New Hampshire Revised Statutes 162-A:6 – Incorporation; Powers
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The authority shall be a corporation in the state of New Hampshire and shall have powers to:
I. Sue and be sued.
II. Have a seal and alter the same at pleasure.
III. Adopt and amend bylaws.
IV. Adopt rules, under RSA 541-A, relative to:
(a) A description of its organization, stating the general course and method of its operations and the methods whereby the public may obtain information or make submissions or requests.
(b) Procedures of the authority in carrying out its programs under this chapter or of the authority in issuing bonds pursuant to RSA 162-I.
(c) Procedures for the establishment of fees and charges.
V. Develop, construct, and reconstruct business facilities.
VI. Acquire, hold, lease, and dispose of real and personal property for its purposes.
VII. Acquire in the name of the authority by gift, purchase, lease or otherwise, real property and rights or easements therein, deemed by it necessary or desirable for its purposes.
VIII. Acquire, in the name of the authority, security by way of mortgage deed or otherwise any property, title to which may be in any corporation, partnership, limited partnership, individual or group of individuals, or other entity other than the authority and upon which projects may be developed or constructed as provided in this chapter. Such security may be acquired by the authority solely in its own name, with community development organizations, with other governmental entities, or with a non-governmental entity, whether operated for profit or as a charity. If the security is acquired with any other entity, then the authority shall act in conformance to N.H. Rev. Stat. § 383-B:3-301(e).
IX. Sell or lease any property it may own.
X. Make contracts with the United States or any agency thereof, the state of New Hampshire or any agency thereof, towns or cities, public corporations or bodies, private corporations, individuals or other entities.
XI. Accept grants that will assist in the carrying out of its purposes under this chapter and to do any and all things necessary or convenient in order to avail itself of such aid.
XII. Employ or retain as independent contractors such assistants, agents, consultants, accountants, or attorneys as it shall deem necessary or desirable for its purposes, notwithstanding any other provision of law.
XIII. Borrow money, make and issue negotiable notes, bonds and other evidences of indebtedness or obligations of the authority and to secure the payment of such obligations or any part thereof by pledge of all or any part of, the revenue or assets of the authority.
XIV. Develop or assist in the development of real property owned by any local development corporation or foundation which has as its primary purpose the encouragement and development of business or industry.
XV. Develop performance indicators to measure the effectiveness of authority programs.
XVI. Make or acquire loans or advances, with or without interest, and whether or not secured by a mortgage, to businesses operating within the state.
XVII. Invest or deposit for its own account moneys it may receive or hold under this chapter or RSA 162-I. Such investment may include the guaranteed portion of loans guaranteed by the state under this chapter or RSA 162-I.
XVIII. Establish and contribute to CAP funds.
XIX. Maintain offices at such place within the state as it may designate.
XX. Renegotiate, refinance or foreclose, or contract for the foreclosure of, any mortgage or loan in default; waive any default or consent to the modification of the terms of any mortgage or loan; commence any action to protect or enforce any right conferred upon it by any law, mortgage, loan, contract or other agreement, and bid for and purchase property at any foreclosure or at any other sale, or acquire or take possession of any such property; temporarily operate or manage, lease, dispose of, or otherwise deal with property, in such manner as may be necessary or desirable to protect the interests of the state, the authority and the holders of the authority’s bonds; all subject to any agreements with the state or with bondholders.
XXI. Institute any action or proceeding against the maker, payor or other party, hereafter referred to as the obligor, who is liable for the payment of any obligation, mortgage or loan held or made by the authority under the provisions of this chapter in any court of competent jurisdiction in order to enforce the provisions of this chapter, or to foreclose mortgages or loans, or to protect the public interest.
XXII. Procure insurance against any loss in connection with its property and other assets, in such amounts and from such insurer as it deems advisable.
XXIII. Take such other action as may be necessary or convenient to carry out its purposes and exercise its powers under this chapter.
XXIV. Acquire, invest in, pledge, or hold debt securities issued with respect to any transaction pursuant to this chapter. Nothing in this paragraph shall be interpreted to prohibit the authority from acquiring or holding equity securities in connection with arrangements to secure repayment of obligations with respect to any transaction pursuant to this chapter.
XXV. Enter into contracts to place the investments, loans, or bonds of the authority on such interest rate or cash flow basis as the authority may determine desirable, including without limitation, contracts providing for interest rate exchanges, caps, floors, collars, options, puts, calls and other hedging transactions.
XXVI. Enter into contracts or agreements with lenders, borrowers, or other parties which may benefit from actions of the authority taken pursuant to this chapter, which agreements may provide for financial returns to the authority based on, or contingent with respect to, economic performance of such lenders, borrowers, or other parties.
I. Sue and be sued.
Terms Used In New Hampshire Revised Statutes 162-A:6
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- seal: shall include an impression of the official seal made upon the paper alone, as well as an impression thereof made by means of wax, or a wafer, affixed thereto. See New Hampshire Revised Statutes 21:11
- state: when applied to different parts of the United States, may extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall include said district and territories. See New Hampshire Revised Statutes 21:4
- United States: shall include said district and territories. See New Hampshire Revised Statutes 21:4
II. Have a seal and alter the same at pleasure.
III. Adopt and amend bylaws.
IV. Adopt rules, under RSA 541-A, relative to:
(a) A description of its organization, stating the general course and method of its operations and the methods whereby the public may obtain information or make submissions or requests.
(b) Procedures of the authority in carrying out its programs under this chapter or of the authority in issuing bonds pursuant to RSA 162-I.
(c) Procedures for the establishment of fees and charges.
V. Develop, construct, and reconstruct business facilities.
VI. Acquire, hold, lease, and dispose of real and personal property for its purposes.
VII. Acquire in the name of the authority by gift, purchase, lease or otherwise, real property and rights or easements therein, deemed by it necessary or desirable for its purposes.
VIII. Acquire, in the name of the authority, security by way of mortgage deed or otherwise any property, title to which may be in any corporation, partnership, limited partnership, individual or group of individuals, or other entity other than the authority and upon which projects may be developed or constructed as provided in this chapter. Such security may be acquired by the authority solely in its own name, with community development organizations, with other governmental entities, or with a non-governmental entity, whether operated for profit or as a charity. If the security is acquired with any other entity, then the authority shall act in conformance to N.H. Rev. Stat. § 383-B:3-301(e).
IX. Sell or lease any property it may own.
X. Make contracts with the United States or any agency thereof, the state of New Hampshire or any agency thereof, towns or cities, public corporations or bodies, private corporations, individuals or other entities.
XI. Accept grants that will assist in the carrying out of its purposes under this chapter and to do any and all things necessary or convenient in order to avail itself of such aid.
XII. Employ or retain as independent contractors such assistants, agents, consultants, accountants, or attorneys as it shall deem necessary or desirable for its purposes, notwithstanding any other provision of law.
XIII. Borrow money, make and issue negotiable notes, bonds and other evidences of indebtedness or obligations of the authority and to secure the payment of such obligations or any part thereof by pledge of all or any part of, the revenue or assets of the authority.
XIV. Develop or assist in the development of real property owned by any local development corporation or foundation which has as its primary purpose the encouragement and development of business or industry.
XV. Develop performance indicators to measure the effectiveness of authority programs.
XVI. Make or acquire loans or advances, with or without interest, and whether or not secured by a mortgage, to businesses operating within the state.
XVII. Invest or deposit for its own account moneys it may receive or hold under this chapter or RSA 162-I. Such investment may include the guaranteed portion of loans guaranteed by the state under this chapter or RSA 162-I.
XVIII. Establish and contribute to CAP funds.
XIX. Maintain offices at such place within the state as it may designate.
XX. Renegotiate, refinance or foreclose, or contract for the foreclosure of, any mortgage or loan in default; waive any default or consent to the modification of the terms of any mortgage or loan; commence any action to protect or enforce any right conferred upon it by any law, mortgage, loan, contract or other agreement, and bid for and purchase property at any foreclosure or at any other sale, or acquire or take possession of any such property; temporarily operate or manage, lease, dispose of, or otherwise deal with property, in such manner as may be necessary or desirable to protect the interests of the state, the authority and the holders of the authority’s bonds; all subject to any agreements with the state or with bondholders.
XXI. Institute any action or proceeding against the maker, payor or other party, hereafter referred to as the obligor, who is liable for the payment of any obligation, mortgage or loan held or made by the authority under the provisions of this chapter in any court of competent jurisdiction in order to enforce the provisions of this chapter, or to foreclose mortgages or loans, or to protect the public interest.
XXII. Procure insurance against any loss in connection with its property and other assets, in such amounts and from such insurer as it deems advisable.
XXIII. Take such other action as may be necessary or convenient to carry out its purposes and exercise its powers under this chapter.
XXIV. Acquire, invest in, pledge, or hold debt securities issued with respect to any transaction pursuant to this chapter. Nothing in this paragraph shall be interpreted to prohibit the authority from acquiring or holding equity securities in connection with arrangements to secure repayment of obligations with respect to any transaction pursuant to this chapter.
XXV. Enter into contracts to place the investments, loans, or bonds of the authority on such interest rate or cash flow basis as the authority may determine desirable, including without limitation, contracts providing for interest rate exchanges, caps, floors, collars, options, puts, calls and other hedging transactions.
XXVI. Enter into contracts or agreements with lenders, borrowers, or other parties which may benefit from actions of the authority taken pursuant to this chapter, which agreements may provide for financial returns to the authority based on, or contingent with respect to, economic performance of such lenders, borrowers, or other parties.