New Hampshire Revised Statutes 162-S:4 – Powers of the Authority
Current as of: 2023 | Check for updates
|
Other versions
Subject to the powers of the business finance authority established under N.H. Rev. Stat. § 162-S:3, V to establish rules, requirements, and procedures, the authority shall have all of the powers necessary or convenient to carry out the purposes and provisions of this chapter. In addition to all other powers conferred on the business finance authority under the laws of the state, the business finance authority, acting under this chapter by, through, and as the national finance authority, and further subject to the powers of the business finance authority established under N.H. Rev. Stat. § 162-S:3, V, shall have power to do any of the following in connection with bonds issued under this chapter:
I. Adopt policies for the regulation of its affairs and the conduct of the business of the authority.
II. Sue, with the approval of the business finance authority, and be sued in the name of the authority, and in such capacity to plead and be impleaded in judicial proceedings.
III. Acquire, buy, own, operate, sell, lease as lessor or lessee, encumber, mortgage, hypothecate, pledge, assign, gift, or otherwise transfer any real, personal, tangible, intangible, or other property or interest in real, personal, or other property that is located outside of the state, either in the name of the authority or in the name of a partnership, trust, corporation, limited liability corporation, or other special purpose entity created by and under the control of the authority.
IV. Enter into contracts relating to the issuance of bonds.
V. Issue bonds or refunding bonds, subject to N.H. Rev. Stat. § 162-S:5 and N.H. Rev. Stat. § 162-S:10, to finance or refinance a project, including to fund a reserve fund or capitalized interest, payment of costs of issuance and other costs related to the financing or refinancing or credit enhancement, and enter into agreements related to the issuance of bonds, including liquidity and credit facilities, remarketing agreements, insurance policies, debt service guarantee agreements, letters of credit or reimbursement agreements, indexing agreements, interest rate swap agreements, currency exchange agreements, commodity swap agreements, other hedge agreements, and any other like agreements, in each case with such payment, interest rate, currency security, remedy, and other terms and conditions as the authority shall approve.
VI. Retain or appoint such agents, finance professionals, and special advisors as the authority finds necessary or convenient and fix their compensation.
VII. Accept gifts, loans, or other aid.
VIII. Establish and collect fees, including charges to recover the administrative expenses of the authority, from participating institutions and other parties who benefit from the provision of services by the authority, or services provided by an outside entity on behalf of the authority.
IX. Make loans to, lease real, personal, and other property from or to, or enter into any other kind of an agreement with a participating institution or other entity, in connection with the financing or refinancing of a project.
X. Mortgage, pledge, or otherwise encumber the authority’s property assigned to or transferred to it in connection with bonds or its interest, or any portion of its interest, in a project.
XI. Assign or pledge any portion of its interest in projects, mortgages, deeds of trust, indentures of mortgage or trust, leases, purchase or sale agreements, other financing agreements, or similar instruments, bonds, notes, and security interests in property, of a participating institution, or contracts entered into or acquired in connection with bonds.
XII. Issue, obtain, or aid in obtaining, from any person, any insurance or guarantee to, or for, the payment or repayment of interest or principal, or both, on any bond, loan, lease, or other obligation evidencing or securing such a bond, loan, lease, or obligation that is issued, incurred, or entered into under this chapter.
XIII. Apply on its own behalf or on behalf of a participating institution to any unit of government for an allocation of volume cap, tax credit, subsidy, grant, loan, credit enhancement or with respect to any other federal program or any program of any other unit of government in connection with the financing or refinancing of a project.
XIV. Invest any bond proceeds or any money held for payment or security of the bonds, or any contract entered into under this chapter, in any securities or obligations permitted by the resolution, trust agreement, indenture, or other agreement providing for issuance of the bonds or the contract.
XV. At the request of one or more participating institutions, combine and pledge revenues of 2 or more projects to the repayment of one or more series of bonds issued under this chapter.
XVI. Purchase bonds issued by or on behalf of, or held by, any participating institution, any unit of government or a political subdivision, department, or authority thereof, such purchased bonds to be held by the authority or sold, in whole or in part, separately or together with other bonds issued by the authority. Notwithstanding anything in this chapter or in the laws of the state to the contrary, none of the earnings of the authority shall inure or be permitted by the authority to inure to the benefit of any private person.
I. Adopt policies for the regulation of its affairs and the conduct of the business of the authority.
Terms Used In New Hampshire Revised Statutes 162-S:4
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- 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.
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: may extend and be applied to bodies corporate and politic as well as to individuals. See New Hampshire Revised Statutes 21:9
- 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
II. Sue, with the approval of the business finance authority, and be sued in the name of the authority, and in such capacity to plead and be impleaded in judicial proceedings.
III. Acquire, buy, own, operate, sell, lease as lessor or lessee, encumber, mortgage, hypothecate, pledge, assign, gift, or otherwise transfer any real, personal, tangible, intangible, or other property or interest in real, personal, or other property that is located outside of the state, either in the name of the authority or in the name of a partnership, trust, corporation, limited liability corporation, or other special purpose entity created by and under the control of the authority.
IV. Enter into contracts relating to the issuance of bonds.
V. Issue bonds or refunding bonds, subject to N.H. Rev. Stat. § 162-S:5 and N.H. Rev. Stat. § 162-S:10, to finance or refinance a project, including to fund a reserve fund or capitalized interest, payment of costs of issuance and other costs related to the financing or refinancing or credit enhancement, and enter into agreements related to the issuance of bonds, including liquidity and credit facilities, remarketing agreements, insurance policies, debt service guarantee agreements, letters of credit or reimbursement agreements, indexing agreements, interest rate swap agreements, currency exchange agreements, commodity swap agreements, other hedge agreements, and any other like agreements, in each case with such payment, interest rate, currency security, remedy, and other terms and conditions as the authority shall approve.
VI. Retain or appoint such agents, finance professionals, and special advisors as the authority finds necessary or convenient and fix their compensation.
VII. Accept gifts, loans, or other aid.
VIII. Establish and collect fees, including charges to recover the administrative expenses of the authority, from participating institutions and other parties who benefit from the provision of services by the authority, or services provided by an outside entity on behalf of the authority.
IX. Make loans to, lease real, personal, and other property from or to, or enter into any other kind of an agreement with a participating institution or other entity, in connection with the financing or refinancing of a project.
X. Mortgage, pledge, or otherwise encumber the authority’s property assigned to or transferred to it in connection with bonds or its interest, or any portion of its interest, in a project.
XI. Assign or pledge any portion of its interest in projects, mortgages, deeds of trust, indentures of mortgage or trust, leases, purchase or sale agreements, other financing agreements, or similar instruments, bonds, notes, and security interests in property, of a participating institution, or contracts entered into or acquired in connection with bonds.
XII. Issue, obtain, or aid in obtaining, from any person, any insurance or guarantee to, or for, the payment or repayment of interest or principal, or both, on any bond, loan, lease, or other obligation evidencing or securing such a bond, loan, lease, or obligation that is issued, incurred, or entered into under this chapter.
XIII. Apply on its own behalf or on behalf of a participating institution to any unit of government for an allocation of volume cap, tax credit, subsidy, grant, loan, credit enhancement or with respect to any other federal program or any program of any other unit of government in connection with the financing or refinancing of a project.
XIV. Invest any bond proceeds or any money held for payment or security of the bonds, or any contract entered into under this chapter, in any securities or obligations permitted by the resolution, trust agreement, indenture, or other agreement providing for issuance of the bonds or the contract.
XV. At the request of one or more participating institutions, combine and pledge revenues of 2 or more projects to the repayment of one or more series of bonds issued under this chapter.
XVI. Purchase bonds issued by or on behalf of, or held by, any participating institution, any unit of government or a political subdivision, department, or authority thereof, such purchased bonds to be held by the authority or sold, in whole or in part, separately or together with other bonds issued by the authority. Notwithstanding anything in this chapter or in the laws of the state to the contrary, none of the earnings of the authority shall inure or be permitted by the authority to inure to the benefit of any private person.