N.Y. County Law 852 – Loans of money or credit to hospitals or health related facilities in Suffolk county
§ 852. Loans of money or credit to hospitals or health related facilities in Suffolk county. Notwithstanding any general, special or local law or charter provision to the contrary, the county legislature of the county of Suffolk shall have the power and is hereby authorized, pursuant to § 7 of the constitution, to lend its money or credit to or in aid of any corporation or association within its boundaries, regulated by law as to its charges, profits, dividends, and disposition of its property or franchises, for the purpose of providing such health related facility or hospital facilities for the prevention, diagnosis or treatment of human disease, pain, injury, disability, deformity or physical condition, and for facilities incidental or appurtenant thereto as may be prescribed by law.
Terms Used In N.Y. County Law 852
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
In pursuance of the authority granted herein the county legislature of the county of Suffolk shall have the power and is hereby authorized from time to time to issue its bonds, notes or other obligations in such principal amounts as it shall deem necessary, after taking into account other monies which may be available for the purposes set forth herein. Such bonds, notes or obligations shall be issued for the purpose of making loans to such corporations or associations which are eligible borrowers, paying interest on such bonds, notes or other obligations; establishment of reserves to secure such notes, bonds, or other obligations, and paying all other obligations and expenditures incidental to and necessary or convenient for the making of such loans. In connection with the making of loans and commitments therefore, the county of Suffolk shall make and collect such fees and charges including but not limited to reimbursement of all costs of financing by the county of Suffolk, service charges, insurance premiums and other reasonable costs. Such bonds, notes or obligations shall be issued in accordance with the applicable provisions of this chapter and the local finance law and applicable local laws.
The county legislature of the county of Suffolk shall also be authorized to enact local laws governing the conditions under which such loans, commitments and guarantees shall be made.
The county legislature of the county of Suffolk shall also be authorized to guaranty loans for the purposes set forth herein made by banking corporations and lending institutions, in conformity with applicable laws.
The expenditure of funds, issuance of bonds, notes or obligations or guarantee of loans by the county of Suffolk pursuant to the provisions of this act and the provisions of § 7 of the constitution shall be deemed a lawful county purpose.