TITLE XXXIV
PUBLIC UTILITIES

Chapter 374-C
PUBLIC UTILITY BOND FINANCING

Section 374-C:1

374-C:1 Citation. – This chapter shall be known as, and may be cited as, the New Hampshire public utility bond financing chapter.

Source. 1979, 498:2, eff. Sept. 4, 1979.

Section 374-C:2

374-C:2 Definitions. –
The following words or terms as used in this chapter shall have the following meanings unless a different meaning clearly appears from the context:
I. "Chapter" means this New Hampshire public utility bond financing chapter.
II. "Bank" means the New Hampshire municipal bond bank created and established by RSA 35-A:4.
III. "Bonds" means bonds of the bank issued pursuant to this chapter.
IV. "Fully marketable form" means a public utility bond duly executed and accompanied by such opinion of counsel and other documentation as is customary in the field of public utility financing, provided that the public utility bond so executed need not be printed or lithographed nor be in more than one denomination.
V. "Notes" means any notes of the bank issued pursuant to this chapter.
VI. "Public utility" means any corporation, company, association, joint stock association, partnership or person within the state which owns, operates or manages any plant or equipment for the manufacture or furnishing of light, heat, power or water for the public, or in the generation, transmission or sale of energy ultimately sold to the public and which is regulated by the New Hampshire public utilities commission. For the purposes of this chapter, any limited electrical energy producer subject to RSA 362-A shall be considered a public utility eligible for the receipt of financial assistance under this chapter. This chapter expressly includes non-generating electric utilities regulated by the New Hampshire public utilities commission.
VII. "Public utility bond" or "utility bond" means a bond or note or evidence of debt issued by a public utility and payable from rates, charges or other revenue, but shall not include any bond or note or evidence of debt issued by any other state or any public body or public utility thereof.
VIII. "Public utility general fund" means the fund created or established as provided in RSA 374-C:6.
IX. "Public utility reserve fund" means any of the public utility bond reserve funds created or established as provided in RSA 374-C:5.
X. "Revenues" means all fees, charges, moneys, profits, payments of principal of or interest on utility bonds and other investments, gifts, grants, contributions, appropriations and all other income derived or to be derived by the bank under this chapter.

Source. 1979, 498:2. 1981, 315:1, eff. Aug. 16, 1981.

Section 374-C:3

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.

Section 374-C:4

374-C:4 General Power. – In addition to those powers enumerated in RSA 35-A:6, the bank shall have the authority to purchase or hold public utility bonds at such prices and in such manner as the bank shall deem advisable and to sell public utility bonds acquired or held by it at such prices without relation to cost and in such manner as the bank shall deem advisable. The bank may require the public utility to secure the bonds as to payment of both principal and interest by a pledge of, lien upon or bond interest in, its revenues or properties, including a mortgage thereof under RSA 369:2, as the bank determines necessary to secure the payment of such bonds purchased and the interest thereon as the same become due. The bank may assign any such pledge, lien or bond interest to or for the benefit of the holders of its bonds. The bank may fix and prescribe any form of application or procedure to be required of a public utility for the purpose of any loan or the purchase of its utility bonds, and to fix the terms and conditions of any such loan or purchase and to enter into agreements with public utilities with respect to any such loan or purchase. The bank shall have the powers prescribed in RSA 35-A:8 with respect to bonds issued under this chapter; provided, however, that such bonds shall not be general obligations of the bank, but shall be special obligations of the bank payable only from the revenues pledged to their payment. Any pledge of revenues or moneys under this chapter shall have the same effect as a pledge under RSA 35-A:10.

Source. 1979, 498:2. 1981, 315:7, eff. Aug. 16, 1981.

Section 374-C:5

374-C:5 Reserve Funds. –
I. The bank may create and establish one or more public utility reserve funds, hereafter referred to as "reserve funds", and shall pay into each such reserve fund any proceeds of sale of notes or bonds to the extent provided in the resolution or resolutions of the bank authorizing the issuance thereof and any other moneys which may be or become available to the bank for the purpose of such fund from any other source or sources. All moneys held in any reserve fund are hereby pledged to, and charged with, the payment of the principal of and the interest on such bonds with respect to which such reserve fund may be established, as the same shall become due, and the redemption price or the purchase price of bonds retired by call or purchase as therein provided. The use and disposition of moneys to the credit of such reserve fund shall be subject to the provisions of the resolution authorizing the issuance of such bonds or of such trust agreement. Except as may otherwise be provided in such resolution or such trust agreement, such reserve fund shall be a fund for all such bonds issued pursuant to a particular resolution to provide financing for public utilities without distinction of priority of any bond over another.
II. Moneys in any reserve fund shall not be withdrawn therefrom at any time in such amount as would reduce the amount of such fund to less than the reserve fund requirement, if any, established for such fund, as provided in paragraph IV, except for the purpose of making, with respect to bonds secured in whole or in part by such fund, payment when due, of principal, interest, redemption premiums and the sinking fund payments, if any, with respect to such bonds for the payment of which other moneys of the bank are not available. Any income or interest earned by any reserve fund resulting from the investment thereof or any other moneys therein may be transferred by the bank to other funds or accounts of the bank to the extent it does not reduce the amount of that reserve fund below the reserve fund requirements for such fund.
III. The bank shall not at any time issue bonds, secured in whole or in part by a reserve fund, if, upon the issuance of such bonds, the amount in such reserve fund will be less than the reserve fund requirement for such fund, unless the bank at the time of issuance of such bonds shall deposit in such fund from the proceeds of the bonds issued, or from other sources, an amount which, together with the amount then in such fund, will not be less than the reserve fund requirement for such fund. The bank may at any time issue its bonds or notes for the purpose of providing any amount necessary to increase the amount in the reserve fund to the required debt service reserve, or to meet such higher or additional reserve as may be fixed by the bank with respect to such fund. In computing the amount of the required debt service reserve, investments held as a part thereof shall be valued in the manner provided in the bond resolution.
IV. As used herein "reserve fund requirement" means, as of any date of computation, the amount or amounts, if any, required to be on deposit in the reserve fund as provided by resolution of the bank authorizing such bonds. The required reserve fund requirement shall be as of any date of computation, an aggregate amount of not more than 150 percent of the largest amount of money, required by the terms of all contracts between the bank and its bondholders to be raised in the then current or any succeeding calendar year for the payment of interest on and maturing principal of that portion of outstanding bonds the proceeds of which were applied solely to the purchase of public utility bonds and sinking fund payments required by the terms of any such contracts to sinking funds established for the payment or redemption of such bonds, all calculated on the assumption that bonds will cease to be outstanding after the date of such computation by reason of the payment of such bonds at their respective maturities and the payments of such required moneys to sinking funds and the application thereof in accordance with the terms of all such contracts to the retirement of bonds.
V. Moneys at any time in the reserve fund may be invested in the same manner as permitted for investment of funds belonging to the state or held in the treasury.

Source. 1979, 498:2. 1981, 315:8, 9, eff. Aug. 16, 1981.

Section 374-C:6

374-C:6 Public Utility General Fund. –
I. The bank shall establish and maintain a fund called the "public utility general fund" which shall consist of and in which there shall be deposited (1) fees received or charges made by the bank for use of its services or facilities under this chapter, (2) any moneys which the bank shall transfer thereto from the reserve fund pursuant to RSA 374-C:5, II, (3) moneys received by the bank as payments of principal of or interest on utility bonds purchased by the bank, or received as proceeds of sale of any utility bonds or investment obligations of the bank, or received as proceeds of sale of bonds or notes of the bank, and required under the terms of any resolution of the bank or contract with the holders of its bonds or notes to be deposited therein, (4) any moneys required under the terms of any resolution of the bank or contract with the holders of its bonds or notes to be deposited therein, and (5) any moneys transferred thereto from any other fund or made available for the purpose of the fund or for the operating expenses of the bank. Any such moneys in the public utility general fund may, subject to any contracts between the bank and its bondholders or noteholders, be transferred to the public utility reserve fund, or, if not so transferred, shall be used for the payment of the principal of or interest on bonds or notes of the bank when the same shall become due and payable, whether at maturity or upon redemption including payment of any premium upon redemption prior to maturity, and any moneys in the public utility general fund may be used for the purchase of utility bonds and for all other purposes of the bank including payment of its operating expenses.
II. No amount shall be paid or expended out of the public utility general fund or from any account therein (which account the bank may establish therein for the purpose of payment of its operating expenses) for operating expenses of the bank relative to the purchase, holding and sale of public utility bonds in any year in excess of the amount provided for the operating expenses of the public utility division of the bank by the annual budget then in effect with respect to such year or any amendment thereof in effect at the time of such payment or expenditure for operating expenses relative to this chapter.
III. The bank may at any time use any available moneys in the public utility general fund for the purchase of its bonds or notes or for the redemption thereof, and any such bonds purchased for retirement shall be thereupon cancelled.
IV. The bank is hereby authorized and empowered to create and establish in the public utility general fund such accounts, subaccounts or special accounts which in the opinion of the bank are necessary, desirable or convenient for the purposes of the bank under this chapter.

Source. 1979, 498:2. 1981, 315:10, 11, eff. Aug. 16, 1981.

Section 374-C:7

374-C:7 Additional Accounts. – The bank may establish such additional and further reserves or such other funds or accounts as may be, in its discretion, necessary, desirable or convenient to further the accomplishment of the purposes of the bank delineated under this chapter or to comply with the provisions of any agreement made by or any resolution of the bank.

Source. 1979, 498:2, eff. Sept. 4, 1979.

Section 374-C:8

374-C:8 Agreement by State. – The state does pledge to and agree with the holders of the bonds or notes issued pursuant to authority contained in this chapter that the state will not limit or restrict the rights hereby vested in the bank to purchase, acquire, hold, sell or dispose of utility bonds or other investments or to make loans to public utilities or to establish and collect such fees or other charges as may be convenient or necessary to produce sufficient revenues to meet the expenses of operation of the bank, and to fulfill the term of any agreements made with the holders of its bonds or notes authorized by this chapter or in any way impair the rights or remedies of the holders of such bonds or notes until the bonds and notes, together with interest thereon, and interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceedings by or on behalf of such holders are fully met, paid and discharged.

Source. 1979, 498:2, eff. Sept. 4, 1979.

Section 374-C:9

374-C:9 Legal Investments. – To the extent that other securities of a public utility are legal investments under state law, the state and all public officers, and agencies thereof, public utilities, all banks, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies, and other persons carrying on a banking business, all insurance companies, insurance associations and other persons carrying on an insurance business, and all executors, administrators, guardians, trustees and other fiduciaries may legally invest any sinking funds, moneys or other funds belonging to them or within their control in any bonds or notes issued pursuant to this chapter, and such bonds or notes shall be authorized security for any and all public deposits.

Source. 1979, 498:2, eff. Sept. 4, 1979.

Section 374-C:10

374-C:10 Exemption From Taxes, Levy and Sale. –
I. All property of the public utility division of the bank is hereby declared to be public property devoted to an essential public and governmental function and purpose and shall be exempt from all taxes and special assessments of the state or any subdivision thereof. All bonds or notes issued pursuant to this chapter are hereby declared to be issued by a body corporate and public of this state and for an essential public and governmental purpose and such bonds and notes, and the interest thereon and the income therefrom, and all fees, charges, funds, revenues, income and other moneys pledged or available to pay or secure the payment of such bonds or notes, or interest thereon, shall at all times be exempt from taxation except for transfer, inheritance and estate taxes.
II. All property of the public utility division of the bank shall be exempt from levy and sale by virtue of an execution and no execution or other judicial process shall issue against the same nor shall any judgment against the bank be a charge or lien upon its property; provided, that nothing herein contained shall apply to or limit the rights of the holder of any bonds or notes to pursue any remedy for the enforcement of any pledge or lien given by the bank on its revenues or other moneys.

Source. 1979, 498:2. 1981, 315:12, eff. Aug. 16, 1981.

Section 374-C:11

374-C:11 Insurance or Guaranty. – The bank is authorized and empowered to obtain from any department or agency of the United States of America or from any nongovernmental insurer any insurance or guaranty (to the extent now or hereafter available) as to, or of, or for, the payment or repayment of, interest or principal, or both, or any part thereof, on any bonds or notes issued by the bank, or on any utility bonds of public utilities purchased or held by the bank pursuant to the provisions of this chapter and, notwithstanding any other provisions of this chapter, to enter into any agreement or contract whatsoever with respect to any such insurance or guaranty except to the extent that the same would in any way impair or interfere with the ability of the bank to perform and fulfill the terms of any agreement made with the holders of the bonds or notes of the bank.

Source. 1979, 498:2, eff. Sept. 4, 1979.

Section 374-C:12

374-C:12 Federal Funds; Withholding of Moneys. –
I. The state treasurer is hereby authorized to receive from the United States of America or any department or agency thereof any amounts of money as and when appropriated, allocated, granted, turned over or in any way provided for the purposes of this chapter, and said amounts shall be paid to the bank and be available to the bank.
II. Any funds or moneys in the custody or control of the state treasurer whether the same shall become available by reason of any grant, allocation or appropriation by the United States of America or the state or agencies thereof to assist any public utility in payment of its utility bonds owned or held by the bank, or required by the terms of any other law to be paid to holders or owners of utility bonds of a public utility upon failure or default of a public utility to pay the principal of or interest on its utility bonds as and when due and payable, shall, to the extent that any such funds or moneys be applicable with respect to utility bonds of a particular public utility which are then owned or held by the bank and as to which such public utility has failed or defaulted to make payment of principal or interest as and when due, be paid to the bank for deposit in the reserve fund and made available to the bank.
III. To the extent that the state treasurer shall be the custodian at any time of any funds of moneys due or payable to a public utility at any time subsequent to written notice to the state treasurer from the bank to the effect that such public utility has not paid or is in default as to the payment of principal of or interest on any utility bonds of such public utility then held or owned by the bank, the state treasurer shall withhold the payment of such funds or moneys from such public utility until the amount of such principal or interest then due and unpaid has been paid to the bank, or the state treasurer has been advised that arrangements, satisfactory to the bank, have been made for the payment of such principal and interest.

Source. 1979, 498:2. 1981, 315:3, eff. Aug. 16, 1981.

Section 374-C:13

374-C:13 Additional Powers. –
In order to carry out the purposes and provisions of this chapter, the bank, in addition to any powers granted to it elsewhere in this chapter and in RSA 35-A, shall have the following powers:
I. To charge for its costs and services in review or consideration of any proposed loan to a public utility or purchase of utility bonds of such public utility, and to charge therefor whether or not such loan shall have been made or such utility bonds shall have been purchased;
II. In connection with any loan to a public utility, to consider the need, desirability or eligibility of such loan and the ability of such public utility to secure borrowed money from other sources and the costs thereof;
III. To fix and establish any and all terms and provisions with respect to any purchase of utility bonds by the bank, including date and maturities of such bonds, provision as to redemption or payment prior to maturity, and any and all other matters which in connection therewith are necessary, desirable or advisable in the judgment of the bank;
IV. To the extent permitted under its contracts with the holders of bonds or notes of the bank, to consent to any modification with respect to rate of interest, time and payment of any installment of principal or interest, security or any other term or bond or note, contract or agreement of any kind to which the bank is a party;
V. In connection with any loan to a public utility, to request any material gathered relative to the financing of the manufacture of energy and its generation and improvements thereto by any agency or subdivision of the state or from any other person having such material; and
VI. To apply for, accept, receive and expend any grants or other moneys that may be made available to it by the federal government or any other public or private source for the purposes of this chapter, including the conducting of research and studies of the feasibility of projects which may be undertaken by public utilities and financed by the bank under this chapter.

Source. 1979, 498:2. 1981, 315:14, eff. Aug. 16, 1981.

Section 374-C:14

374-C:14 Limitations Not Applicable; Contracts of Public Utilities; Terms of Bonds. – Notwithstanding the provisions of any law or statute applicable to or constituting any limitation on the maximum rate of interest per annum payable on bonds or notes, or as to annual interest cost to maturity of money borrowed or received upon issuance of bonds or notes, every public utility is hereby authorized and empowered to contract to pay interest on, or an interest cost per annum for, money borrowed from the bank and evidenced by their utility bonds purchased by the bank notwithstanding any statutory limitation as to rate of interest per annum payable or as to annual interest cost to maturity of money borrowed by such public utility. Every public utility is hereby authorized and empowered to contract with the bank with respect to such loan or purchase and such contract shall contain the terms and conditions of such loan or purchase. Every public utility is hereby authorized and empowered to pay fees and charges required to be paid to the bank for its services. Notwithstanding the provisions of any law or statute applicable to or constituting any limitation on the sale of bonds or notes, any public utility may sell bonds or notes to the bank without limitation as to denomination and such bonds or notes may be fully registered, registrable as to principal or in bearer form, may bear interest at such rate or rates all in accordance with the foregoing provisions of this section, may be evidenced in such manner and may contain other provisions not inconsistent herewith, and may be sold to the bank without advertisement at a price of par and accrued interest, all as shall be provided in respect of the foregoing or other matters in the proceedings of the public utility pursuant to which the bonds or notes are authorized to be issued. The board of directors of the public utility may provide for the exchange of coupon bonds for fully registered bonds and of fully registered bonds for coupon bonds and for the exchange of any such bonds after issuance for bonds of larger or smaller denominations, all in such manner as may be provided in the proceedings authorizing their issuance, provided the bonds in changed form or denominations shall be exchanged for the surrendered bonds in the same aggregate principal amounts and in such manner that no overlapping interest is paid, and such bonds in changed form or denominations shall bear interest at the same rate or rates and shall mature on the same date or dates as the bonds for which they are exchanged. When any exchange is made under this section, the bonds surrendered by the holders at the time of the exchange shall be cancelled. The exchange shall be made only at the request of the holders of the bonds to be surrendered. The public utility may require all expenses incurred in connection with the exchange to be paid by the holders. In case any of the officers whose signatures appear on the bonds or coupons shall cease to be officers before the delivery of such bonds, such signatures shall be valid or sufficient for all purposes, the same as if they had remained in office.

Source. 1979, 498:2. 1981, 315:15, eff. Aug. 16, 1981.

Section 374-C:15

374-C:15 Waiver of Defenses; Rights of Holders. – Upon the sale and issuance of any utility bonds to the bank by any public utility, such public utility shall be held and be deemed to have agreed that, in the event of the failure of such public utility to pay the interest on or the principal of any of such utility bonds owned or held by the bank as and when due and payable, such public utility shall have waived all and any defenses to nonpayment, the bank shall thereupon constitute a holder or owner of such utility bonds as being in default, and that, notwithstanding the provisions of any other law as to time or duration of default or percentage of holders or owners of bonds entitled to exercise rights of such holders or owners of bonds in default, or to invoke any remedies or powers thereof or of any trustee in connection therewith or of any board, body, agency or commission of the state having jurisdiction in such matter or circumstance, the bank may then and thereupon avail itself of all other remedies, rights and provisions of law applicable in such circumstance, and that the failure to exercise or exert any such rights or remedies within any time or period provided by law shall not be raised as a defense by such public utility, and that all of the bonds of the issue of bonds of such public utility as to which there has been such nonpayment shall for all of the purposes of this section be held and be deemed to have become due and payable and to be unpaid. The bank is hereby authorized and empowered to carry out the provisions of this section and to exercise all of the rights and remedies and provisions of law herein provided or referred to.

Source. 1979, 498:2, eff. Sept. 4, 1979.

Section 374-C:16

374-C:16 Cooperation by State Agencies. – All officers, departments, boards, agencies, divisions and commissions of the state are hereby authorized and empowered to render any and all of such services to the bank as may be within the area of their respective governmental functions as fixed or established by law and as may be requested by the bank. All of such officers, departments, boards, agencies, divisions and commissions are authorized and directed to comply promptly with any such reasonable request by the bank as to the making of any study or review as to desirability, need, cost or expense with respect to any such energy manufacture or generation project or improvement, or the financial feasibility thereof or the financial or fiscal responsibility or ability in connection therewith of any public utility making application for loan to the bank and for the purchase by the bank of utility bonds to be issued by such public utility. The cost and expense of any services requested by the bank shall, at the request of the officer, department, board, agency, division or commission rendering such service, be met and provided for by the bank.

Source. 1979, 498:2, eff. Sept. 4, 1979.

Section 374-C:17

374-C:17 Agreements With Financial Institutions. – The bank is hereby authorized and empowered to enter into such agreements or contracts with any banks, trust companies, banking or financial institutions, within or without the state, as may be necessary, desirable or convenient in the opinion of the bank for rendering services to the bank in connection with the care, custody or safekeeping of utility bonds or other investments held or owned by the bank and services in connection with the payment or collection of amounts due and payable as to principal or interest, and for services in connection with the delivery to the bank of utility bonds or other investments purchased by it or sold by it, and to pay the cost of such services. The bank is further authorized and empowered, in connection with any of such services to be rendered by any such banks, trust companies or banking or financial institutions as to the custody and safekeeping of any of its utility bonds or investments, to require security in the way of collateral bonds, surety agreements or security agreements in such form and in such amount as, in the opinion of the bank, is necessary or desirable for the purpose of the bank.

Source. 1979, 498:2, eff. Sept. 4, 1979.

Section 374-C:18

374-C:18 Effectuation of Purposes. – In order to effectively carry out its purpose under this chapter of making loans to public utilities by purchase of the utility bonds of such public utilities, and by receipt of its income from service charges and from payments of interest on and the maturing principal of utility bonds purchased and held by it, and in order to produce revenues or income to the bank sufficient at all times to meet its costs and expenses of operation under this chapter and to pay the principal of and interest on its outstanding bonds and notes when due, the bank shall at all times, and to the greatest extent possible, so plan to issue its bonds and notes and so lend money to public utilities by the purchase of utility bonds of public utilities so that the aforesaid intention and purpose is achieved without in any manner or respect jeopardizing any rights of the holders of bonds or notes of the bank or affecting other matters provided for in or pursuant to this chapter.

Source. 1979, 498:2, eff. Sept. 4, 1979.

Section 374-C:19

374-C:19 Form of Investments. – All utility bonds or other investments of moneys of the bank permitted or provided for under this chapter shall at all times be purchased and held in fully marketable form (subject to provisions for any registration in the name of the bank). All utility bonds at any time purchased, held or owned by the bank shall upon delivery to the bank be accompanied by all documentation customary in the utility bond market, including opinion of counsel, certification and guaranty as to signatures, and certification as to absence of litigation, and such other or further documentation as shall from time to time be required by the bank.

Source. 1979, 498:2. 1981, 315:16, eff. Aug. 16, 1981.