TITLE XII
PUBLIC SAFETY AND WELFARE

CHAPTER 162-I
BUSINESS FINANCE AUTHORITY REVENUE BONDS

Section 162-I:9

    162-I:9 Approval of Governor and Council. –
I. The authority shall not acquire any interest in an eligible facility or execute any financing or security document or issue any bonds with respect to the facility, unless the governor and council have found after a hearing that the proposed financing, operation and use of the facility will serve a public use and provide a public benefit and have determined that the authority's financing of the project will be within the policy of, and the authority conferred by, this chapter.
II. Before giving approval to any proposal the governor and council shall first make special findings as may be appropriate and all the general findings expressed in terms substantially similar to the following but with such changes of form as may be appropriate under the particular facts and circumstances:
(a) Special Findings.
(1) For any project, the governor and council shall specify the type of facility and shall find that the project to be financed is within the definition of the (type of facility) and may be financed under this chapter;
(2) If the facility is an industrial facility, the governor and council shall find that the establishment and operation of the facility will either create or preserve employment opportunities directly or indirectly within the state or help to protect and enhance the state's physical environment, or will accomplish both purposes;
(3) If the facility is a railroad line facility, the governor and council shall find that the acquisition, construction or reconstruction and operation of the facility will either maintain or improve the transportation capacity of a segment of the railroad system in the state and will facilitate the economical shipment of goods for commerce and industry;
(4) If the facility is an aircraft hangar facility, the governor and council shall find that the establishment and operation of the facility will either create or preserve employment opportunities directly or indirectly within the state, or will improve or maintain facilities for air travel within the state, or will accomplish both purposes;
(5) If the facility is a commercial facility, the governor and council shall find that the establishment and operation of the facility will either create or preserve employment opportunities directly or indirectly within the state and will likely be of general benefit to the community as a whole;
(6) If the facility is a water-powered electric generating facility, the governor and council shall find that the establishment and operation of the facility are likely to reduce the state's dependence on fossil fuels and to utilize better one of the state's naturally renewable energy sources;
(7) If the facility is a recreational facility, the governor and council shall find that the establishment and operation of the facility will either create or preserve employment opportunities directly or indirectly within the state or will increase the opportunities for public recreational activities within the state and will preserve or increase the social or economic prosperity of the state and its political subdivisions;
(8) If the facility is a small scale power facility, the governor and council shall find that the establishment and operation of the facility are likely to reduce the state's dependence on fossil fuels and to utilize better the state's energy sources or are likely to provide the communities served by the facility with a more affordable or reliable source of electric energy or gas than would have been available in the absence of the facility;
(9) If the facility is a water facility, the governor and council shall find that the establishment and operation of the facility will expand or maintain and improve the collection, purification, storage or distribution of water for domestic, industrial, agricultural, or other uses, and that the water for such uses is to be available on reasonable demand to members of the general public;
(10) If the facility is a commercial fishing facility, the governor and council shall find that the establishment and operation of the facility will either create or preserve employment opportunities directly or indirectly within the state, will help to promote the growth of the fishing industry in the state and will likely preserve or increase the economic prosperity of the state and its political subdivisions;
(11) If the facility is a redevelopment district in an unincorporated place, the governor and council shall find that the establishment and operation of the facility or redevelopment of the area within the redevelopment district will likely create, revive, or preserve employment opportunities or preserve or increase the social or economic prosperity of the state or its political subdivisions.
(b) General Findings. For any project, the governor and council shall find that:
(1) The project and the proposed financing of the project are feasible;
(2) The proposed user has the skills and financial resources necessary to operate the facility successfully;
(3) The financing and security documents contain provisions so that under no circumstances will the authority be obligated directly or indirectly to pay project costs, debt service or expenses of operation, maintenance and upkeep of the facility except from bond proceeds or from funds received under the financing or security documents, exclusive of funds received under the documents by the authority for its own use;
(4) Neither the financing document nor the security document purports to create any debt of the state with respect to the facility, other than a special obligation of the authority acting on behalf of the state under this chapter; and
(5) The proposed financing of the project by the authority and the proposed operation and use of the facility will serve one or more needs and implement one or more purposes set forth in RSA 162-I:1, will preserve or increase the social or economic prosperity of the state and one or more of its political subdivisions, and will promote the general welfare of the state's citizens.
III. Nothing in this section shall prevent the authority from giving preliminary official approval of a proposed project and the financing of the proposed project. The findings and determination by the governor and council may be made upon the written recommendation of the authority supported by any documentation and information which the governor and council may request.

Source. 1975, 98:1. 1981, 213:9; 455:8; 529:3; 545:10; 560:5; 573:3. 1985, 281:3. 1991, 378:6. 1995, 128:15, eff. May 19, 1995. 2015, 47:4, eff. May 21, 2015.