§ 7. Hospital and nursing home projects reserve funds and\nappropriations. 1. (a) For the purposes of the issuance by the agency of\nhospital and nursing home project bonds, the term "hospital and nursing\nhome capital reserve fund requirement" shall mean, as of any particular\ndate of computation, an amount of money equal to the greatest of the\nrespective amounts, for the then current or any succeeding calendar\nyear, of annual debt service payments of the agency, such annual debt\nservice payments for any calendar year being an amount of money equal to\nthe aggregate of (i) all interest payable during such calendar year on\nall hospital and nursing home project bonds of the agency then\noutstanding on said date of computation, plus (ii) the principal amount\nof all hospital and nursing home project bonds of the agency then\noutstanding on said date of computation which mature during such\ncalendar year, plus (iii) the amount of all sinking fund payments\npayable during such calendar year with respect to all hospital and\nnursing home project bonds of the agency outstanding on said date of\ncomputation; and the term "sinking fund payment" shall mean the amount\nof money specified in the resolution authorizing term bonds as payable\ninto a sinking fund for the amortization of such term bonds. The agency\nshall create and establish a special fund to be known as the hospital\nand nursing home capital reserve fund and may pay into such reserve fund\n(1) any monies appropriated and made available by the state for the\npurposes of such fund, (2) any proceeds of sale of hospital and nursing\nhome project notes or hospital and nursing home project bonds, to the\nextent provided in the resolution of the agency authorizing the issuance\nthereof, and (3) any other monies which may be made available to the\nagency for the purposes of such fund from any other source or sources.\nThe monies held in or credited to the hospital and nursing home capital\nreserve fund established under this subdivision, except as hereinafter\nprovided, shall be used solely for the payment of the principal of\nhospital and nursing home project bonds of the agency secured by such\nreserve fund, as the same mature, sinking fund payments, the purchase of\nsuch hospital and nursing home project bonds of the agency, the payment\nof interest on such hospital and nursing home projects bonds of the\nagency, or the payment of any redemption premium required to be paid\nwhen such bonds are redeemed prior to maturity; provided, however, that\nmonies in such fund shall not be withdrawn therefrom at any time in such\namount as would reduce the amount of such fund to less than the hospital\nand nursing home capital reserve fund requirement, except for the\npurpose of paying principal and interest on the hospital and nursing\nhome project bonds of the agency secured by such reserve fund maturing\nand becoming due and any sinking fund payments and for the payment of\nwhich other monies of the agency are not available. Any income or\ninterest earned by, or increment to, the hospital and nursing home\ncapital reserve fund due to the investment thereof may be transferred to\nany other fund or account of the agency to the extent it does not reduce\nthe amount of the hospital and nursing home capital reserve fund below\nthe hospital and nursing home capital reserve fund requirement.\n (b) The agency shall not issue hospital and nursing home project bonds\nand hospital and nursing home project notes in an aggregate principal\namount exceeding twenty billion dollars, excluding hospital and nursing\nhome project bonds and hospital and nursing home project notes issued to\nrefund outstanding hospital and nursing home projects bonds and hospital\nand nursing home project notes; provided, however, that upon any such\nrefunding or repayment the total aggregate principal amount of\noutstanding bonds, notes or other obligations may be greater than twenty\nbillion dollars only if the prese
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