§ 3. Definitions. As used in this article, unless a different meaning\nclearly appears from the context:\n 1. "Agency" shall mean the corporate governmental agency created by\nsection four of this act.\n 2. "Amortized value" means, when used with respect to securities\npurchased at a premium above or a discount below par, the value as of\nany given date obtained by dividing the total amount of the premium or\ndiscount at which such securities were purchased by the number of days\nremaining to maturity on such securities at the time of such purchase\nand by multiplying the amount so calculated by the number of days having\npassed since the date of such purchase; and (a) in the case of\nsecurities purchased at a premium, by deducting the product thus\nobtained from the purchase price, and (b) in the case of securities\npurchased at a discount, by adding the product thus obtained to the\npurchase price.\n 3. "Bonds" and "notes" shall mean bonds and notes, respectively,\nissued by the agency pursuant to this act.\n (a) "Hospital and nursing home project bonds" and "hospital and\nnursing home project notes" shall mean bonds and notes, respectively,\nissued by the agency for the purpose of making loans to hospital\ncorporations and non-profit medical corporations constituting eligible\nborrowers or nursing home companies.\n (b) "Health facilities bonds" and "health facilities notes" shall mean\nbonds and notes, respectively, issued by the agency for the purpose of\nfinancing the construction, acquisition, reconstruction, rehabilitation\nor improvement of health facilities for municipalities pursuant to this\nact and the health and mental hygiene facilities improvement act.\n (c) "Municipal hospital and municipal nursing home project bonds" and\n"municipal hospital and municipal nursing home project notes" shall mean\nbonds and notes, respectively, issued by the agency for the purpose of\nmaking mortgage loans to municipal hospitals or municipal nursing homes.\n * (d) "Special hospital project bonds" shall mean bonds issued\npursuant to section seven-a of this act for the purpose of making\nmortgage loans to eligible secured hospital borrowers.\n * NB Expired December 31, 2015\n 4. "Commissioner" shall mean the New York state commissioner of\nhealth.\n 5. "Department" shall mean the New York state department of health.\n 6. "Eligible borrower" shall mean a non-profit hospital corporation\norganized under the laws of this state, or a non-profit medical\ncorporation organized under and governed by article forty-four of the\npublic health law, which has entered into a regulatory agreement in\naccordance with the provisions of section twenty-eight hundred\nseventy-three of the public health law.\n 6-a. "Federally-aided mortgage loan" means a loan secured by a\nmortgage lien on the real property of a project or on a leasehold on\nsuch real property, provided that the term of such leasehold is not less\nthan twenty-five percent longer than the term of the mortgage, and the\npersonal property attached to or used in connection with the\nconstruction, acquisition, reconstruction, refinancing, rehabilitation,\nimprovement, management or operation of the project, made by the agency\nto a municipal hospital, municipal nursing home, not-for-profit hospital\ncorporation, not-for-profit corporation providing a residential health\ncare facility or not-for-profit medical corporation organized pursuant\nto article 44 of the public health law, which loan is insured by the\nfederal government. This subdivision does not limit the agency from\nconsenting to the modification of any instrument executed in connection\nwith a federally-aided mortgage loan, provided that the modification\ndoes not materially reduce the value of the security for the\nfederally-aided mortgage loan. A leasehold under this subdivision shall\nconform to standards adopted by the agency, with the approval of the\ndivision of the budget, that adequately protect the interes
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