New Hampshire Revised Statutes 162-S:10 – Limitations
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I. To the extent required by section 147(f) of the Internal Revenue Code of 1986, as amended, or by any applicable successor provision of federal tax law, the authority may not issue bonds to finance a project in any state or territory of the United States unless the governor, or his or her designee in compliance with applicable federal law, of the state of New Hampshire has approved the financing of the project following a hearing held by the authority and unless the state or a political subdivision within whose boundaries the project is to be located has approved the financing of the project; provided that an approval by a political subdivision under this paragraph may be made by the governing body of the political subdivision or by the highest ranking executive or administrator of the political subdivision.
II. This chapter provides a complete alternative method to all other methods provided by law to exercise the powers authorized in this chapter, including the issuance of bonds, the entering into of contracts related to those bonds, and the financing or refinancing of projects.
III. A project may be located outside of the United States and outside a territory of the United States, and the authority may issue bonds to finance or refinance such project, if at the time of issuance of such bonds the participating institution with respect thereto is incorporated and has its principal place of business within the United States or a territory of the United States.
IV. Any action brought to challenge the validity of the issuance of a bond under this chapter, or the enforceability of a contract entered into under this chapter, must be commenced in a court of competent jurisdiction in the state within 30 days of adoption by the authority of the resolution authorizing the issuance of the bond or the execution of the contract.
V. Bonds issued under this chapter shall not be invalid for any irregularity or defect in the proceedings for their sale or issuance. All bonds shall contain, on their face, a statement that they have been authorized and issued pursuant to the laws of the state, and such statement shall be conclusive evidence of the validity of the bonds.
II. This chapter provides a complete alternative method to all other methods provided by law to exercise the powers authorized in this chapter, including the issuance of bonds, the entering into of contracts related to those bonds, and the financing or refinancing of projects.
Terms Used In New Hampshire Revised Statutes 162-S:10
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- following: when used by way of reference to any section of these laws, shall mean the section next preceding or following that in which such reference is made, unless some other is expressly designated. See New Hampshire Revised Statutes 21:13
- governing body: shall mean the board of selectmen in a town, the board of aldermen or council in a city or town with a town council, the school board in a school district or the village district commissioners in a village district, or when used to refer to unincorporated towns or unorganized places, or both, the county commissioners. See New Hampshire Revised Statutes 21:48
- 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.
- 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
III. A project may be located outside of the United States and outside a territory of the United States, and the authority may issue bonds to finance or refinance such project, if at the time of issuance of such bonds the participating institution with respect thereto is incorporated and has its principal place of business within the United States or a territory of the United States.
IV. Any action brought to challenge the validity of the issuance of a bond under this chapter, or the enforceability of a contract entered into under this chapter, must be commenced in a court of competent jurisdiction in the state within 30 days of adoption by the authority of the resolution authorizing the issuance of the bond or the execution of the contract.
V. Bonds issued under this chapter shall not be invalid for any irregularity or defect in the proceedings for their sale or issuance. All bonds shall contain, on their face, a statement that they have been authorized and issued pursuant to the laws of the state, and such statement shall be conclusive evidence of the validity of the bonds.