1. The Laws of New York
  2. Unconsolidated Laws
  3. Medical Care Facilities Finance Agency 392/73


Section 5 Powers of the agency

Medical Care Facilities Finance Agency 392/73 (MCF)

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 powers and functions under this act;

  4. To make and alter by-laws for its organization and internal management;

  5. To acquire, hold and dispose of personal property for its corporate purposes;

  6. To appoint officers, agents and employees, prescribe their duties and qualifications and fix their compensation;

  7. To borrow money and issue negotiable notes, bonds or other obligations and to provide for the rights of the holders thereof;

  8. To invest any funds held in reserve or sinking funds, or any monies not required for immediate use or disbursement, at the discretion of the agency, in obligations of the state or the United States government or obligations the principal and interest of which are guaranteed by the state or the United States government, or in any other obligations in which the comptroller of the state of New York is authorized to invest pursuant to section ninety-eight of the state finance law;

  9. Subject to the approval of the commissioner of health pursuant to the provisions of article twenty-eight-A of the public health law, to make mortgage and project loans to nursing home companies and to undertake commitments to make any such mortgage and project loans;

  * 10. Subject to the approval of the commissioner of health pursuant to the provisions of article twenty-eight-B of the public health law, to make mortgage and project loans to non-profit hospital corporations and non-profit medical corporations constituting eligible borrowers and eligible secured hospital borrowers and to undertake commitments to make any such mortgage and project loans;

  * NB Expired December 31, 2015

  10. Subject to the approval of the commissioner of health pursuant to the provisions of article 28-B of the public health law, to make mortgage loans and project loans to non-profit hospital corporations and non-profit medical corporations constituting eligible borrowers and to undertake commitments to make any such mortgage loans and project loans;

  10-a. To make federally-aided mortgage loans pursuant to section five-a of this act and, in connection with such federally-aided mortgage loans, to exercise the powers and undertake the responsibilities as required by any law, regulation or other requirement of the federal government.

  10-b. To make equipment loans pursuant to section five-b of this act and, in connection with such equipment loans, to enter into agreements with respect to the repayment of such loans.

  10-c. Subject to any agreement with bondholders and noteholders as may then exist, to permit eligible borrowers and nursing home companies to incur, assume or guarantee indebtedness from a lender other than the agency or from the agency under a separate bond resolution, as provided for in agreements with bondholders and noteholders and section five-c of this act.

  11. Subject to the approval of the commissioner of health, to sell, at public or private sale, any mortgage or other obligation securing a mortgage loan made by the agency;

  12. In connection with the making of mortgage or project loans and commitments therefor to non-profit hospital corporations and non-profit medical corporations constituting eligible borrowers or nursing home companies, to make and collect from such corporations and companies such fees and charges, including but not limited to reimbursement of all costs of financing by the agency, service charges and insurance premiums, as the agency shall determine to be reasonable;

  12-a. In connection with the financing or refinancing of a mental health services facility pursuant to lease, sublease, loan or other financing agreements for the purpose of providing financing or refinancing for or for the purpose of constructing, rehabilitating or improving mental health services facilities, to make and collect such fees and charges, including but not limited to reimbursement of all costs of financing by the agency, service charges, insurance premiums, letter of credit fees or the costs of any other financial mechanisms which may be used to reduce the debt service that would be payable by the agency on its mental health services facilities improvement bonds and notes, as the agency shall determine to be reasonable.

  13. In connection with any property on which it has made a mortgage loan or a project loan, to foreclose on any such property secured by a mortgage or commence any action to protect or enforce any right conferred upon it by any law, mortgage, contract or other agreement, and to bid for and purchase such property at any foreclosure or at any other sale, or acquire or take possession of any such property; and in such event the agency may complete, administer, pay the principal of and interest on any obligations incurred in connection with such property, dispose of, and otherwise deal with, such property, in such manner as may be necessary or desirable to protect the interests of the agency therein;

  14. To lease or purchase one or more existing health facilities from a municipality and cause such health facilities to be reconstructed, rehabilitated or improved, or to lease or purchase real property from a municipality and cause one or more health facilities to be constructed, reconstructed, rehabilitated or improved thereon, or to lease or purchase one or more existing health facilities from a municipality which has already been constructed, reconstructed, rehabilitated or improved provided, however, that no such health facility shall be eligible for such lease or purchase unless it has been constructed, reconstructed, rehabilitated or improved within eighteen months of the date of the bond issue and the amount of the bond issue used to finance such lease or purchase shall not exceed the total project cost to the municipality of such construction, reconstruction, rehabilitation or improvement. At the election of the agency, any construction, reconstruction, rehabilitation or improvement pursuant to this subdivision may be performed by the facilities development corporation, acting as the agent of the agency;

  15. To lease or purchase from any person, firm or corporation one or more existing health facilities and cause such health facilities to be reconstructed, rehabilitated or improved or to lease or purchase real property from any person, firm or corporation and cause one or more health facilities to be constructed, reconstructed, rehabilitated or improved thereon, or to lease or purchase one or more existing health facilities from a person, firm or corporation which has already been constructed, reconstructed, rehabilitated or improved provided, however, that no such health facility shall be eligible for such lease or purchase unless it has been constructed, reconstructed, rehabilitated or improved within eighteen months of the date of the bond issue and the amount of the bond issue used to finance such lease or purchase shall not exceed the total project cost to the municipality of such construction, reconstruction, rehabilitation or improvement. At the election of the agency, any construction, reconstruction, rehabilitation or improvement pursuant to this subdivision may be performed by the facilities development corporation, acting as the agent of the agency;

  * 15-a. Notwithstanding the provisions of subdivision fifteen of this section, to lease or purchase from any person, firm or corporation one or more health facilities the construction, reconstruction, rehabilitation or improvement of which has been financed, in whole or in part, through loans furnished, secured or arranged by a local development corporation incorporated and existing pursuant to section 1411 of the not-for-profit corporation law, provided, however, that such local development corporation was in existence and engaged in promoting the development of health facilities on January 1, 1999, and provided, further, that the proceeds of the bond issue allocable to each such health facility shall not exceed seven million five hundred thousand dollars.

  * NB Repealed June 30, 2023

  16. To lease or sublease to a municipality health facilities which have been constructed, acquired, reconstructed, rehabilitated or improved by the agency pursuant to this act and the facilities development improvement act, if applicable;

  17. To exercise all or any combination of the powers set forth in subdivisions fourteen, fifteen and sixteen of this section;

  18. To procure insurance against any loss in connection with its property and other assets (including mortgages and mortgage loans) in such amounts, and from such insurers, as it deems desirable;

  19. To accept any gifts or grants or loans of funds or property or financial or other aid in any form from the federal government or any agency or instrumentality thereof or from the state or from any other source and to comply, subject to the provisions of this act, with the terms and conditions thereof;

  20. To engage the services of private consultants on a contract basis for rendering professional and technical assistance and advice;

  21. To enter into a contract with the New York state housing finance agency to market and service any agency bonds and notes approved by the agency and to contract with the New York state housing finance agency to render such other services as the agency may request, including but not limited to the use of the premises, personnel and personal property of the New York state housing finance agency, and to provide for reimbursement to the New York state housing finance agency from the agency for any expenses necessarily incurred by the New York state housing finance agency in carrying out the terms of any such contract. Any such contract shall be subject to the separate approval of the director of the budget;

  22. Subject to the approval of the commissioner of health, to acquire by purchase from the New York state housing finance agency any mortgage or other obligation securing a loan made by the New York state housing finance agency to a hospital corporation or to a nursing home company, and to sell same at public or private sale;

  23. To acquire by purchase from the New York state housing finance agency its right, title and interest in real property, leaseholds and subleaseholds relating to the municipal health facilities improvement program;

  24. To do any and all things necessary or convenient to carry out its purposes and exercise the powers expressly given and granted in this act.