RSA 195-C:4 · Definition and Limit of Declining Balance Guarantee

195-C:4 Definition and Limit of Declining Balance Guarantee. –
An award of a state guarantee on a declining balance basis under RSA 195-C:2 shall specify the percentage of the guarantee, and such guarantee shall be applicable in such percentage with respect to any amount of a bond, note or coupon comprising the authorized borrowing which the issuing district is unable to pay or refuses to pay upon the presentation of such bond, note or coupon. Such percentage shall not be more than 75 percent. The bonds or notes comprising an authorized borrowing guaranteed on a declining balance basis may be issued from time to time and may be sold at public or private sale. The state's guarantee shall be evidenced on each 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 ... percent of any amount of the principal of or the interest on this (bond) (note) which the issuer of this (bond) (note) is unable to pay or refuses to pay upon presentation, and for the performance of such guarantee the full faith and credit of the State are pledged.
State Treasurer
Source. 1967, 154:1. 1970, 51:10. 1985, 240:4, eff. Aug. 3, 1985.