New Hampshire Revised Statutes 162-G:7-a – Authority Bonds
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I. A business and industrial development authority established under N.H. Rev. Stat. § 162-G:15-a may 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.
II. Bonds shall bear the manual signature of the chairman of the board and the manual or facsimile signature of at least one other member of the board; and interest coupons, if any, shall bear the facsimile signature of the chairman. Bonds shall also bear the seal of the authority or a facsimile of the seal. Bonds executed as herein provided shall be valid notwithstanding that before the delivery thereof and payment therefor any or all of the persons whose signatures appear thereon shall have ceased to hold office.
III. Every bond shall bear a statement on its face that it does not constitute an indebtedness of any governmental unit or any authority except to the extent permitted by this chapter. Bonds may be sold at public or private sale. The price at which bonds are sold may be par or may be more or less than par, but the original purchaser thereof shall be obligated to pay accrued interest for the period, if any, from the date of the bonds to the date of delivery. All bonds issued under this section and interest coupons applicable thereto, if any, shall be deemed to be negotiable instruments and to be investment securities under the uniform commercial code.
II. Bonds shall bear the manual signature of the chairman of the board and the manual or facsimile signature of at least one other member of the board; and interest coupons, if any, shall bear the facsimile signature of the chairman. Bonds shall also bear the seal of the authority or a facsimile of the seal. Bonds executed as herein provided shall be valid notwithstanding that before the delivery thereof and payment therefor any or all of the persons whose signatures appear thereon shall have ceased to hold office.
Terms Used In New Hampshire Revised Statutes 162-G:7-a
- authority: shall mean the board of directors of a corporation described in N. See New Hampshire Revised Statutes 162-G:3
- Bond: shall mean an evidence of indebtedness issued by the governmental unit or a business and industrial development authority under this chapter to finance a project in whole or in part or to refund indebtedness incurred for that purpose and which, in the case of business and industrial development authority bonds, is payable solely from revenues, other than taxes or payments in lieu thereof, derived from such project or facility. 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
- 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
- seal: shall include an impression of the official seal made upon the paper alone, as well as an impression thereof made by means of wax, or a wafer, affixed thereto. See New Hampshire Revised Statutes 21:11
- Tenant: shall mean the person primarily liable for the payment of rent under a lease. See New Hampshire Revised Statutes 162-G:3
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
III. Every bond shall bear a statement on its face that it does not constitute an indebtedness of any governmental unit or any authority except to the extent permitted by this chapter. Bonds may be sold at public or private sale. The price at which bonds are sold may be par or may be more or less than par, but the original purchaser thereof shall be obligated to pay accrued interest for the period, if any, from the date of the bonds to the date of delivery. All bonds issued under this section and interest coupons applicable thereto, if any, shall be deemed to be negotiable instruments and to be investment securities under the uniform commercial code.