Relates to the ability to issue certain bonds and notes

More borrowing for New York hospitals and nursing homes

New York’s health financing agency can issue more bonds for hospitals and nursing homes. The law raises the total cap to $20 billion. Bonds sold only to refinance old hospital or nursing home debt do not count toward the cap. The agency can go over $20 billion for refinancing only when the new debt’s present value of payments is no more than the old debt’s, using the effective interest rate defined in the law. The agency cannot sell bonds backed by the capital reserve fund if that would drop the fund below its required level, unless it deposits enough at issuance to meet the requirement. The law takes effect immediately.