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. "Eligible secured hospital borrower". A not-for-profit hospital  corporation organized under the laws  of  this  state,  which  has  been  designated by the commissioner and the public health council as a needed  facility  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.    * NB Expired March 1, 1998    * 3-b. "Eligible secured hospital borrower". A not-for-profit hospital  corporation  organized  under the laws of this state, which has financed  or refinanced a project or  projects  pursuant  to  the  former  section  seven-a  of  section one of chapter three hundred ninety-two of the laws  of nineteen hundred seventy-three and for which special hospital project  bonds (as defined in  former  paragraph  (d)  of  subdivision  three  of  section  three of section one of chapter three hundred ninety-two of the  laws of nineteen hundred seventy-three) remain outstanding.    * NB Repealed March 31, 2011    4.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 eligibleborrower 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.