2023 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.