PUBLIC UTILITY BOND FINANCING
374-C:3 Bond Bank's Authority.
I. The New Hampshire municipal bond bank established pursuant to RSA 35-A is hereby authorized and empowered to lend money to public utilities through the purchase by the bank of utility bonds of public utilities in fully marketable form. The bank, for the purposes authorized by this chapter, including the funding of interest during construction and for not more than 18 months thereafter, is hereby authorized and empowered to authorize and issue its bonds and notes payable solely from the revenues or funds therefor available to the bank for financing public utility projects, and to otherwise assist public utilities as provided in this chapter. Any electrical energy production facility financed under this chapter shall not exceed 80 megawatts.
II. The bank shall establish a separate division to administer the purchase and sale of public utility bonds and of its bonds and notes issued pursuant to this chapter.
III. The bank shall administer the public utility general fund and public utility reserve fund established by this chapter separate from those general funds and reserve funds established pursuant to RSA 35-A.
IV. Bonds and notes of the bank issued under the provisions of this chapter shall not be in any way a debt or liability of the state and shall not create or constitute any indebtedness, liability or obligation of the state or be or constitute a pledge of the faith and credit of the state but all such bonds and notes, unless funded or refunded by bonds or notes of the bank, shall be payable solely from revenues or funds pledged or available for their payment as authorized herein. Each bond and note shall contain on its face a statement to the effect that the bank is obligated to pay the principal thereof and the interest thereon only from revenues or funds of the bank and that the state is not obligated to pay such principal or interest and that neither the faith and credit nor the taxing power of the state is pledged to the payment of the principal of or the interest on such bonds or notes.
V. All expenses incurred in carrying out the provisions of this chapter shall be payable solely from revenues or funds provided or to be provided under the provisions of this chapter and nothing in this chapter shall be construed to authorize the bank to incur any indebtedness or liability on behalf of or payable by the state.
VI. The bank may contract with holders of its bonds and notes in the manner provided in RSA 35-A:9.
VII. In the event of default by the bank on any bonds or notes issued under this chapter, a trustee shall be appointed pursuant to RSA 35-A:15, but shall act only with respect to such bonds or notes issued hereunder.
VIII. The provisions of RSA 35-A:4; RSA 35-A:6, I through X, inclusive, XI, but with respect to public utilities rather than governmental units and XV; RSA 35-A:7, II through IV, inclusive; RSA 35-A:8, I and III through VIII, inclusive; RSA 35-A:9, but with respect to public utilities bonds rather than municipal bonds; RSA 35-A:10; RSA 35-A:15, but with respect to public utilities bonds rather than municipal bonds; RSA 35-A:16; RSA 35-A:17; RSA 35-A:23; RSA 35-A:24, but with respect to public utilities and public utilities bonds rather than governmental units and municipal bonds; RSA 35-A:25; RSA 35-A:26; RSA 35-A:36; and RSA 35-A:37 shall apply as they may be applicable to the financing of public utility projects in accordance with this chapter.
Source. 1979, 498:2. 1981, 315:2-6, eff. Aug. 16, 1981.