New Hampshire Revised Statutes 374-C:3 – Bond Bank’s Authority
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I. The New Hampshire municipal bond bank established pursuant to N.H. Rev. Stat. Chapter 35-A is hereby authorized and empowered to lend money to public utilities through the purchase by the bank of utility bonds of public utilities in fully marketable form. The bank, for the purposes authorized by this chapter, including the funding of interest during construction and for not more than 18 months thereafter, is hereby authorized and empowered to authorize and issue its bonds and notes payable solely from the revenues or funds therefor available to the bank for financing public utility projects, and to otherwise assist public utilities as provided in this chapter. Any electrical energy production facility financed under this chapter shall not exceed 80 megawatts.
II. The bank shall establish a separate division to administer the purchase and sale of public utility bonds and of its bonds and notes issued pursuant to this chapter.
III. The bank shall administer the public utility general fund and public utility reserve fund established by this chapter separate from those general funds and reserve funds established pursuant to RSA 35-A.
IV. Bonds and notes of the bank issued under the provisions of this chapter shall not be in any way a debt or liability of the state and shall not create or constitute any indebtedness, liability or obligation of the state or be or constitute a pledge of the faith and credit of the state but all such bonds and notes, unless funded or refunded by bonds or notes of the bank, shall be payable solely from revenues or funds pledged or available for their payment as authorized herein. Each bond and note shall contain on its face a statement to the effect that the bank is obligated to pay the principal thereof and the interest thereon only from revenues or funds of the bank and that the state is not obligated to pay such principal or interest and that neither the faith and credit nor the taxing power of the state is pledged to the payment of the principal of or the interest on such bonds or notes.
V. All expenses incurred in carrying out the provisions of this chapter shall be payable solely from revenues or funds provided or to be provided under the provisions of this chapter and nothing in this chapter shall be construed to authorize the bank to incur any indebtedness or liability on behalf of or payable by the state.
VI. The bank may contract with holders of its bonds and notes in the manner provided in N.H. Rev. Stat. § 35-A:9.
VII. In the event of default by the bank on any bonds or notes issued under this chapter, a trustee shall be appointed pursuant to N.H. Rev. Stat. § 35-A:15, but shall act only with respect to such bonds or notes issued hereunder.
VIII. The provisions of N.H. Rev. Stat. § 35-A:4; N.H. Rev. Stat. § 35-A:6, I through X, inclusive, XI, but with respect to public utilities rather than governmental units and XV; N.H. Rev. Stat. § 35-A:7, II through IV, inclusive; N.H. Rev. Stat. § 35-A:8, I and III through VIII, inclusive; N.H. Rev. Stat. § 35-A:9, but with respect to public utilities bonds rather than municipal bonds; N.H. Rev. Stat. § 35-A:10; N.H. Rev. Stat. § 35-A:15, but with respect to public utilities bonds rather than municipal bonds; N.H. Rev. Stat. § 35-A:16; N.H. Rev. Stat. § 35-A:17; N.H. Rev. Stat. § 35-A:23; N.H. Rev. Stat. § 35-A:24, but with respect to public utilities and public utilities bonds rather than governmental units and municipal bonds; N.H. Rev. Stat. § 35-A:25; N.H. Rev. Stat. § 35-A:26; N.H. Rev. Stat. § 35-A:36; and N.H. Rev. Stat. § 35-A:37 shall apply as they may be applicable to the financing of public utility projects in accordance with this chapter.
II. The bank shall establish a separate division to administer the purchase and sale of public utility bonds and of its bonds and notes issued pursuant to this chapter.
Terms Used In New Hampshire Revised Statutes 374-C:3
- Bank: means the New Hampshire municipal bond bank created and established by N. See New Hampshire Revised Statutes 374-C:2
- Bonds: means bonds of the bank issued pursuant to this chapter. See New Hampshire Revised Statutes 374-C:2
- Chapter: means this New Hampshire public utility bond financing chapter. See New Hampshire Revised Statutes 374-C:2
- Contract: A legal written agreement that becomes binding when signed.
- Fully marketable form: means a public utility bond duly executed and accompanied by such opinion of counsel and other documentation as is customary in the field of public utility financing, provided that the public utility bond so executed need not be printed or lithographed nor be in more than one denomination. See New Hampshire Revised Statutes 374-C:2
- Notes: means any notes of the bank issued pursuant to this chapter. See New Hampshire Revised Statutes 374-C:2
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Public utility: means any corporation, company, association, joint stock association, partnership or person within the state which owns, operates or manages any plant or equipment for the manufacture or furnishing of light, heat, power or water for the public, or in the generation, transmission or sale of energy ultimately sold to the public and which is regulated by the New Hampshire public utilities commission. See New Hampshire Revised Statutes 374-C:2
- Public utility general fund: means the fund created or established as provided in N. See New Hampshire Revised Statutes 374-C:2
- Public utility reserve fund: means any of the public utility bond reserve funds created or established as provided in N. See New Hampshire Revised Statutes 374-C:2
- Revenues: means all fees, charges, moneys, profits, payments of principal of or interest on utility bonds and other investments, gifts, grants, contributions, appropriations and all other income derived or to be derived by the bank under this chapter. See New Hampshire Revised Statutes 374-C:2
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
- Trustee: A person or institution holding and administering property in trust.
III. The bank shall administer the public utility general fund and public utility reserve fund established by this chapter separate from those general funds and reserve funds established pursuant to RSA 35-A.
IV. Bonds and notes of the bank issued under the provisions of this chapter shall not be in any way a debt or liability of the state and shall not create or constitute any indebtedness, liability or obligation of the state or be or constitute a pledge of the faith and credit of the state but all such bonds and notes, unless funded or refunded by bonds or notes of the bank, shall be payable solely from revenues or funds pledged or available for their payment as authorized herein. Each bond and note shall contain on its face a statement to the effect that the bank is obligated to pay the principal thereof and the interest thereon only from revenues or funds of the bank and that the state is not obligated to pay such principal or interest and that neither the faith and credit nor the taxing power of the state is pledged to the payment of the principal of or the interest on such bonds or notes.
V. All expenses incurred in carrying out the provisions of this chapter shall be payable solely from revenues or funds provided or to be provided under the provisions of this chapter and nothing in this chapter shall be construed to authorize the bank to incur any indebtedness or liability on behalf of or payable by the state.
VI. The bank may contract with holders of its bonds and notes in the manner provided in N.H. Rev. Stat. § 35-A:9.
VII. In the event of default by the bank on any bonds or notes issued under this chapter, a trustee shall be appointed pursuant to N.H. Rev. Stat. § 35-A:15, but shall act only with respect to such bonds or notes issued hereunder.
VIII. The provisions of N.H. Rev. Stat. § 35-A:4; N.H. Rev. Stat. § 35-A:6, I through X, inclusive, XI, but with respect to public utilities rather than governmental units and XV; N.H. Rev. Stat. § 35-A:7, II through IV, inclusive; N.H. Rev. Stat. § 35-A:8, I and III through VIII, inclusive; N.H. Rev. Stat. § 35-A:9, but with respect to public utilities bonds rather than municipal bonds; N.H. Rev. Stat. § 35-A:10; N.H. Rev. Stat. § 35-A:15, but with respect to public utilities bonds rather than municipal bonds; N.H. Rev. Stat. § 35-A:16; N.H. Rev. Stat. § 35-A:17; N.H. Rev. Stat. § 35-A:23; N.H. Rev. Stat. § 35-A:24, but with respect to public utilities and public utilities bonds rather than governmental units and municipal bonds; N.H. Rev. Stat. § 35-A:25; N.H. Rev. Stat. § 35-A:26; N.H. Rev. Stat. § 35-A:36; and N.H. Rev. Stat. § 35-A:37 shall apply as they may be applicable to the financing of public utility projects in accordance with this chapter.