Title MCF, Medical Care Facilities Finance Agency 392/73

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

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

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

§ 12. Exemption from taxation of notes and bonds. It is hereby\ndetermined that the creation of the agency is in all respects for the\nbenefit of the people of the state and for the improvement of their\nhealth, safety, welfare, comfort and security, and that said purposes\nare …

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

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

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

§ 16-a. Equal employment opportunity program. 1. All contracts for\ndesign, construction, services and materials pursuant to this act of\nwhatever nature and all documents soliciting bids or proposals therefor\nshall contain or make reference to the following provisions:\n a. Th…

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

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

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

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

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

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

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

§ 22. Inconsistent provisions in other laws superseded. Insofar as the\nprovisions of this act are inconsistent with the provisions of any other\nlaw, general, special or local, the provisions of this act shall be\ncontrolling.\n

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

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

§ 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 o…

§ 5-a. Federally-aided mortgage loans. In addition to the powers of\nthe agency to make mortgage loans pursuant to other provisions of this\nact, the agency has the following powers:\n 1. The agency may make federally-aided mortgage loans to a municipal\nhospital, municipal nurs…

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

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

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

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

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

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

* § 7-a. Secured hospital projects reserve funds and appropriations.\n1. Special hospital project bonds issued to finance the projects of\neligible secured hospital borrowers shall be secured by (i) a first\nmortgage lien on such property as specified in accordance with\nsubdivi…

* § 7-c. Secured hospital projects reserve funds and appropriations.\n1. Special hospital project bonds, as defined in paragraph (d-1) of\nsubdivision three of section three of this act, issued to refinance the\nprojects of eligible secured hospital borrowers, as defined in\nsub…

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

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

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