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Sponsors
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History
- Substituted by A8573
- Ordered to third reading cal.809
- Committee discharged and committed to rules
- Reported and committed to finance
- Referred to health
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to the ability to issue certain bonds and notes
Signed by Governor · Sponsor Linda Rosenthal
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the New York state medical care facilities finance agency act, in relation to the ability to issue certain bonds and notes
Purpose of bill
This bill would increase the authorization of the Dormitory Authority of the State of New York ("DASNY"), as successor to the New York State Medical Care Facilities Finance Agency ("MCFFA") pursuant to issue hospital and nursing home project bonds and notes from $14.2 billion dollars to $15 billion dollars.
Summary of provisions
Section 1 of this bill amends the New York State MCFFA Act to increase DASNY's authorization to issue hospital and nursing home project bonds and notes from $14.2 billion to $15 billion dollars.
Section 2 of this bill sets forth the effective date.
Existing law
Present law provides that the DASNY shall not issue hospital and nursing home project bonds and notes in an aggregate principal amount exceeding $14.2 billion dollars.
Prior legislative history
This is new legislation.
Statement in support
DASNY issues bonds for the purpose of funding mortgage loans or project loans to not-for-profit hospital and nursing home corporations. Some of the bonds issued for DASNY's hospital and nursing home clients are issued under the MCFFA Act's federally aided mortgage loan program, which involves obtaining Federal Housing Administration ("FHA") mortgage insurance.
Bonds issued pursuant to both of these programs are subject to the current hospital and nursing home project bond authorization cap in the MCFFA Act of $14.2 billion. This authorization was most recently increased by $800 million in 2008.
As of January 6, 2009, DASNY has either authorized the issuance of bonds or adopted resolutions to proceed in the maximum amount of $422,345,000. Thus, $377,655,000 of capacity under the existing statutory limitation is available for other transactions. There are, however, currently nine hospital and nursing home financings in the Authority's current "pipeline" totaling about $822 million. Without an increase in the "cap," the Authority will be unable to meet the needs of these and other clients.
Although DASNY cannot predict exactly when these proposed financings will occur, the Authority is seeking additional bond authorization at this time to ensure that it will be able to meet the needs of all its private not-for-profit health-care clients on a timely basis. Absent the timely enactment of this legislation, some hospital and nursing homes could be required to defer projects that are necessary to enable these institutions to meet the health care needs of those they serve.
Budgetary implications
None.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.