New Hampshire Revised Statutes 162-G:4 – Powers of the Governmental Unit
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The governmental unit shall have the following powers in addition to any other powers conferred upon it.
I. To engage in projects and to acquire, lease as lessee, own, and dispose of business and industrial facilities within or without the municipality, and to enter into option contracts to allow a municipality to acquire business and industrial facilities at or before some certain date, at some certain price, or below some certain price.
II. To issue bonds to pay project costs, or to reimburse a tenant for payments for project costs made before or after the bonds are issued, or to refund bonds previously issued.
III. To lease business and industrial facilities as owner and lessor or as lessee and sublessor.
IV. To mortgage, pledge, or assign as security for bonds, through use of a trust indenture or otherwise, any interest which the governmental unit may have in a business and industrial facility as owner and lessor.
V. In the event of a default by a tenant, to lease or sell the business and industrial facility to another person in whole or in part.
VI. To enter into lease subsidy contracts with business and industrial facility tenants upon a vote by the authority and the governing body that the business or industrial tenancy has a demonstrable public benefit.
VII. To make contracts or take any other action which is necessary or desirable in connection with the exercise of the foregoing powers. Nothing in this chapter shall be construed to authorize the governmental unit to operate a business and industrial facility itself or to conduct any business enterprise therein.
VIII. To accept grants that assist in the carrying out of the purposes of this chapter, and to do any and all things necessary or convenient in order to avail itself of such aid.
I. To engage in projects and to acquire, lease as lessee, own, and dispose of business and industrial facilities within or without the municipality, and to enter into option contracts to allow a municipality to acquire business and industrial facilities at or before some certain date, at some certain price, or below some certain price.
Terms Used In New Hampshire Revised Statutes 162-G:4
- authority: shall mean the board of directors of a corporation described in N. See New Hampshire Revised Statutes 162-G:3
- Business and industrial facility: shall mean any land, any building or other improvement, and all real and personal properties, including but not limited to, machinery and equipment deemed necessary in connection therewith, whether or not now in existence, which shall be suitable for use for commercial, business service, mixed-use development, manufacturing, warehousing, processing wastes, renewable energy, or other business and industrial purposes, but shall not include raw materials, work in process or stock in trade. See New Hampshire Revised Statutes 162-G:3
- following: when used by way of reference to any section of these laws, shall mean the section next preceding or following that in which such reference is made, unless some other is expressly designated. See New Hampshire Revised Statutes 21:13
- Governing body: shall mean the board or body in which the general executive powers of the governmental unit are vested as defined in N. See New Hampshire Revised Statutes 162-G:3
- Governmental unit: shall mean a city or a town. See New Hampshire Revised Statutes 162-G:3
- Lease: means :
(a) In the case where the authority is the lessor, "lease" shall mean a written instrument to which the authority and a tenant are parties and which provides for the use and occupancy of a business and industrial facility and the payment of rent to the authority. See New Hampshire Revised Statutes 162-G:3 - Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
- Project: shall mean the establishment or expansion of a business and industrial facility which is financed by the issue of bonds or other means of accomplishing the purposes of this chapter. See New Hampshire Revised Statutes 162-G:3
- Project costs: shall mean the costs of establishing or expanding a business and industrial facility and of placing the same in operation. See New Hampshire Revised Statutes 162-G:3
- Tenant: shall mean the person primarily liable for the payment of rent under a lease. See New Hampshire Revised Statutes 162-G:3
- Trust indenture: shall mean a written instrument between the governmental unit and any national bank or trust company doing business in the state of New Hampshire or in the Commonwealth of Massachusetts as trustee, which secures one or more series of bonds. See New Hampshire Revised Statutes 162-G:3
II. To issue bonds to pay project costs, or to reimburse a tenant for payments for project costs made before or after the bonds are issued, or to refund bonds previously issued.
III. To lease business and industrial facilities as owner and lessor or as lessee and sublessor.
IV. To mortgage, pledge, or assign as security for bonds, through use of a trust indenture or otherwise, any interest which the governmental unit may have in a business and industrial facility as owner and lessor.
V. In the event of a default by a tenant, to lease or sell the business and industrial facility to another person in whole or in part.
VI. To enter into lease subsidy contracts with business and industrial facility tenants upon a vote by the authority and the governing body that the business or industrial tenancy has a demonstrable public benefit.
VII. To make contracts or take any other action which is necessary or desirable in connection with the exercise of the foregoing powers. Nothing in this chapter shall be construed to authorize the governmental unit to operate a business and industrial facility itself or to conduct any business enterprise therein.
VIII. To accept grants that assist in the carrying out of the purposes of this chapter, and to do any and all things necessary or convenient in order to avail itself of such aid.