RSA 21-L:23 · [RSA 21-L:23 effective as provided in 2014, 290:4.] 21-L:23 Authorization

[RSA 21-L:23 effective as provided in 2014, 290:4.] 21-L:23 Authorization. –

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I.

The SIB is authorized to make loans or provide other financial assistance to private or public entities towards all or part of the cost of an eligible project relating to surface transportation.

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II.

The SIB is authorized to provide bond or debt financing instrument security, other forms of debt financing, and methods of leveraging funds.

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III.

Any federal money specifically designated to capitalize the SIB shall be approved by the fiscal committee of the general court. The SIB is otherwise authorized to use the following to capitalize the revolving fund: state funds, other federal funds, funds from public or private entities, proceeds from the issuance of bonds, and other lawful sources provided each capitalization, regardless of amount or source, is approved by a majority vote of both the house of representatives and the senate. Such funds, as part of a revolving fund, shall remain available until expended and continually appropriated to the SIB. Eligibility of projects shall be determined under the provisions of the statewide transportation improvement program in RSA 228:99 and state 10-year transportation improvement plan in RSA 240.

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IV.

The SIB is authorized to establish accounts as required by federal or state programs, or as it deems necessary.

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V.

The SIB is authorized to take all action necessary or useful to perform its functions, including but not limited to:

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(a)

Adopting, amending, and repealing bylaws necessary for the administration of the SIB's affairs.

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(b)

Filing suit and being sued in the name of the SIB.

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(c)

Making loans or providing financial assistance to qualified borrowers for eligible surface transportation projects.

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(d)

Entering into contracts or agreements with qualified borrowers and others that are necessary to process, service, or finalize financing agreements.

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(e)

Entering into contracts with federal or state government agencies in order to fulfill its purpose of providing financial assistance to eligible projects.

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(f)

Establishing policies and procedures for administering loans or financial assistance, accounting procedures for proper accounting, and reporting as required.

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(g)

Establishing interest rates, repayment terms, loan origination fees, and service fees in keeping with any agreement with bond holders and in compliance with federal requirements.

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(h)

Leveraging funds through issuance of bonds and other indebtedness.

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(i)

Expending funds for administration and other costs related to the SIB, including but not limited to staff, accounting, legal, consulting, or other professional services.

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(j)

Establishing advisory committees, as appropriate.

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(k)

Collecting fees and other charges related to loans and financial assistance.

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(l)

Applying for and accepting any legal source of money, grants, aid, property, or service to effectuate the purpose of the SIB.

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(m)

Investing funds on behalf of the SIB.

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(n)

All things necessary or reasonable to implement the purpose of the SIB.

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VI.

The SIB shall not be a bank under the jurisdiction of the New Hampshire banking commission or the Treasury Department of the United States or subject to the provisions of any federal or state securities law.

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VII.

The department of transportation shall submit an annual report to the governor, state treasurer, senate president, speaker of the house of representatives, chair of the senate finance committee, chair of senate transportation committee, chair of house of representatives finance committee, chair of house of representatives public works and highways committee, and chair of the fiscal committee of the general court. Source. 2014, 290:1, eff. as provided in 2014, 290:4.

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