N.Y. MCF Law § 5 — New York Code / Act MCF / Section 5
Powers of the agency
Status: in_force

§ 5. Powers of the agency. Except as otherwise limited by this act,\nthe agency shall have power:\n  1. To sue and be sued;\n  2. To have a seal and alter the same at pleasure;\n  3. To make and execute contracts and all other instruments necessary\nor convenient for the exercise of its powers and functions under this\nact;\n  4. To make and alter by-laws for its organization and internal\nmanagement;\n  5. To acquire, hold and dispose of personal property for its corporate\npurposes;\n  6. To appoint officers, agents and employees, prescribe their duties\nand qualifications and fix their compensation;\n  7. To borrow money and issue negotiable notes, bonds or other\nobligations and to provide for the rights of the holders thereof;\n  8. To invest any funds held in reserve or sinking funds, or any monies\nnot required for immediate use or disbursement, at the discretion of the\nagency, in obligations of the state or the United States government or\nobligations the principal and interest of which are guaranteed by the\nstate or the United States government, or in any other obligations in\nwhich the comptroller of the state of New York is authorized to invest\npursuant to section ninety-eight of the state finance law;\n  9. Subject to the approval of the commissioner of health pursuant to\nthe provisions of article twenty-eight-A of the public health law, to\nmake mortgage and project loans to nursing home companies and to\nundertake commitments to make any such mortgage and project loans;\n  * 10. Subject to the approval of the commissioner of health pursuant\nto the provisions of article twenty-eight-B of the public health law, to\nmake mortgage and project loans to non-profit hospital corporations and\nnon-profit medical corporations constituting eligible borrowers and\neligible secured hospital borrowers and to undertake commitments to make\nany such mortgage and project loans;\n  * NB Expired December 31, 2015\n  10. Subject to the approval of the commissioner of health pursuant to\nthe provisions of article 28-B of the public health law, to make\nmortgage loans and project loans to non-profit hospital corporations and\nnon-profit medical corporations constituting eligible borrowers and to\nundertake commitments to make any such mortgage loans and project loans;\n  10-a. To make federally-aided mortgage loans pursuant to section\nfive-a of this act and, in connection with such federally-aided mortgage\nloans, to exercise the powers and undertake the responsibilities as\nrequired by any law, regulation or other requirement of the federal\ngovernment.\n  10-b. To make equipment loans pursuant to section five-b of this act\nand, in connection with such equipment loans, to enter into agreements\nwith respect to the repayment of such loans.\n  10-c. Subject to any agreement with bondholders and noteholders as may\nthen exist, to permit eligible borrowers and nursing home companies to\nincur, assume or guarantee indebtedness from a lender other than the\nagency or from the agency under a separate bond resolution, as provided\nfor in agreements with bondholders and noteholders and section five-c of\nthis act.\n  11. Subject to the approval of the commissioner of health, to sell, at\npublic or private sale, any mortgage or other obligation securing a\nmortgage loan made by the agency;\n  12. In connection with the making of mortgage or project loans and\ncommitments therefor to non-profit hospital corporations and non-profit\nmedical corporations constituting eligible borrowers or nursing home\ncompanies, to make and collect from such corporations and companies such\nfees and charges, including but not limited to reimbursement of all\ncosts of financing by the agency, service charges and insurance\npremiums, as the agency shall determine to be reasonable;\n  12-a. In connection with the financing or refinancing of a mental\nhealth services facility pursuant to lease, sublease, loan or other\nfinancing agreements for the purpose of providing financing or\nrefinancing for or for the purpose of constructing, rehabilitating or\nimproving mental health services facilities, to make and collect such\nfees and charges, including but not limited to reimbursement of all\ncosts of financing by the agency, service charges, insurance premiums,\nletter of credit fees or the costs of any other financial mechanisms\nwhich may be used to reduce the debt service that would be payable by\nthe agency on its mental health services facilities improvement bonds\nand notes, as the agency shall determine to be reasonable.\n  13. In connection with any property on which it has made a mortgage\nloan or a project loan, to foreclose on any such property secured by a\nmortgage or commence any action to protect or enforce any right\nconferred upon it by any law, mortgage, contract or other agreement, and\nto bid for and purchase such property at any foreclosure or at any other\nsale, or acquire or take possession of any such property; and in such\nevent the agency may complete, administer, pay the principal of and\ninterest on any obligations incurred in connection with such property,\ndispose of, and otherwise deal with, such property, in such manner as\nmay be necessary or desirable to protect the interests of the agency\ntherein;\n  14. To lease or purchase one or more existing health facilities from a\nmunicipality and cause such health facilities to be reconstructed,\nrehabilitated or improved, or to lease or purchase real property from a\nmunicipality and cause one or more health facilities to be constructed,\nreconstructed, rehabilitated or improved thereon, or to lease or\npurchase one or more existing health facilities from a municipality\nwhich has already been constructed, reconstructed, rehabilitated or\nimproved provided, however, that no such health facility shall be\neligible for such lease or purchase unless it has been constructed,\nreconstructed, rehabilitated or improved within eighteen months of the\ndate of the bond issue and the amount of the bond issue used to finance\nsuch lease or purchase shall not exceed the total project cost to the\nmunicipality of such construction, reconstruction, rehabilitation or\nimprovement. At the election of the agency, any construction,\nreconstruction, rehabilitation or improvement pursuant to this\nsubdivision may be performed by the facilities development corporation,\nacting as the agent of the agency;\n  15. To lease or purchase from any person, firm or corporation one or\nmore existing health facilities and cause such health facilities to be\nreconstructed, rehabilitated or improved or to lease or purchase real\nproperty from any person, firm or corporation and cause one or more\nhealth facilities to be constructed, reconstructed, rehabilitated or\nimproved thereon, or to lease or purchase one or more existing health\nfacilities from a person, firm or corporation which has already been\nconstructed, reconstructed, rehabilitated or improved provided, however,\nthat no such health facility shall be eligible for such lease or\npurchase unless it has been constructed, reconstructed, rehabilitated or\nimproved within eighteen months of the date of the bond issue and the\namount of the bond issue used to finance such lease or purchase shall\nnot exceed the total project cost to the municipality of such\nconstruction, reconstruction, rehabilitation or improvement. At the\nelection of the agency, any construction, reconstruction, rehabilitation\nor improvement pursuant to this subdivision may be performed by the\nfacilities development corporation, acting as the agent of the agency;\n  * 15-a. Notwithstanding the provisions of subdivision fifteen of this\nsection, to lease or purchase from any person, firm or corporation one\nor more health facilities the construction, reconstruction,\nrehabilitation or improvement of which has been financed, in whole or in\npart, through loans furnished, secured or arranged by a local\ndevelopment corporation incorporated and existing pursuant to section\n1411 of the not-for-profit corporation law, provided, however, that such\nlocal development corporation was in existence and engaged in promoting\nthe development of health facilities on January 1, 1999, and provided,\nfurther, that the proceeds of the bond issue allocable to each such\nhealth facility shall not exceed seven million five hundred thousand\ndollars.\n  * NB Repealed June 30, 2027\n  16. To lease or sublease to a municipality health facilities which\nhave been constructed, acquired, reconstructed, rehabilitated or\nimproved by the agency pursuant to this act and the facilities\ndevelopment improvement act, if applicable;\n  17. To exercise all or any combination of the powers set forth in\nsubdivisions fourteen, fifteen and sixteen of this section;\n  18. To procure insurance against any loss in connection with its\nproperty and other assets (including mortgages and mortgage loans) in\nsuch amounts, and from such insurers, as it deems desirable;\n  19. To accept any gifts or grants or loans of funds or property or\nfinancial or other aid in any form from the federal government or any\nagency or instrumentality thereof or from the state or from any other\nsource and to comply, subject to the provisions of this act, with the\nterms and conditions thereof;\n  20. To engage the services of private consultants on a contract basis\nfor rendering professional and technical assistance and advice;\n  21. To enter into a contract with the New York state housing finance\nagency to market and service any agency bonds and notes approved by the\nagency and to contract with the New York state housing finance agency to\nrender such other services as the agency may request, including but not\nlimited to the use of the premises, personnel and personal property of\nthe New York state housing finance agency, and to provide for\nreimbursement to the New York state housing finance agency from the\nagency for any expenses necessarily incurred by the New York state\nhousing finance agency in carrying out the terms of any such contract.\nAny such contract shall be subject to the separate approval of the\ndirector of the budget;\n  22. Subject to the approval of the commissioner of health, to acquire\nby purchase from the New York state housing finance agency any mortgage\nor other obligation securing a loan made by the New York state housing\nfinance agency to a hospital corporation or to a nursing home company,\nand to sell same at public or private sale;\n  23. To acquire by purchase from the New York state housing finance\nagency its right, title and interest in real property, leaseholds and\nsubleaseholds relating to the municipal health facilities improvement\nprogram;\n  24. To do any and all things necessary or convenient to carry out its\npurposes and exercise the powers expressly given and granted in this\nact.\n