TOWNS, CITIES, VILLAGE DISTRICTS, AND UNINCORPORATED PLACES
MUNICIPAL REVENUE BONDS
33-B:2 Issuance of Revenue Bonds.
A municipality or regional water district may issue bonds or notes under this chapter for construction of revenue-producing facilities. Bonds issued by a municipality or regional water district under this chapter shall not be deemed to be a pledge of the faith and credit of the state or of the municipality or municipalities that are members of a regional water district. Except as otherwise provided in this chapter, the principal of, premium, if any, and interest on all bonds shall be payable solely from the particular funds provided therefor under this chapter. Bonds issued by a municipality shall be issued in such amounts as the legislative body may authorize by a vote as required under RSA 33:8 or 9, as applicable. Bonds issued by regional water districts shall be issued in such amounts as the governing body may authorize pursuant to the regional water district's charter. Bonds of each issue shall be dated, shall bear interest at such rate or rates, including rates variable from time to time as determined by such index, banker's loan rate or other method as may be determined by the authorized officers, and shall mature at such time or times as may be determined by the authorized officers, except that no bond shall mature more than 40 years from the date of its issue or beyond the expiration of the expected useful life of the facilities being financed by the bonds as determined by the authorized officers. Bonds may be made redeemable before maturity at the option of the municipality or regional water district at such price or prices and under such terms and conditions as may be fixed by the authorized officers prior to the issue of bonds. The authorized officers shall determine the form and details and the manner of execution of bonds. The municipality or regional water district may sell its bonds in such manner, either at public or private sale, for such price, at such rate or rates of interest, or at such discount in lieu of interest, as the authorized officers may determine. The provisions of RSA 33:11-a, 14 and 15 shall apply to bonds issued under this chapter.
Source. 1988, 90:1, eff. June 17, 1988. 2003, 281:6, eff. July 18, 2003.