§ 8. Health facilities reserve funds and appropriations. 1. (a) For\nthe purposes of the issuance by the agency of health facilities bonds,\nthe term "health facilities reserve fund requirement" shall mean, as of\nany particular date of computation, an amount of money equal to the\ngreatest of the respective amounts, for the then current or any\nsucceeding calendar year, of annual debt service payments of the agency,\nsuch annual debt service payments for any calendar year being an amount\nof money equal to the aggregate of (i) all interest payable during such\ncalendar year on all health facilities bonds of the agency then\noutstanding on said date of computation, plus (ii) the prinicipal amount\nof all health facilities bonds of the agency then outstanding on said\ndate of computation which mature during such calendar year, plus (iii)\nthe amount of all sinking fund payments payable during such calendar\nyear with respect to all health facilities bonds of the agency\noutstanding on said date of computation; and the term "sinking fund\npayment" shall mean the amount of money specified in the resolution\nauthorizing term bonds as payable into a sinking fund for the\namortization of such term bonds. The agency may create and establish one\nor more additional reserve funds to be known as health facilities\nreserve funds and may pay into such reserve funds (1) any monies\nappropriated and made available by the state for the purposes of such\nfunds, (2) any proceeds of sale of health facilities notes or health\nfacilities bonds, to the extent provided in the resolution of the agency\nauthorizing the issuance thereof, and (3) any other monies which may be\nmade available to the agency for the purposes of such funds from any\nother source or sources. The monies held in or credited to any health\nfacilitiss reserve fund established under this subdivision, except as\nhereinafter provided, shall be used solely for the payment of the\nprinicipal of health facilities bonds of the agency secured by such\nreserve fund, as the same mature, sinking fund payments, the purchase of\nsuch health facilities bonds of the agency, and the payment of any\nredemption premium required to be paid when such bonds are redeemed\nprior to maturity; provided, however, that monies in any such fund shall\nnot be withdrawn therefrom at any time in such amount as would reduce\nthe amount of such fund to less than the health facilities reserve fund\nrequirement, except for the purpose of paying principal and interest on\nthe health facilities bonds of the agency secured by such reserve fund\nmaturing and becoming due and any sinking fund payments and for the\npayment of which other monies of the agency are not available. Any\nincome or interest earned by, or increment to, any such health\nfacilities reserve fund due to the investment thereof may be transferred\nto any other fund or account of the agency to the extent it does not\nreduce the amount of such health facilities reserve fund below the\nhealth facilities reserve fund requirement.\n (b) The agency shall not issue health facilities bonds and health\nfacilities notes, municipal hospital bonds, municipal hospital notes,\nmunicipal nursing home bonds and municipal nursing home notes in an\naggregate principal amount exceeding two billion dollars, excluding\nhealth facilities bonds and health facilities notes issued to refund\noutstanding health facilities bonds or health facilities notes. The\nagency shall not issue health facilities bonds at any time secured by a\nhealth facilities reserve fund if upon issuance, the amount in the\nhealth facilities reserve fund will be less than the health facilities\nreserve fund requirement, unless the agency, at the time of issuance of\nsuch bonds, shall deposit in such reserve fund from the proceeds of the\nbonds so to be issued, or otherwise, an amount which together with the\namount then in such reserve fund, will be not less than the health\nfacilities reserve fund
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