Senate Bill S4790

2015-2016 Legislative Session

Establishes a pilot program to assist in restructuring health care systems to allow increased capital investment

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Sponsored By

Archive: Last Bill Status - In Senate Committee Health Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2015-S4790 (ACTIVE) - Details

Current Committee:
Senate Health
Law Section:
Public Health Law
Laws Affected:
Amd §2801-a, Pub Health L; amd §§1676 & 1680, Pub Auth L

2015-S4790 (ACTIVE) - Summary

Establishes a pilot program to assist in restructuring health care systems to allow increased capital investment.

2015-S4790 (ACTIVE) - Sponsor Memo

2015-S4790 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4790

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                             April 17, 2015
                               ___________

Introduced  by  Sen.  HANNON -- read twice and ordered printed, and when
  printed to be committed to the Committee on Health

AN ACT to amend the public health law and the public authorities law, in
  relation to establishing a private equity pilot program

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Section  2801-a  of  the  public health law is amended by
adding a new subdivision 17 to read as follows:
  17. (A) THE COMMISSIONER IS AUTHORIZED TO ESTABLISH A PILOT PROGRAM TO
ASSIST IN RESTRUCTURING HEALTH CARE DELIVERY  SYSTEMS  BY  ALLOWING  FOR
INCREASED  CAPITAL INVESTMENT. PURSUANT TO THE PILOT PROGRAM, THE PUBLIC
HEALTH AND HEALTH PLANNING COUNCIL SHALL APPROVE THE  ESTABLISHMENT,  IN
ACCORDANCE  WITH  THE  PROVISIONS OF PARAGRAPHS (F), (G) AND (H) OF THIS
SUBDIVISION AND SUBDIVISION THREE OF THIS SECTION, OF NO MORE  THAN  TEN
BUSINESS  CORPORATIONS  FORMED  UNDER THE BUSINESS CORPORATION LAW. SUCH
BUSINESS CORPORATIONS SHALL AFFILIATE, THE EXTENT OF THE AFFILIATION  TO
BE  DETERMINED  BY  THE COMMISSIONER, WITH AT LEAST ONE ACADEMIC MEDICAL
INSTITUTION OR TEACHING HOSPITAL APPROVED BY THE COMMISSIONER.  A  BUSI-
NESS CORPORATION SHALL NOT BE ELIGIBLE TO PARTICIPATE IN THIS PROGRAM IF
ANY OF ITS STOCK, OR THAT OF ANY OF ITS DIRECT OR INDIRECT OWNERS, IS OR
WILL  BE  TRADED  ON  A  PUBLIC STOCK EXCHANGE OR ON AN OVER-THE-COUNTER
MARKET.
  (B) NOTWITHSTANDING ANY PROVISION OF LAW  TO  THE  CONTRARY,  BUSINESS
CORPORATIONS  ESTABLISHED  PURSUANT  TO THIS SUBDIVISION SHALL BE DEEMED
ELIGIBLE TO PARTICIPATE IN DEBT  FINANCING  PROVIDED  BY  THE  DORMITORY
AUTHORITY  OF  THE STATE OF NEW YORK, LOCAL DEVELOPMENT CORPORATIONS AND
ECONOMIC DEVELOPMENT CORPORATIONS.
  (C) THE FOLLOWING PROVISIONS OF THIS CHAPTER SHALL NOT APPLY TO  BUSI-
NESS  CORPORATIONS  ESTABLISHED  PURSUANT TO THIS SUBDIVISION: (I) PARA-
GRAPH (B) OF SUBDIVISION THREE OF THIS SECTION, RELATING  TO  STOCKHOLD-
ERS,   OTHER   THAN   PRINCIPAL  STOCKHOLDERS;  (II)  PARAGRAPH  (C)  OF

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10474-01-5
              

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