New Hampshire Revised Statutes 33:20 – Redevelopment Districts in Unincorporated Places and Redevelopment District Bonds
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Terms Used In New Hampshire Revised Statutes 33:20
- Lien: A claim against real or personal property in satisfaction of a debt.
- Net indebtedness: all outstanding and authorized indebtedness, heretofore or hereafter incurred by a municipality, exclusive of the following: unmatured tax anticipation notes issued according to law. See New Hampshire Revised Statutes 33:1
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
In an unincorporated place, the county commissioners, with the approval of a majority of the county convention present and voting, may: (i) separately from, and in addition to, bonds guaranteed pursuant to N.H. Rev. Stat. § 162-I:9-a, authorize the issuance of bonds by the county, the source for repayment of which shall be limited to assessment revenues generated by redevelopment districts created under this section, and shall not be a general obligation of the county and not included in net indebtedness as defined in N.H. Rev. Stat. § 33:1, III; and (ii) establish redevelopment districts to ensure that assessment revenues generated hereunder from revitalization projects are sufficient to repay such bonds. The boundaries of the redevelopment district shall be configured so that it includes, but is not limited to, all of the property available to be developed, redeveloped, or revitalized through the issuance of such bonds, or otherwise benefiting from the improvements financed, in whole or in part, with the proceeds of any bonds issued by the county hereunder or bonds issued by the business finance authority and guaranteed pursuant to N.H. Rev. Stat. § 162-I:9-a. Every owner of each lot or parcel located within the redevelopment district shall be subject to an assessment. The amount of the assessment shall be sufficient to provide for repayment of the debt service related to the bond. Notwithstanding any provision of law to the contrary, including N.H. Rev. Stat. § 28:24, the manner of sale and terms of any bonds to be issued by the county, and the amount of the assessment, payment terms and method for collection, shall be established in a financing plan prepared by the project developer or developers and adopted by the county commissioners. The financing plan shall include the delegation of collection responsibilities to the county. The county commissioners may enter into such agreements as they deem necessary to ensure repayment and to implement the financing plan and including without limitation such terms and conditions as is deemed necessary to provide for the segregation and pledge of the assessments to secure repayment of the bonds. The assessment shall be used solely to pay debt service related to the bond and pay the county’s expenses of establishing and administering the redevelopment district and issuing the bonds. The incremental increase in value of any project located in a redevelopment district shall be exempt from all property taxes and shall not be considered in the apportionment of county taxes to the unincorporated place, for so long as any bonds issued under this section or guaranteed pursuant to N.H. Rev. Stat. § 162-I:9-a, I remain outstanding. The equalization and apportionment provisions of N.H. Rev. Stat. Chapter 21-J shall be applied in a manner consistent with the foregoing sentence. Any unpaid assessment under this chapter shall constitute a lien pursuant to N.H. Rev. Stat. Chapter 80 on the assessed property. Collection and enforcement of assessments under this section shall be in accordance with RSA 80. The county commissioners may negotiate a payment in lieu of taxes agreement with the project developer or developers in the redevelopment district who shall also pay all fees for an independent bond counsel. In order to establish a redevelopment district, issue bonds, and adopt a financing plan hereunder, the county commissioners must find that such actions will likely create, revive, or preserve employment opportunities or increase the social or economic prosperity of the county, any of which would be in the public interest. The county commissioners may negotiate with the project developer or developers to arrange for administration of the redevelopment district, including without limitation fire protection and public safety services, and to provide funding for said administration and services through assessments on available valuation of property within the redevelopment district, fees to property owners, direct payment by a developer or developers, or other means. Under no circumstances shall the county or the unincorporated place, as issuer of a bond under this section, have any obligation of any kind to repay any of the principal or interest of the bond. In this section, “redevelopment district” in an unincorporated place means an eligible facility in an unincorporated place designated as a redevelopment district by the county commissioners.