S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  11546

                          I N  A S S E M B L Y

                              June 23, 2010
                               ___________

Introduced  by  COMMITTEE  ON RULES -- (at request of M. of A. Gantt) --
  read once and referred to the Committee on  Corporations,  Authorities
  and Commissions

AN  ACT  to  amend the public authorities law, in relation to the powers
  and duties of the dormitory authority; and   to  amend  the  New  York
  state  medical  care  facilities  finance  agency  act, in relation to
  equipment loans for intellectual property

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision 2 of section 1676 of the public authorities law
is amended by adding a new paragraph (h) to read as follows:
  (H)  IT  SHALL  ALSO INCLUDE EQUIPMENT, INTELLECTUAL PROPERTY OR OTHER
INTANGIBLE PROPERTY,  INCLUDING  INFORMATION  TECHNOLOGY  AND  SOFTWARE,
ELIGIBLE  FOR  TAX-EXEMPT  FINANCING  UNDER  THE  UNITED STATES INTERNAL
REVENUE CODE.
  S 2. Subdivision 18 of section 3 of section 1 of chapter  392  of  the
laws  of  1973,  constituting the New York state medical care facilities
finance agency act, as amended by chapter 363 of the laws of  1998,  and
the second undesignated paragraph as separately amended by section 11 of
part  D  of  chapter  389  of  the  laws  of 1997, is amended to read as
follows:
  18. "Equipment loan" shall mean a loan made by the agency  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 providing a resi-
dential health care facility, for the purpose of financing or  refinanc-
ing  the  acquisition  through purchase or lease of equipment, including
construction and rehabilitation related  to  the  installation  of  such
equipment,  AND SHALL ALSO INCLUDE INTELLECTUAL PROPERTY OR OTHER INTAN-
GIBLE PROPERTY, INCLUDING INFORMATION TECHNOLOGY AND SOFTWARE,  THAT  IS
ELIGIBLE  FOR  TAX-EXEMPT  FINANCING  UNDER  THE  UNITED STATES INTERNAL
REVENUE CODE.
  The term "equipment loan" shall also mean the financing  of  equipment
acquisitions  by  the  purchase,  lease  or sublease of equipment by the

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

                                                           LBD17864-01-0

A. 11546                            2

agency and the lease or sublease  of  such  equipment  to  a  non-profit
hospital  corporation, a county hospital, a municipal hospital, a hospi-
tal under the jurisdiction of the state university of  New  York,  or  a
non-profit  corporation providing a residential health care facility for
the purpose of providing for the acquisition of such equipment  and  for
the  construction and rehabilitation related to the installation thereof
AND SHALL ALSO INCLUDE INTELLECTUAL PROPERTY OR OTHER INTANGIBLE PROPER-
TY, INCLUDING INFORMATION TECHNOLOGY AND SOFTWARE, THAT IS ELIGIBLE  FOR
TAX-EXEMPT FINANCING UNDER THE UNITED STATES INTERNAL  REVENUE CODE.
  S  3.  Subdivision 1 of section 5-b of section 1 of chapter 392 of the
laws of 1973, constituting the New York state  medical  care  facilities
finance  agency  act,  as amended by chapter 363 of the laws of 1998, is
amended to read as follows:
  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 providing a residential health
care  facility,  upon terms and conditions not inconsistent with article
twenty-eight of the public health law and this section.  The proceeds of
such loan are to  be  used  substantially  to  finance  the  acquisition
through  purchase or lease of equipment including construction and reha-
bilitation related to the installation of such equipment OR THE ACQUISI-
TION OF INTELLECTUAL PROPERTY OR OTHER  INTANGIBLE  PROPERTY,  INCLUDING
INFORMATION  TECHNOLOGY  AND  SOFTWARE,  THAT IS ELIGIBLE FOR TAX-EXEMPT
FINANCING UNDER THE UNITED STATES INTERNAL REVENUE CODE.
  S 4. Subdivision 1 of section 1679-b of the public authorities law, as
added by chapter 516 of the laws of 1997, is amended to read as follows:
  1. The dormitory authority may make an equipment loan to  any  private
entity for the benefit of which the dormitory authority is authorized to
issue  bonds  or  other  obligations  of  the dormitory authority.   The
proceeds of such a loan are to be  used  substantially  to  finance  the
acquisition   through   purchase   or   lease   of  equipment  including
construction and rehabilitation related  to  the  installation  of  such
equipment  OR THE ACQUISITION OF INTELLECTUAL PROPERTY OR OTHER INTANGI-
BLE PROPERTY, INCLUDING INFORMATION TECHNOLOGY  AND  SOFTWARE,  THAT  IS
ELIGIBLE  FOR  TAX-EXEMPT  FINANCING  UNDER  THE  UNITED STATES INTERNAL
REVENUE CODE.  The dormitory authority may make an equipment loan by the
purchase, lease or sublease of equipment by the dormitory authority  and
the  lease  or sublease of such equipment to any such private entity for
the purpose of providing for the acquisition of such equipment  and  the
construction  and  rehabilitation related to the installation thereof OR
PURSUANT TO AN INSTALLMENT PURCHASE AGREEMENT.
  S 5. This act shall take effect immediately.