the

acquisition or lease is subject to the provisions of such section, or

has approved such acquisition or lease according to guidelines

prescribed by the commissioner in any other case.

3. The agency may make an equipment loan by the purchase, lease or

sublease of equipment by the agency and the lease or sublease of such

equipment to a non-profit hospital corporation, a county hospital, a

municipal hospital, a hospital under the jurisdiction of the state

university of New York health care facility, or a non-profit corporation

providing a residential health care facility for the purpose of

providing for the acquisition of such equipment and for the construction

and rehabilitation related to the installation thereof. Notwithstanding

the above, the agency shall not make an equipment loan pursuant to this

section unless or until the borrower or lessee, vendee, licensee or

other ultimate beneficiary of such equipment loan has obtained the

approval of the commissioner pursuant to section twenty-eight hundred

two of the public health law or such other guidelines prescribed by the

commissioner in any case where the acquisition or lease is or would

otherwise have been subject to such provisions, had the borrower,

lessee, vendee, licensee or ultimate beneficiary of such equipment loan

obtained financing from a source other than the agency.

* NB There are 2 § 5-b's