Title MCF, Medical Care Facilities Finance Agency 392/73

Section 1. Short title. This act may be cited as the "New York state medical care facilities finance agency act."

§ 10. Bonds and notes as legal investments. The bonds and notes of the agency are hereby made securities in which all public officers and bodies of this state and all municipalities and municipal subdivisions, all insurance companies and associations, and other persons carrying …

§ 11. Exemption from taxation of property and income. The property of the agency and its income and operations shall be exempt from taxation.

§ 12. Exemption from taxation of notes and bonds. It is hereby determined that the creation of the agency is in all respects for the benefit of the people of the state and for the improvement of their health, safety, welfare, comfort and security, and that said purposes are publ…

§ 13. Agreement with the state. The state does hereby pledge to and agree with the holders of any notes or bonds issued under this act, that the state will not limit or alter the rights hereby vested in the agency to fulfill the terms of any agreements made with the holders ther…

§ 14. State's right to require redemption of bonds. Notwithstanding and in addition to any provisions for the redemption of bonds which may be contained in any contract with the holders of the bonds, the state may, upon furnishing sufficient funds therefor, require the agency to…

§ 15. Remedies of noteholders and bondholders. 1. In the event that the agency shall default in the payment of principal of or interest on any issue of notes or bonds after the same shall become due, whether at maturity or upon call for redemption, and such default shall continu…

§ 16-a. Equal employment opportunity program. 1. All contracts for design, construction, services and materials pursuant to this act of whatever nature and all documents soliciting bids or proposals therefor shall contain or make reference to the following provisions: a. The con…

§ 16-b. Minority and women-owned business enterprise program. 1. a. In the performance of projects pursuant to this act minority and women-owned business enterprises shall be given the opportunity for meaningful participation. The agency shall establish measures and procedures t…

§ 17. Assistance by state officers, departments, boards and commissions. 1. The department of audit and control, department of law, department of health, and all other state officers, departments, boards, divisions and commissions may render such services to the agency within th…

§ 18. Annual report. The agency shall submit to the governor, the chairman of the senate finance committee, the chairman of the assembly ways and means committee, the comptroller and the director of the budget within one hundred eighty days after the end of its fiscal year, a co…

§ 19. Bond reserve insurance fund. The agency shall create and establish a special fund, to be known as the bond reserve insurance fund and shall pay into such fund all monies appropriated and made available by the state for the purposes of such fund and any other monies which m…

§ 2. Declaration of policy and statement of purposes. The protection and promotion of the health of the inhabitants of the state are matters of public concern. In furtherance of this purpose, it is the policy of the state to encourage the prompt and efficient provision of health…

§ 20. Actions against agency. Except in an action for wrongful death, an action against the agency founded on tort shall not be commenced more than one year and ninety days after the cause of action therefor shall have accrued, nor unless a notice of claim shall have been served…

§ 21. Act not affected if in part unconstitutional. If any section, subdivision, paragraph, sentence, clause or provision of this act shall be unconstitutional or be ineffective in whole or in part, to the extent that it is not unconstitutional or ineffective, it shall be valid …

§ 22. Inconsistent provisions in other laws superseded. Insofar as the provisions of this act are inconsistent with the provisions of any other law, general, special or local, the provisions of this act shall be controlling.

§ 3. Definitions. As used in this article, unless a different meaning clearly appears from the context: 1. "Agency" shall mean the corporate governmental agency created by section four of this act. 2. "Amortized value" means, when used with respect to securities purchased at a p…

§ 4. New York state medical care facilities finance agency. There is hereby created the New York state medical care facilities finance agency. The agency shall be a corporate governmental agency constituting a public benefit corporation. From and after the effective date of the …

§ 5. Powers of the agency. Except as otherwise limited by this act, the agency shall have power: 1. To sue and be sued; 2. To have a seal and alter the same at pleasure; 3. To make and execute contracts and all other instruments necessary or convenient for the exercise of its po…

§ 5-a. Federally-aided mortgage loans. In addition to the powers of the agency to make mortgage loans pursuant to other provisions of this act, the agency has the following powers: 1. The agency may make federally-aided mortgage loans to a municipal hospital, municipal nursing h…

* § 5-b. Equipment loans. 1. The agency may make an equipment loan to a non-profit hospital corporation, a county hospital, a municipal hospital, a New York state department of health facility, a state university of New York health care facility or a non-profit corporation provi…

* § 5-b. Health maintenance organization loans. 1. The agency may make Hmo investment loans to lending institutions for the purpose of financing an Hmo project. In connection with the making of investment loans and commitments therefor to lending institutions, the agency may mak…

§ 5-c. Terms and conditions regarding alternative indebtedness. The agency may require such terms and conditions regarding indebtedness incurred or assumed from a lender other than the agency or guaranteed by an eligible borrower or nursing home company as it deems appropriate i…

§ 5-d. Financing non-profit housing and health facilities. 1. Subject to the provisions of any contract with noteholders and bondholders (a) to make and contract for the making of loans for the acquisition, refinancing, construction or rehabilitation of non-profit housing and he…

§ 6. Bonds and notes of the agency. 1. (a) The agency shall have power and is hereby authorized from time to time to issue its negotiable bonds and notes in conformity with applicable provisions of the uniform commercial code in such principal amount as, in the opinion of the ag…

§ 7. Hospital and nursing home projects reserve funds and appropriations. 1. (a) For the purposes of the issuance by the agency of hospital and nursing home project bonds, the term "hospital and nursing home capital reserve fund requirement" shall mean, as of any particular date…

* § 7-a. Secured hospital projects reserve funds and appropriations. 1. Special hospital project bonds issued to finance the projects of eligible secured hospital borrowers shall be secured by (i) a first mortgage lien on such property as specified in accordance with subdivision…

§ 8. Health facilities reserve funds and appropriations. 1. (a) For the purposes of the issuance by the agency of health facilities bonds, the term "health facilities reserve fund requirement" shall mean, as of any particular date of computation, an amount of money equal to the …

§ 9. Special provisions relating to the municipal health facilities improvement program. Notwithstanding any other provisions of law, general, special or local, or any provision of any charter or ordinance: 1. A municipality is hereby authorized to execute and deliver to the age…

§ 9-a. Special provisions relating to mental health services facilities improvement bonds and notes. 1. Definitions. For the purposes of this act: a. "Mental health services facility" shall mean a building, a unit within a building, a laboratory, a classroom, a housing unit, a d…