New Hampshire Revised Statutes 195-D:21 – Procedure Before Issuance of Bonds
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Notwithstanding any other provision of this chapter, the corporation is not empowered to undertake any project or refinancing of existing indebtedness authorized by this chapter unless, prior to the issuance of any bonds hereunder, the governor and his council, or their designee, have found after a hearing thereon that:
I. In the case of undertaking a project, the construction and acquisition of such project will enable or assist a participating educational institution to provide education or a participating health care institution to provide health care facilities; and
II. Such project to be undertaken or a project to which the refinancing of existing indebtedness relates will be leased to, or owned by, a financially responsible participating institution or an affiliate thereof; and
III. Adequate provision has been, or will be, made for the payment of the cost of the construction and acquisition of such project to be undertaken or for the refinancing of existing indebtedness and that under no circumstances will the state be obligated directly or indirectly, for the payment of the principal of, or interest on, any obligations issued to finance such construction and acquisition or to provide for the refinancing of existing indebtedness, or obligations to which such refinancing of existing indebtedness relates; and
IV. Adequate provision has been, or will be, made in any lease or mortgage or financing of the project to be undertaken or any property leased or mortgaged or financed in connection with the issuance of bonds or notes hereunder for the payment of all costs of operation, maintenance and upkeep of such project or property by the lessee, sublessee, mortgagor, borrower or occupant so that under no circumstances will the state be obligated, directly or indirectly, for the payment of such costs; and
V. In the case of undertaking a project, adequate provision has been made to obligate a participating educational institution to hold and use the project for educational purposes or to obligate a participating health care institution to hold and use the project for health care purposes so long as the principal of and interest on bonds or other obligations issued by the corporation to finance the cost of such project or projects, including any refunding bonds issued to refund and refinance such bonds, have not been fully paid and retired and all other conditions of the resolution or trust agreement authorizing and securing the same have not been satisfied and the lien of such resolution or trust agreement has not been released in accordance with the provisions thereof; and
VI. The construction and acquisition of such project or projects or any refinancing of existing indebtedness will be within the authority conferred by this chapter upon the corporation; and
VII. In the case of undertaking a project, the construction and acquisition of such project or projects serves a need presently not fulfilled in providing education or health care facilities and is of public use and benefit; and
VIII. In the case of refinancing of existing indebtedness, such refinancing will assist the participating institution in either lowering the cost of providing education or health care facilities or such refinancing is in connection with a project being provided by the participating institution.
I. In the case of undertaking a project, the construction and acquisition of such project will enable or assist a participating educational institution to provide education or a participating health care institution to provide health care facilities; and
Terms Used In New Hampshire Revised Statutes 195-D:21
- Affiliate: means any entity which controls or is controlled by, or is under common control with, another entity. See New Hampshire Revised Statutes 195-D:3
- Bonds: or the words "revenue bonds" means revenue bonds of the corporation issued under the provisions of this chapter, including revenue refunding bonds, notwithstanding that the same may be secured by the mortgage or the full faith and credit of a participating educational institution or of a participating health care institution or any other lawfully pledged security of a participating educational institution or of a participating health care institution. See New Hampshire Revised Statutes 195-D: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.
- Corporation: means the New Hampshire health and education facilities authority created and established as a corporation and constituted and established as a public body corporate and agency of the state under N. See New Hampshire Revised Statutes 195-D:3
- Cost: as applied to a project or any portion thereof financed under the provisions of this chapter shall mean the cost of construction, building, acquisition, equipping, alteration, enlargement, reconstruction and remodeling of a project and acquisition of all lands, structures, property, real or personal, rights, rights-of-way, franchises, easements, and interests acquired, necessary, used for, or useful for or in connection with a project and all other undertakings which the corporation deems reasonable or necessary for the development of a project, including but not limited to the cost of demolishing or removing any buildings or structures on land so acquired, the cost of acquiring any lands to which such buildings or structures may be moved, the cost of all machinery and equipment, financing charges, interest prior to and during construction, and if judged advisable by the corporation, for a period after completion of such construction the cost of financing the project, including interest on bonds and notes issued by the corporation to finance the project. See New Hampshire Revised Statutes 195-D:3
- 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
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Participating educational institution: means an institution for postsecondary education or higher education; an institution for secondary education; an institution providing an educational program; or a child care provider which, pursuant to the provisions of this chapter undertakes the financing and construction or acquisition of a project or undertakes the refunding or refinancing of bonds or other obligations or of a mortgage or of advances as provided in and permitted by this chapter. See New Hampshire Revised Statutes 195-D:3
- Participating health care institution: means a hospital; nursing home; health maintenance organization; home health care provider; an institution providing a health care program; or ambulatory care clinic which, pursuant to the provisions of this chapter, undertakes the financing and construction or acquisition of a project or undertakes the refunding or refinancing of bonds or other obligations or of a mortgage or of advances as provided in and permitted by this chapter. See New Hampshire Revised Statutes 195-D:3
- Participating institution: means a participating educational institution or a participating health care institution. See New Hampshire Revised Statutes 195-D:3
- Refinancing of existing indebtedness: means (a) liquidation, with the proceeds of bonds or notes issued by the corporation, of any indebtedness of a participating institution incurred to finance or aid in financing a lawful purpose of such participating institution which would constitute a project had it been undertaken and financed by the corporation; or (b) consolidation of such indebtedness with indebtedness of the corporation incurred for a project of such participating institution; or (c) purchase of a federally guaranteed security issued with respect to the financing of a lawful purpose of a participating institution which would constitute a project had it been undertaken and financed by the corporation. See New Hampshire Revised Statutes 195-D: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
II. Such project to be undertaken or a project to which the refinancing of existing indebtedness relates will be leased to, or owned by, a financially responsible participating institution or an affiliate thereof; and
III. Adequate provision has been, or will be, made for the payment of the cost of the construction and acquisition of such project to be undertaken or for the refinancing of existing indebtedness and that under no circumstances will the state be obligated directly or indirectly, for the payment of the principal of, or interest on, any obligations issued to finance such construction and acquisition or to provide for the refinancing of existing indebtedness, or obligations to which such refinancing of existing indebtedness relates; and
IV. Adequate provision has been, or will be, made in any lease or mortgage or financing of the project to be undertaken or any property leased or mortgaged or financed in connection with the issuance of bonds or notes hereunder for the payment of all costs of operation, maintenance and upkeep of such project or property by the lessee, sublessee, mortgagor, borrower or occupant so that under no circumstances will the state be obligated, directly or indirectly, for the payment of such costs; and
V. In the case of undertaking a project, adequate provision has been made to obligate a participating educational institution to hold and use the project for educational purposes or to obligate a participating health care institution to hold and use the project for health care purposes so long as the principal of and interest on bonds or other obligations issued by the corporation to finance the cost of such project or projects, including any refunding bonds issued to refund and refinance such bonds, have not been fully paid and retired and all other conditions of the resolution or trust agreement authorizing and securing the same have not been satisfied and the lien of such resolution or trust agreement has not been released in accordance with the provisions thereof; and
VI. The construction and acquisition of such project or projects or any refinancing of existing indebtedness will be within the authority conferred by this chapter upon the corporation; and
VII. In the case of undertaking a project, the construction and acquisition of such project or projects serves a need presently not fulfilled in providing education or health care facilities and is of public use and benefit; and
VIII. In the case of refinancing of existing indebtedness, such refinancing will assist the participating institution in either lowering the cost of providing education or health care facilities or such refinancing is in connection with a project being provided by the participating institution.