N.Y. Public Health Law § 2859: Conditions and security for loans

§ 2859. Conditions and security for loans. No loan shall be made by

the New York state housing finance agency or the New York state medical

care facilities finance agency to a company until the commissioner has

approved the project and finds that:

(1) The company has complied with all of the provisions of article

twenty-eight of this chapter and this article;

(2) The plans and specifications conform to the requirements of all

laws and regulations applicable thereto and assure adequate light, air,

sanitation and fire protection and are satisfactory to him;

(3) The estimated revenue of the project will be sufficient to cover

all probable costs of operation and maintenance, of fixed charges and

such reserves as may be authorized by the commissioner or required by

the New York state housing finance agency or the New York state medical

care facilities finance agency, as the case may be;

(4) Provision has been made for the purpose of providing for the

payment of the difference, if any, between the estimated project cost

and the loan; and in the event the final project cost shall exceed the

estimated project cost, the difference between such final project cost

and the loan;

(5) Provision has been made for the filing by the company with the

commissioner and the New York state housing finance agency or the New

York state medical care facilities finance agency, as the case may be,

of such financial statements including an annual report setting forth

such information as the commissioner may require; and

(6) Provision has been made for the examination by the commissioner

and the New York state housing finance agency or the New York state

medical care facilities finance agency, as the case may be, of the books

and records of the company.