New Hampshire Revised Statutes 35-A:5 – Loans of Money; State Not Liable
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I. The bank, for the purposes authorized by this chapter, is hereby authorized and empowered to lend money to governmental units through the purchase by the bank of municipal bonds of governmental units in fully marketable form. The bank, for the purposes authorized by this chapter, is hereby authorized and empowered to authorize and issue its bonds and notes payable solely from the revenues or funds therefor available to the bank, and to otherwise assist governmental units as provided in this chapter.
II. Bonds and notes of the bank issued under the provisions of this chapter shall not be in any way a debt or liability of the state and shall not create or constitute any indebtedness, liability or obligation of the state or be or constitute a pledge of the faith and credit of the state but all such bonds and notes, unless funded or refunded by bonds or notes of the bank, shall be payable solely from revenues or funds pledged or available for their payment as authorized herein. Each bond and note shall contain on its face a statement to the effect that the bank is obligated to pay the principal thereof and the interest thereon only from revenues or funds of the bank and that the state is not obligated to pay such principal or interest and that neither the faith and credit nor the taxing power of the state is pledged to the payment of the principal of or the interest on such bonds or notes.
III. All expenses incurred in carrying out the provisions of this chapter shall be payable solely from revenues or funds provided or to be provided under the provisions of this chapter and nothing in this chapter shall be construed to authorize the bank to incur any indebtedness or liability on behalf of or payable by the state.
II. Bonds and notes of the bank issued under the provisions of this chapter shall not be in any way a debt or liability of the state and shall not create or constitute any indebtedness, liability or obligation of the state or be or constitute a pledge of the faith and credit of the state but all such bonds and notes, unless funded or refunded by bonds or notes of the bank, shall be payable solely from revenues or funds pledged or available for their payment as authorized herein. Each bond and note shall contain on its face a statement to the effect that the bank is obligated to pay the principal thereof and the interest thereon only from revenues or funds of the bank and that the state is not obligated to pay such principal or interest and that neither the faith and credit nor the taxing power of the state is pledged to the payment of the principal of or the interest on such bonds or notes.
Terms Used In New Hampshire Revised Statutes 35-A:5
- Bank: means the New Hampshire municipal bond bank created and established by N. See New Hampshire Revised Statutes 35-A:3
- Bonds: means bonds of the bank issued pursuant to this chapter. See New Hampshire Revised Statutes 35-A:3
- Chapter: means this New Hampshire municipal bond bank law. See New Hampshire Revised Statutes 35-A:3
- Fully marketable form: means a municipal security duly executed and accompanied by an approving legal opinion of a bond counsel of recognized standing in the field of municipal law whose opinions have been and are accepted by purchasers of like municipal bonds, provided that the municipal security so executed need not be printed or lithographed nor be in more than one denomination. See New Hampshire Revised Statutes 35-A:3
- Notes: means any notes of the bank issued pursuant to this chapter. See New Hampshire Revised Statutes 35-A:3
- 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.
- Revenues: means all fees, charges, moneys, profits, payments of principal of or interest on municipal bonds and other investments, gifts, grants, contributions, appropriations and all other income derived or to be derived by the bank under this chapter. See New Hampshire Revised Statutes 35-A: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
III. All expenses incurred in carrying out the provisions of this chapter shall be payable solely from revenues or funds provided or to be provided under the provisions of this chapter and nothing in this chapter shall be construed to authorize the bank to incur any indebtedness or liability on behalf of or payable by the state.