NY Pub Health L § 2872 (2021)
2021 New York Laws PBH - Public Health Article 28-B - Hospital Mortgage Loan Construction 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.