PUBLIC SAFETY AND WELFARE
BUSINESS FINANCE AUTHORITY REVENUE BONDS
In this chapter:
I. "Aircraft hangar facility" shall be an eligible facility and means any privately owned structure used for housing or repairing aircraft.
I-a. "Authority" means the business finance authority created under RSA 162-A:3.
II. "Board" means the board of directors of the authority.
III. "Bond" means an evidence of indebtedness issued by the authority under this chapter to finance a project in whole or in part or to refund indebtedness incurred for that purpose.
III-a. "Commercial facility" shall be an eligible facility and means any facility which is to be used in a trade or business whether or not such business is operated for profit.
IV. "Debt service" means the amounts required to pay bonds according to their terms and includes amounts representing principal, premium and interest, including interest on overdue payments.
V. "Eligible facility" means a facility which consists of real property, personal property or both. An eligible facility may include appurtenances and structures such as pumping machinery, storage accommodations, transportation facilities or utility lines which are incidental to the operation of the facility. If less than an entire eligible facility is to be financed under this chapter, the portion of the facility which is to be financed may also be called an eligible facility. An eligible facility shall also include any intangible property, such as patents or licenses, reasonably necessary for the operation of the facility.
VI. "Financing document" means a written instrument establishing the rights and responsibilities of the authority and the user with respect to an eligible facility financed by the issue of bonds under this chapter.
VII. (a) "Industrial facility" shall be an eligible facility and means any facility which shall be suitable for any of, or any combination of, the following activities, uses or purposes:
(1) Manufacturing, processing, assembling or warehousing goods or materials for sale or distribution, but shall not include raw materials, work in process or stock in trade.
(2) The conduct of research and development activities.
(3) Use as the national or regional headquarters for a multistate business enterprise.
(4) Collecting or processing any kind of waste material for reuse or disposal or for converting any kind of waste material or derivative of any waste material, whether by itself or in combination with other material, into other products of any kind, including steam and electricity.
(5) Reducing, mitigating or eliminating pollution of land, air or water by substances, heat or sound.
(b) "Industrial facility" shall also include any facility described in Section 142(a) of the Internal Revenue Code of 1986 as in effect on July 1, 1993, other than residential rental projects.
VII-a. "Intrastate energy pipeline facility" means a pipeline, right of way, facility, building, or equipment used in the transportation, distribution, or sale of natural gas or petroleum, and which is situated wholly within this state.
VII-b. "Intrastate energy pipeline facility revolving loan fund" means the fund established by RSA 162-I:3-b.
VII-c. "Natural gas" means any manufactured or natural gas or any combination thereof.
VII-d. "Petroleum" means crude petroleum, refined petroleum products, or combinations of petroleum products.
VIII. "Project" means the creation, establishment, acquisition, construction, expansion, remodeling or replacement of an eligible facility, or of one or more structural or operational components of an eligible facility, financed by the issue of bonds under this chapter.
IX. "Project costs" means any costs or expenses reasonably incidental to a project and may, without limitation, include the costs of:
(a) Issuing bonds to finance a project;
(b) Acquiring land, buildings, structures and facilities, whether by lease, purchase, construction or otherwise;
(c) Acquiring rights in or over land, air or water;
(d) Improving land and improving buildings, structures and facilities by remodeling, reconstruction, replacement or enlargement;
(e) Acquiring and installing machinery and equipment;
(f) Obtaining professional or advisory services;
(g) Interest prior to and during construction and until one year after the completion of a project;
(h) Working capital related to a project; and
(i) Creating reserves.
IX-a. "Railroad line facility" shall be an eligible facility and means any railroad right of way within the state and all other kinds of property or structures installed on the right of way such as rails, ties, ballast, switches, signals, interlockers, bridges and tunnels which are necessary or useful for the effective functioning of a segment of a railroad system, but the term shall not include rolling stock. Any project with respect to a railroad line facility may, but need not, include the acquisition by purchase, lease, or otherwise of an existing railroad right of way with associated property as described in the preceding sentence and may consist of the construction or reconstruction, which shall include restoration or upgrading, of the facility. Acquisitions under this chapter shall not be subject to RSA 228:54-75. A user which engages in a project with respect to a railroad line facility need not be the owner of the facility and need not be entitled to the exclusive use of the facility.
IX-b. "Recreational facility" shall be an eligible facility and means any indoor or outdoor facility suitable for use by the general public for any of, or any combination of, the following activities, uses or purposes:
(a) Sports, assembly, arena or exposition purposes, whether or not now in existence, including, but not limited to, spectator or participation recreation or sports, such as ice hockey, basketball, horse racing, dog racing, tennis or other recreational or sports purposes; or
(b) Alpine or nordic skiing and other forms of outdoor recreation, including slopes and trails, passenger tramways, snow making systems, base lodges and other associated buildings, and similar equipment and improvements.
IX-c. "Redevelopment district in an unincorporated place" means an eligible facility in an unincorporated place designated as a redevelopment district by the county commissioners, with the approval of the county delegation, provided the county commissioners have determined that redevelopment within the redevelopment district is likely to promote growth, create, revive, or preserve employment opportunities, preserve or increase the social or economic prosperity of the state and its political subdivisions, or promote the general welfare of the state's citizens.
X. "Security document" means a written instrument establishing the rights and responsibilities of the authority and the holders of bonds issued to finance an eligible facility.
X-a. "Small scale power facility" shall be an eligible facility and means any facility which is suitable for producing electric energy from biomass, waste, geothermal energy, or renewable resources including, but not limited to, the flow of water, and which has a rated capacity of not more than 80 megawatts, or any facility that is used to produce, collect, generate, transmit, store, distribute, or convey electric energy or gas and is part of a system providing service to the general populace of one or more communities or municipalities, but in no event more than 2 contiguous counties.
XI. "User" means the person entitled to the use or occupancy of an eligible facility and primarily responsible for making payments sufficient to meet the debt service on the bonds issued to finance the facility. The term shall include 2 or more persons who are parties to the financing document and who are in the aggregate so entitled and so responsible.
XII. "Water-powered electric generating facility" shall be an eligible facility and means any facility which is suitable for converting energy from the movement of water by gravity or tide into electric energy.
XIII. "Water facility" shall be an eligible facility and means any facility suitable for collecting, purifying, storing, or distributing water for domestic, industrial, agricultural, or other uses, if the water for such uses is to be available on reasonable demand to members of the general public.
XIV. "Commercial fishing facility" shall be an eligible facility and means any commercial fishing vessel documented or to be documented as such under the laws of the United States and any commercial fishing vessel registered or to be registered as such under the laws of the state, which is designed to be used for the catching, packaging, processing, storing or shipping of fish; and any shoreside facility which is functionally related and subordinate to the operation of such commercial fishing vessel.
Source. 1975, 98:1. 1981, 213:2; 455:2; 529:2; 545:9; 560:2-4; 573:2. 1985, 281:2. 1991, 378:5. 1992, 262:13, 15. 1993, 335:15. 1995, 128:12, 13. 1998, 265:2, eff. Aug. 25, 1998. 2015, 47:3, eff. May 21, 2015.