Title III, Towns, Cities, Village Districts, and Unincorporated Places

I. The bank shall establish and maintain a fund called the "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, (2) any moneys which the bank shall transfer thereto from th…

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 or to comply with the provisions of any agreement made by or any …

I. In the event that the bank shall default in the payment of principal of or interest on any issue of notes or bonds after the same shall become due, whether at maturity or upon call for redemption, and such default shall continue for a period of 30 days, or in the event that th…

Neither the members of the bank nor any person executing bonds or notes issued pursuant to this chapter shall be liable personally on such bonds or notes by reason of the issuance thereof.

The bank shall have power to purchase bonds or notes of the bank out of any funds or money of the bank available therefor. The bank may hold, cancel or resell such bonds or notes subject to and in accordance with agreements with holders of its bonds or notes.

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 municipal bonds or other …

Notwithstanding any restriction contained in any other law, the state and all public officers, governmental units and agencies thereof, all banks, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies,…

This chapter shall be known as, and may be cited as, the New Hampshire municipal bond bank law.

All property 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 ch…

All property 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 sha…

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 pri…

The bank is authorized to accept such moneys as may be appropriated from time to time by the legislature for carrying out its corporate purpose. The bank shall repay the state all sums which are appropriated to the bank for organizational purposes in 5 annual installments, beginn…

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 the bank or this chapter, and sa…

It is the intent of the legislature that in the event of any conflict or inconsistency in the provisions of this chapter and any other chapters pertaining to matters herein established or provided for or in any rules and regulations adopted under this chapter or said other chapte…

The bank shall, promptly following the close of each fiscal year, submit an annual report of its activities for the preceding year to the governor and council. Each such report shall set forth a complete operating and financial statement of the bank during such year. The bank sha…

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, shall have the following powers: I. In connection with any loan to a governmental unit, to consider the need, desirability or eligibilit…

All banks, trust companies, savings banks, investment companies and other persons carrying on a banking business are hereby authorized to give to the bank a good and sufficient undertaking with such securities as shall be approved by the bank to the effect that such bank or banki…

Every governmental unit is hereby authorized and empowered to borrow money from the bank evidenced by its municipal bonds purchased by the bank and to contract with the bank with respect to such borrowing or purchase. Every governmental unit is hereby authorized and empowered to …

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 municipal bond bank law. II. "Bank" means the New Hampshire municipal bond bank created and es…

Upon the sale and issuance of any municipal bonds to the bank by any governmental unit, such governmental unit shall be held and be deemed to have agreed that in the event of the failure of such governmental unit to pay the interest on or the principal of any of such municipal bo…

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 ma…

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 t…

Money or investments in any fund or account of the bank established or held for any bonds, notes, indebtedness or liability to be paid, funded or refunded by issuance of bonds or notes shall, unless the resolution authorizing such bonds or notes provides otherwise, be applied to …

In order to effectively carry out its purpose under this chapter of making loans to governmental units, by purchase of the municipal bonds of such governmental units, and by receipt of its income from service charges and from payments of interest on and the maturing principal of …

All municipal bonds or other investments of moneys of the bank permitted or provided for under the chapter shall at all times be purchased and held in fully marketable form (subject to provision for any registration in the name of the bank). All municipal bonds at any time purcha…

After issuance, all bonds or notes of the bank shall be conclusively presumed to be fully authorized and issued by all the laws of this state, and any person or governmental unit shall be stopped from questioning their authorization, sale, issuance, execution or delivery by the b…

This chapter shall be construed liberally to effectuate the legislative intent and the purposes of the chapter as complete and independent authority for the performance of each and every act and thing herein authorized and all powers herein granted shall be broadly interpreted to…

If any section, subsection, paragraph, clause or provision of this chapter shall be adjudged unconstitutional or ineffective in whole or in part, to the extent that it is not adjudged unconstitutional or is not ineffective, it shall be valid and effective and no other section, su…

The bank shall be exempt from RSA 541-A and may issue rules in accordance with its own procedures.

I. There is hereby established a public body corporate and politic having a distinct legal existence separate from the state and not constituting a department or agency of the state government to be known as the New Hampshire municipal bond bank. The bank is hereby constituted as…

The bank shall have the authority to purchase, sell and hold public utility bonds subject to the terms pursuant to RSA 374-C. Such purchase and sale of public utility bonds shall be separate from the purchase and sale of municipal bonds under this chapter. All proceeds derived pu…

The bank shall have the authority to purchase, sell and hold educational institution bonds subject to the terms pursuant to RSA 195-F. Such purchase and sale of educational institution bonds shall be separate from the purchase and sale of municipal bonds under this chapter. All p…

I. Any number of towns or cities may join collectively to exercise any rights available to a governmental unit under the provisions of this chapter, provided that such collective effort is limited to the raising of funds for economic development projects. For the purposes of this…

I. The bank, for the purposes authorized by this chapter, is hereby authorized and empowered to lend money to governmental units through the purchase by the bank of municipal bonds of governmental units in fully marketable form. The bank, for the purposes authorized by this chapt…

The bank shall be a public body corporate and politic and shall have perpetual succession and for carrying out the purposes of this chapter, shall have the following powers: I. To sue and be sued; II. To adopt and have an official seal and alter the same at pleasure; III. To make…

Nothing contained in this chapter shall be construed to authorize or to empower the bank: I. To make loans of money to any person, firm or corporation other than a governmental unit, or to purchase securities issued by any person, firm or corporation other than a governmental uni…

I. The bank shall have the power and is hereby authorized from time to time to issue its bonds or notes in such principal amounts as it shall deem necessary to provide funds for any purposes authorized by this chapter, including the making of loans, the payment, funding or refund…

In any resolution of the bank authorizing or relating to the issuance of any bonds or notes, the bank, in order to secure the payment of such bonds or notes and in addition to its other powers, shall have power by provisions therein which shall constitute covenants by the bank an…