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This entry was published on 2014-09-22
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SECTION 5-B
Equipment loans
Medical Care Facilities Finance Agency 392/73 (MCF) CHAPTER 392
* § 5-b. Equipment loans. 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 rehabilitation related to the installation of such
equipment or the acquisition 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.

2. The agency shall not make an equipment loan unless the agency finds
that the non-profit hospital corporation, municipal hospital, county
hospital, New York state department of health facility, a state
university of New York health care facility or non-profit corporation
providing a residential health care facility, has complied with the
provisions of article twenty-eight of the public health law in
connection with the proposed equipment loan and that the commissioner
has approved the equipment acquisition or lease pursuant to section
twenty-eight hundred two of the public health law in any case where the
acquisition or lease is subject to the provisions of such section, or
has approved such acquisition or lease according to guidelines
prescribed by the commissioner in any other case.

3. The agency may make an equipment loan by the purchase, lease or
sublease of equipment by the agency and the lease or sublease of such
equipment to a non-profit hospital corporation, a county hospital, a
municipal hospital, a hospital under the jurisdiction of the state
university of New York health care facility, 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. Notwithstanding
the above, the agency shall not make an equipment loan pursuant to this
section unless or until the borrower or lessee, vendee, licensee or
other ultimate beneficiary of such equipment loan has obtained the
approval of the commissioner pursuant to section twenty-eight hundred
two of the public health law or such other guidelines prescribed by the
commissioner in any case where the acquisition or lease is or would
otherwise have been subject to such provisions, had the borrower,
lessee, vendee, licensee or ultimate beneficiary of such equipment loan
obtained financing from a source other than the agency.

* NB There are 2 § 5-b's