New Hampshire Revised Statutes 195-F:13 – Federal Funds; Withholding of Moneys
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I. The state treasurer is hereby authorized to receive from the United States or from any department or agency thereof any amounts of money as and when appropriated, allocated, granted, turned over or in any way provided for the purposes of this chapter, and said amounts shall be paid to the bank and be available to the bank.
II. Any funds or moneys in the custody or control of the state treasurer whether the same shall become available by reason of any grant, allocation or appropriation by the United States or the state or agencies thereof to assist any educational institution in payment of its educational institution bonds owned or held by the bank, or required by the terms of any other law to be paid to holders or owners of educational institution bonds upon failure or default of an educational institution to pay the principal of or interest on its educational institution bonds as and when due and payable, shall, to the extent that any such funds or moneys be applicable with respect to educational institution bonds of a particular educational institution which are then owned or held by the bank and as to which such educational institution has failed or defaulted to make payment of principal or interest as and when due, be paid to the bank for deposit in the reserve fund and made available to the bank.
III. To the extent that the state treasurer shall be the custodian at any time of any funds of moneys due or payable to an educational institution at any time subsequent to written notice to the state treasurer from the bank to the effect that such educational institution has not paid or is in default as to the payment of principal of or interest on any educational institution bonds then held or owned by the bank, the state treasurer shall withhold the payment of such funds or moneys from such educational institution until the amount of such principal or interest then due and unpaid has been paid to the bank, or the state treasurer has been advised that arrangements, satisfactory to the bank, have been made for the payment of such principal and interest.
II. Any funds or moneys in the custody or control of the state treasurer whether the same shall become available by reason of any grant, allocation or appropriation by the United States or the state or agencies thereof to assist any educational institution in payment of its educational institution bonds owned or held by the bank, or required by the terms of any other law to be paid to holders or owners of educational institution bonds upon failure or default of an educational institution to pay the principal of or interest on its educational institution bonds as and when due and payable, shall, to the extent that any such funds or moneys be applicable with respect to educational institution bonds of a particular educational institution which are then owned or held by the bank and as to which such educational institution has failed or defaulted to make payment of principal or interest as and when due, be paid to the bank for deposit in the reserve fund and made available to the bank.
Terms Used In New Hampshire Revised Statutes 195-F:13
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Bank: means the New Hampshire municipal bond bank created and established by N. See New Hampshire Revised Statutes 195-F:3
- Bonds: means bonds of the bank issued pursuant to this chapter. See New Hampshire Revised Statutes 195-F:3
- Educational institution: means a public or other nonprofit institution situated within the state, which is either approved by the state board of education as a public academy under the standards pertaining to public high schools, and empowered to provide a program of education at the elementary or secondary level to students whose tuition costs are paid by the municipalities or the school districts in which the students reside, or any other institution which provides a program of education within the state which is preparatory for secondary, postsecondary, or higher education. See New Hampshire Revised Statutes 195-F: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
- United States: shall include said district and territories. See New Hampshire Revised Statutes 21:4
III. To the extent that the state treasurer shall be the custodian at any time of any funds of moneys due or payable to an educational institution at any time subsequent to written notice to the state treasurer from the bank to the effect that such educational institution has not paid or is in default as to the payment of principal of or interest on any educational institution bonds then held or owned by the bank, the state treasurer shall withhold the payment of such funds or moneys from such educational institution until the amount of such principal or interest then due and unpaid has been paid to the bank, or the state treasurer has been advised that arrangements, satisfactory to the bank, have been made for the payment of such principal and interest.