New York Laws
Article 3 - New York State Housing Finance Agency
47-D - Health Facilities Bonds and Notes.

(1) pledge or assign to the agency all or any portion of the revenues
and monies received or to be received by the municipality, which may be
available for the purpose of paying rentals for the use of the health
facilities constructed, acquired, reconstructed, rehabilitated or
improved under such agreement, so that the payment of such rentals may
be fully secured and protected;
(2) use and dispose of such revenues and monies, or any portions
thereof, for the purpose of defraying, in whole or in part (a) the cost
of acquiring any real property for the purpose of constructing,
acquiring, reconstructing, rehabilitating or improving facilities
thereon which may be constructed, acquired, reconstructed, rehabilitated
or improved by the agency pursuant to this article and the health and
mental hygiene facilities improvement act, (b) the cost of financing the
construction, acquisition, reconstruction, rehabilitation or improvement
of such facilities, and (c) the cost of acquiring the original
furnishings, equipment, machinery and apparatus needed to furnish and
equip such facilities upon the completion of the work;
(3) set aside rental reserves and to agree to the maintenance,
regulation and disposition thereof;
(4) agree to limitations on the purposes to which the proceeds of sale
of agency notes or bonds may be applied and to the pledging of such

proceeds to secure the payment of agency notes or bonds or of any issued
thereof;
(5) agree to limitations on the making of additional leases, subleases
or agreements with the agency or with others, and the terms upon which
such additional leases, subleases or agreements may be made;
(6) upon receipt of any notice of assignment by the agency of any such
lease, sublease or other agreement with the agency, or of any of its
rights under such lease, sublease or other agreement, recognize and give
effect to such assignment and to pay the assignee thereof rentals or
other payments then due or which may become due under any such lease,
sublease or other agreement which has been so assigned by the agency;
and
(7) agree to any other matters, of like or different character, which
in any way affect the security or protection of the rental payments
required to be made under the terms of such lease, sublease or other
agreement with the agency.

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