§ 2815. Health facility restructuring program. 1. Definitions. As used\nin this section, the following words and phrases shall have the\nfollowing meanings unless a different meaning is plainly required by the\ncontext:\n (a) "Agency" shall mean the New York state housing finance agency\ncreated by article three of the private housing finance law.\n (b) "Authority" shall mean the dormitory authority of the state of New\nYork created by title four of article eight of the public authorities\nlaw which has succeeded to the powers, functions and duties of the\nmedical care facilities finance agency pursuant to chapter eighty-three\nof the laws of nineteen hundred ninety-five.\n (c) "Participating borrower" shall mean a not-for-profit general\nhospital, a not-for-profit diagnostic center, a not-for-profit treatment\ncenter, a not-for-profit residential health care facility or any other\nnot-for-profit entity in possession of a valid operating certificate\nissued pursuant to this article, each organized under the laws of this\nstate, which has been approved for participation in this program by the\ncommissioner.\n (d) "Restructuring pool" shall mean the health facility restructuring\npool authorized to be established by the authority pursuant to this\nsection.\n 2. The authority shall establish the restructuring pool. Funds shall\nbe transferred by the commissioner to the authority for deposit in the\nrestructuring pool as authorized pursuant to paragraph (d) of\nsubdivision one of section twenty-eight hundred seven-l and paragraph\n(b) of subdivision nineteen of section twenty-eight hundred seven-c of\nthis article or any other provision of law. Funds in the restructuring\npool shall be held by the authority pursuant to this section as\ncustodian, administered by the authority pursuant to an agreement with\nthe commissioner and invested by the authority in accordance with the\ninvestment guidelines of the authority. All investment income shall be\ncredited to, and any repayments of loans as hereinafter provided shall\nbe deposited in, the restructuring pool, and spent therefrom only for\nthe purposes set forth in this section.\n 3. The commissioner, the authority and the agency shall enter into an\nagreement, subject to the approval of the director of the budget, for\nthe purpose of administering the funds in the restructuring pool in a\nmanner that will benefit the public health by encouraging improvements\nin the health care delivery system in the state. A copy of such\nagreement, and any amendment thereto, shall be provided to the chair of\nthe senate finance committee, the director of the division of budget,\nand the chair of the assembly ways and means committee. Such agreement\nshall include, but not be limited to, the following provisions:\n (a) for the receipt, management and expenditure of funds held in the\nrestructuring pool by the authority;\n (b) for the development and implementation of business plans for\nparticipating borrowers, addressing the development of service delivery\nstrategies, including strategies for the formation or strengthening of\nnetworks, affiliations or other business combinations, designed to\nprovide long-term financial stability within and among participating\nborrowers;\n (c) for the expenditure or loan of funds by the authority from the\nrestructuring pool to reimburse the authority or the agency, where\nappropriate, for the costs of engaging management, legal or accounting\nconsultants to identify, develop and implement improved strategies for\none or more participating borrowers for implementing the recommendations\nof such consultants, where appropriate, and for the payment of debt\nservice on bonds, notes or other obligations issued or incurred by the\nauthority or the agency to fund loans to one or more participating\nborrowers;\n (d) for assurances that participating borrowers will address the\nrecommendations of such consultants and furnish the commissioner, the\nauthority, a
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