§ 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.