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RSA 162-A:17 · State Bond Guarantee

Title: XII: PUBLIC SAFETY AND WELFARE
Chapter: 162-A · BUSINESS FINANCE AUTHORITY
Status: current
Official source linked: Yes

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162-A:17 State Bond Guarantee. –

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In view of the general public benefits expected to be derived from the authority's activities under this chapter, and their contribution to the social welfare and economic prosperity of the state and its political subdivisions, the governor and council may award an unconditional state guarantee of the principal and interest thereon of bonds issued under this chapter. The full faith and credit of the state shall be pledged for any such guarantees of principal and interest, but the total outstanding amount of bonds guaranteed by the state under this section shall not exceed in the aggregate at any time $25,000,000 plus interest. In addition, the state shall not award a guarantee under this section if it would cause the contingent credit limit under RSA 162-A:22 to be exceeded. The governor, with the advice and consent of the council, is authorized to draw a warrant for such a sum out of any money in the treasury not otherwise appropriated, for the purpose of honoring any guarantee awarded under this section. The state's guarantee shall be evidenced on each guaranteed bond by an endorsement signed by the state treasurer in substantially the following form: The state of New Hampshire hereby unconditionally guarantees the payment of the whole of the principal and interest thereon of the within bond, and for the performance of such guarantee the full faith and credit of the state are pledged. ________________ State Treasurer

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II.

No state guarantee shall be awarded under this section unless the guaranteed bonds are secured by, among other things, any and all fees to be received by the authority in connection with bonds issued under RSA 162-I in an original principal amount equal to or greater than $1,500,000. In connection with the award of a state guarantee, the governor and council may impose such other terms and conditions as they may deem appropriate concerning the bonds, the use of any property or revenues of the authority, and reimbursement to the state if any state funds are used to honor the guarantee. Such terms and conditions may be contained in an agreement between the state and the authority, to be executed on behalf of the state by the governor and the state treasurer and on behalf of the authority by its chairperson, vice chairperson, or executive director.

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III.

Before awarding any state guarantee of bonds under this section the governor and council, after a hearing, shall have made the following findings:

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(a)

The award of the state guarantee will contribute significantly to the success of the bond issue and the authority's programs under this chapter.

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(b)

Reasonable and appropriate measures have been taken to minimize the risk of loss to the state and to ensure that any private benefit from the award of the guarantee shall be only incidental to the public purpose served thereby.

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IV.

The signature of the state treasurer on an endorsement of a state guarantee may be manual or facsimile. Source. 1992, 262:3. 1997, 329:10, eff. Oct. 1, 1997.

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Source note

Source. 1992, 262:3. 1997, 329:10, eff. Oct. 1, 1997.

Source history

1992, 262:3
1997, 329:10, eff. Oct. 1, 1997

Related materials

Bill relationships

2026 HB1042 reference
ws: 162-A:22 Unified Contingent Credit Limit. The total amount of state guarantees in force under RSA 162-A:7-a, RSA 162-A:8, RSA 162-A:10, III, RSA 162-A:13, RSA 162-A:13-a, RSA 162-A:17, and RSA 162-I:9-b shall not exceed in the aggregate at any time $50,000,000 plus interest, provided that such amount shall be increased to $80,000,000 plus interest on January 1, 1993, to $95,000,000 plus interest on J
2026 HB1748 reference · effective 2027-01-01
of Bonds. I. The authority may issue bonds pursuant to this section which shall be obligations of the authority and not general obligations of the state, except as provided in RSA 162-A:17. Such bonds may be issued from time to time consistent with the purposes and provisions of this chapter to make loans to businesses under RSA 362-C:17, to make contributions to the loan guarantee fund under RSA 362-C:18
2026 HB1748-FN reference · effective 2027-01-01
of Bonds. I. The authority may issue bonds pursuant to this section which shall be obligations of the authority and not general obligations of the state, except as provided in RSA 162-A:17. Such bonds may be issued from time to time consistent with the purposes and provisions of this chapter to make loans to businesses under RSA 362-C:17, to make contributions to the loan guarantee fund under RSA 362-C:18
2026 SB525 reference
ollows: 162-A:22 Unified Contingent Credit Limit. The total amount of state guarantees in force under RSA 162-A:7-a, RSA 162-A:8, RSA 162-A:10, III, RSA 162-A:13, RSA 162-A:13-a, RSA 162-A:17, and RSA 162-I:9-b shall not exceed in the aggregate at any time $50,000,000 plus interest, provided that such amount shall be increased to $80,000,000 plus interest on January 1, 1993, to $95,000,000 plus interest on J
2026 SB56 reference · effective 2031-07-01
ference shall not restrict or limit in any manner the exercise by the BFA of its rights, powers, duties or purposes, or to its ownership and holding of properties and assets under RSA 162-A, RSA 162-I, RSA 162-S, RSA 162-T or any other provision of law applicable to the BFA, including without limitation the power of the BFA to issue bonds under said chapters RSA 162-A, RSA 162-I, RSA 162-S, RSA 162-T or un