N.Y. Public Health Law § 2872: Definitions

§ 2872. Definitions. As used in this article, the following words and

phrases shall have the following meanings unless a different meaning is

plainly required by the context:

1. "Commissioner". The commissioner of health of the state of New

York.

2. "Agency". The New York state housing finance agency created by

article three of the private housing finance law or the New York state

medical care facilities finance agency created by the New York state

medical care facilities finance agency act.

3. "Eligible borrower". "Hospital corporation". A non-profit hospital

corporation organized under the laws of this state, or a non-profit

medical corporation organized under and governed by article forty-four

of this chapter, which has entered into a regulatory agreement in

accordance with the provisions of section twenty-eight hundred

seventy-three of this article.

3-a. "Secured hospital project bonds" shall mean outstanding bonds

issued on behalf of a not-for-profit hospital corporation organized

under the laws of this state, which hospital has previously been

designated by the commissioner and the public health council to be

eligible to receive distributions from the reimbursement pools

established pursuant to paragraph (c) of subdivision nine of section

twenty-eight hundred seven-a of this chapter, or any successor pool or

pools established to serve a substantially similar purpose to such

pools.

4. "Project". "Hospital project". A specific work or improvement,

including lands, buildings, improvements, fixtures and articles of

personal property, acquired, constructed, rehabilitated, owned and

operated by an eligible borrower pursuant to this article, to provide

hospital or other facilities for the prevention, diagnosis or treatment

of human disease, pain, injury, disability, deformity or physical

condition, and for facilities incidental or appurtenant thereto.

"Project" and "Hospital project" shall also mean the refinancing of

existing indebtedness which constitutes a lien or other encumbrance upon

the real property or assets of the eligible borrower whether or not such

refinancing is related to the construction, acquisition or

rehabilitation of a specific work or improvement. The term "project" or

"hospital project" as used in this subdivision shall also mean a

separate work or improvement, including lands, buildings, fixtures and

personal property related thereto owned and operated by an eligible

borrower to provide such services, functions, capabilities and

facilities as may be convenient or deisrable for the operation of a

hospital or other such facility.

5. "Project cost". "Hospital project cost". The sum total of all costs

incurred by an eligible borrower as approved by the commissioner as

reasonable and necessary for carrying out all works and undertakings and

providing all necessary equipment for the development of a project less

any portion of any state, federal or municipal assistance grant as the

commissioner shall, prior to the making of a loan by the agency to an

eligible borrower, determine to be available to reimburse the eligible

borrower for the payment of such project costs prior to the initial

occupancy of the project. These shall include but are not necessarily

limited to the carrying charges during construction or rehabilitation up

to and including the occupancy date, working capital not exceeding three

per centum of the estimated total cost or three per centum, of the

actual total final cost, whichever is larger, the cost of all necessary

studies, surveys, plans and specifications, architectural, engineering,

legal or other special services, the cost of acquisition of land and any

buildings and improvements thereon, site preparation and development,

construction, reconstruction and equipment, including fixtures,

equipment, and articles of personal property required, the reasonable

cost of financing incurred by an eligible borrower in the course of the

development of the project, up to and including the occupancy date, the

fees imposed by the commissioner and by the agency; other fees charged,

and necessary expenses incurred in connection with the initial occupancy

of the project, and the cost of such other items as the commissioner may

determine to be reasonable and necessary for the development of a

project, less any and all rents and other net revenues from the

operation of the real property, improvements or personal property on the

project site, or any part thereof, by an eligible borrower on and after

the date on which the contract between an eligible borrower and the

agency was entered into and prior to the occupancy date. The definition

contained in this subdivision shall also include all costs relating to

the refinancing of existing indebtedness which constitutes a lien or

other encumbrance upon the real property or assets of the eligible

borrower provided that the amount of the indebtedness to be so

refinanced has been found by the commissioner to be reasonable.

6. "Occupancy date". The date defined in the document providing for a

loan between an eligible borrower and the agency.

7. "Loan". As used in this article, a loan shall mean either a

mortgage loan or a project loan, each as defined in the New York state

medical facilities finance agency act, made by the agency to an eligible

borrower, as defined in the New York state medical facilities finance

agency act.