New Hampshire Revised Statutes 6:13 – Borrowing Money
Current as of: 2023 | Check for updates
|
Other versions
I. When it is anticipated that there will not be sufficient general funds in the treasury for the payment of obligations, the treasurer, under the direction of the governor and council, is authorized to borrow on the state‘s credit such sums as may be necessary, not to exceed the amount authorized by the governor and council, provided that at no time shall the indebtedness of the state, pursuant to the authority granted by this section exceed the sum of $200,000,000.
II. Unless otherwise provided by the governor and council, the treasurer shall have the authority to borrow at one time, or from time to time, up to the aggregate amount authorized by the governor and council under this section, and to determine the amounts, dates, maturities, and other details of each borrowing.
III. The treasurer, when authorized by the governor and council, may enter into agreements with banks or other financial institutions, within or without the state, in the form of lines or letters of credit or other banking arrangements in connection with any indebtedness incurred under this section or N.H. Rev. Stat. § 6-A:4. The agreement may include covenants and provisions for protecting and enforcing the rights, security and remedies of the lenders as, in the discretion of the treasurer, may be reasonable and proper and not in violation of law. Notes issued under this section or N.H. Rev. Stat. § 6-A:4 shall bear interest at such rate or rates as the treasurer may deem proper, including rates variable from time to time as determined by any index, banker’s loan rate or other method specified in any such agreement.
II. Unless otherwise provided by the governor and council, the treasurer shall have the authority to borrow at one time, or from time to time, up to the aggregate amount authorized by the governor and council under this section, and to determine the amounts, dates, maturities, and other details of each borrowing.
Terms Used In New Hampshire Revised Statutes 6:13
- governor and council: shall mean the governor with the advice and consent of the council. See New Hampshire Revised Statutes 21:31-a
- 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. The treasurer, when authorized by the governor and council, may enter into agreements with banks or other financial institutions, within or without the state, in the form of lines or letters of credit or other banking arrangements in connection with any indebtedness incurred under this section or N.H. Rev. Stat. § 6-A:4. The agreement may include covenants and provisions for protecting and enforcing the rights, security and remedies of the lenders as, in the discretion of the treasurer, may be reasonable and proper and not in violation of law. Notes issued under this section or N.H. Rev. Stat. § 6-A:4 shall bear interest at such rate or rates as the treasurer may deem proper, including rates variable from time to time as determined by any index, banker’s loan rate or other method specified in any such agreement.