I. There is hereby established a separate division of the bond bank to be known as the small scale power facility division. In addition to all powers granted to the bond bank by RSA 35-A, the bond bank, by virtue of the powers granted to the division under this chapter, shall have, when acting through the division, all such powers granted to the division. The establishment of the division shall not in any way affect the bond bank’s legal existence separate from the state nor shall either the bond bank or the division constitute a department or agency of the state. The division is hereby constituted as an instrumentality exercising public and essential governmental functions.
II. The division shall continue to exist until terminated by law; provided, however, that no such law shall take effect so long as the division shall have outstanding bonds, notes and other obligations issued under this chapter, unless adequate provision has been made for their payment. Upon termination of the division, all its rights and properties shall pass to and be vested in the state. No net earnings of the division may inure to the benefit of any person, entity, or body other than the state.