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Terms Used In New Hampshire Revised Statutes 162-G:2

  • authority: shall mean the board of directors of a corporation described in N. See New Hampshire Revised Statutes 162-G:3
  • Business and industrial development authority: hereinafter referred to as the "authority" shall mean the board of directors of a corporation described in N. See New Hampshire Revised Statutes 162-G:3
  • 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.
  • Governing body: shall mean the board or body in which the general executive powers of the governmental unit are vested as defined in N. See New Hampshire Revised Statutes 162-G:3
  • 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
It is hereby declared that there is a need for the development and preservation of business and industry within the state in order to alleviate and prevent unemployment, to insure the continued growth and prosperity of the state, and of the cities and towns within the state and to promote the general welfare of all its citizens. It is the purpose of this chapter to authorize the cities and towns of the state to foster and encourage the development of business and industrial facilities within or without their respective boundaries, acting directly or through a business and industrial development authority or a voluntary, nonprofit corporation, alone or in concert with one or more other governmental units, by acquiring, developing, expanding, leasing, and disposing of such facilities, where such development is more appropriate under this chapter than under RSA 162-A, as determined by the governing body. It is further declared that the acquisition of title to such facilities, either directly or through a business and industrial development authority or a voluntary, nonprofit corporation, and the lease or sale of such facilities as provided hereunder is a public purpose and shall be regarded as performing an essential governmental function in carrying out the provisions of this chapter. However, competition among communities in this state merely for the purpose of seeking relocation of business and industrial facilities located in this state is contrary to the policy of this chapter.