TITLE XII
PUBLIC SAFETY AND WELFARE
Chapter 162-M
PRIVATE ACTIVITY BOND LIMIT
Section 162-M:1
162-M:1 Definitions. –
As used in this chapter, the following terms shall have the following meanings:
I. "Carryforward purpose" shall have the meaning given to it in section 146(f)(5) of the code.
II. "Code" means the United States Internal Revenue Code of 1986, as amended.
III. "Housing bond" means a qualified mortgage bond as defined in section 143(a)(1) of the code or an exempt facility bond for a qualified residential rental project as those terms are defined in sections 142(a)(7) and 142(d)(1) of the code, respectively.
IV. "Housing finance authority" means the New Hampshire housing finance authority established by RSA 204-C:2.
V. "Business finance authority" means the business finance authority of the state of New Hampshire established by RSA 162-A:3.
VI. "Issuer" means any state or local governmental unit, agency, authority or instrumentality, or any nonprofit or public corporation, authorized to issue private activity bonds or bonds which would be private activity bonds unless an allocation of state ceiling under section 146 of the code is made to such bonds.
VII. "Private activity bond" shall have the meaning given to it in section 141(a) of the code. The use of such term in this chapter is for reference purposes only and shall not imply that the state has determined that any obligation issued as a private activity bond under the code will not serve a public use or provide a public benefit.
Source. 1987, 120:1. 1992, 262:13, eff. May 15, 1992.
Section 162-M:2
162-M:2 Allocation Formula. –
Pursuant to section 146 of the code, the state hereby establishes for calendar year 1988 and each calendar year thereafter its formula for allocating the state ceiling among issuers as follows:
I. All of the state ceiling on private activity bonds which may be issued in any calendar year is hereby allocated to the state.
II. The housing finance authority may from time to time assign up to 1/2 of the state ceiling in any calendar year to and among issuers, including itself, for the purpose of (a) allocating such state ceiling to housing bonds or (b) electing under section 25(c)(2)(A)(ii) of the code not to issue a specified amount of qualified mortgage bonds in order to issue, or reserve the right to issue, mortgage credit certificates pursuant to section 25 of the code. The housing finance authority may also from time to time transfer any portion of the state ceiling within its control pursuant to this section to the business finance authority, which may assign any state ceiling so transferred in addition to and as if it were state ceiling described in RSA 162-M:2, III.
III. The business finance authority may from time to time assign up to 1/2 of the state ceiling in any calendar year to and among issuers, including itself, for the purpose of allocating such state ceiling to (a) private activity bonds other than housing bonds and (b) bonds which would be private activity bonds unless an allocation of state ceiling is made to them. The business finance authority may also from time to time transfer any portion of the state ceiling within its control pursuant to this section to the housing finance authority, which may assign any state ceiling so transferred in addition to and as if it were state ceiling described in RSA 162-M:2, II.
III-a. The housing finance authority and the business finance authority prior to assigning the state ceiling in any calendar year, shall consider the relative needs and priorities of the agencies and, by mutual consent, may set aside the proportionate allocation specified in paragraphs II and III.
IV. Pursuant to section 146(f) of the code, each of the housing finance authority and the business finance authority may carry forward any unused portion of the state ceiling within its control pursuant to this section for any carryforward purpose. Any state ceiling so carried forward shall be assigned or transferred by the authority making the carryforward election in addition to and as if it were state ceiling under the control of such authority pursuant to RSA 162-M:2, II or III, as the case may be.
V. Each assignment of state ceiling made by the housing finance authority or the business finance authority shall be in writing, shall be made for a specific bond issue, and shall specify the date on or before which the bonds must be issued in order for the assignment to be effective. No assignment of state ceiling shall become final until the bonds for which the assignment was made are issued, and the amount of final assignment shall be limited to the aggregate face amount of the bonds issued. Transfers of state ceiling between the housing finance authority and the business finance authority shall be in writing, but need not be for a specific bond issue. An election to carry forward state ceiling need not be for a specific bond issue.
VI. Notwithstanding anything in this chapter to the contrary, in the event the code no longer authorizes the issuance thereunder of mortgage credit certificates or of any one or more particular types of bonds requiring state ceiling under section 146 of the code as in effect on January 1, 1987, or in the event the code as in effect on such date is amended to permit the issuance of additional types of bonds or other obligations or certificates requiring state ceiling, the governor may by executive order adjust the distribution of state ceiling between the housing finance authority and the business finance authority as set forth in RSA 162-M:2, II and III, provided that no such adjustment shall affect any assignment, allocation, transfer or carryforward made by either such authority prior to the date of such executive order.
Source. 1987, 120:1. 1991, 378:2, 3. 1992, 262:13, eff. May 15, 1992.
Section 162-M:3
162-M:3 Policy. –
In making assignments of state ceiling under this chapter, the housing finance authority and the business finance authority shall seek to distribute state ceiling as fairly as practicable among state and local issuers and shall take into consideration state and local development plans and policies.
Source. 1987, 120:1. 1992, 262:13, eff. May 15, 1992.
Section 162-M:4
162-M:4 Cooperation. –
The housing finance authority and the business finance authority shall cooperate to carry out the purposes of this chapter and to ensure that the state ceiling is utilized to the fullest extent possible.
Source. 1987, 120:1. 1992, 262:13, eff. May 15, 1992.
Section 162-M:5
162-M:5 Reports by Issuers. –
Each issuer shall notify the office of investment and debt management and the authority from which it received an assignment of state ceiling of each issuance of bonds that required an allocation of state ceiling by filing a copy of the information reporting statement required by section 149(e) of the code as promptly as possible after the issuance of the bonds. Failure to give such notice shall not affect the validity of the allocation of state ceiling or of the bonds.
Source. 1987, 120:1, eff. May 7, 1987.
Section 162-M:6
162-M:6 Certification by State Official. –
Any member or officer of an issuer expressly designated from time to time for the purpose is authorized to make the certification required by section 149(e)(2)(F) of the code.
Source. 1987, 120:1, eff. May 7, 1987.