RSA 195-C:3 · Definition and Limit of Split Issue Guarantee

195-C:3 Definition and Limit of Split Issue Guarantee. – An award of a state guarantee on a split-issue basis under RSA 195-C:2 shall specify the face amount of the bonds or notes which shall comprise the guarantee portion of the total authorized borrowing, and such guarantee shall be applicable with respect to that amount of the bonds or notes and interest on such bonds or notes. The guaranteed portion of the total authorized borrowing shall not exceed 75 percent thereof. Bonds or notes bearing a state guarantee awarded on a split-issue basis shall be offered and sold at public sale, after such advertisement as the school board deems appropriate, as a separate and distinct issue from any issue of bonds or notes which are not guaranteed by the state. All state guaranteed bonds or notes issued to finance a particular project shall be made payable no later than the payment date of the last maturing unguaranteed bond or note which is issued to finance the same project. The bonds or notes comprising the guaranteed portion of an authorized borrowing and the bonds or notes comprising the unguaranteed portion of an authorized borrowing may be issued from time to time, provided that the guaranteed portion which shall have been issued at any time shall not exceed 3 times the unguaranteed portion which shall then have been issued. The state's guarantee shall be evidenced on each guaranteed bond or note 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 of the within (bond) (note) and for the performance of such guarantee the full faith and credit of the State are pledged. State Treasurer Source. 1967, 154:1. 1970, 51:9. 1985, 240:3, eff. Aug. 3, 1985.

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