§ 852. Loans of money or credit to hospitals or health related facilities in Suffolk county.
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§ 852. Loans of money or credit to hospitals or health related
facilities in Suffolk county. Notwithstanding any general, special or
local law or charter provision to the contrary, the county legislature
of the county of Suffolk shall have the power and is hereby authorized,
pursuant to section seven of article seventeen of the constitution, to
lend its money or credit to or in aid of any corporation or association
within its boundaries, regulated by law as to its charges, profits,
dividends, and disposition of its property or franchises, for the
purpose of providing such health related facility or hospital facilities
for the prevention, diagnosis or treatment of human disease, pain,
injury, disability, deformity or physical condition, and for facilities
incidental or appurtenant thereto as may be prescribed by law.
In pursuance of the authority granted herein the county legislature of
the county of Suffolk shall have the power and is hereby authorized from
time to time to issue its bonds, notes or other obligations in such
principal amounts as it shall deem necessary, after taking into account
other monies which may be available for the purposes set forth herein.
Such bonds, notes or obligations shall be issued for the purpose of
making loans to such corporations or associations which are eligible
borrowers, paying interest on such bonds, notes or other obligations;
establishment of reserves to secure such notes, bonds, or other
obligations, and paying all other obligations and expenditures
incidental to and necessary or convenient for the making of such loans.
In connection with the making of loans and commitments therefore, the
county of Suffolk shall make and collect such fees and charges including
but not limited to reimbursement of all costs of financing by the county
of Suffolk, service charges, insurance premiums and other reasonable
costs. Such bonds, notes or obligations shall be issued in accordance
with the applicable provisions of this chapter and the local finance law
and applicable local laws.
The county legislature of the county of Suffolk shall also be
authorized to enact local laws governing the conditions under which such
loans, commitments and guarantees shall be made.
The county legislature of the county of Suffolk shall also be
authorized to guaranty loans for the purposes set forth herein made by
banking corporations and lending institutions, in conformity with
applicable laws.
The expenditure of funds, issuance of bonds, notes or obligations or
guarantee of loans by the county of Suffolk pursuant to the provisions
of this act and the provisions of section seven of article seventeen of
the constitution shall be deemed a lawful county purpose.