§ 162-G:3 — Definitions

New Hampshire § 162-G:3

• Jurisdiction: New Hampshire
• Title XII: PUBLIC SAFETY AND WELFARE
• Ch. 162-G: ACQUISITION, DEVELOPMENT AND DISPOSAL OF INDUSTRIAL LAND AND FACILITIES

Text

As used in this chapter, unless the context otherwise requires, the following words and terms shall have the following meanings:
I. "Bond" shall mean an evidence of indebtedness issued by the governmental unit or a business and industrial development authority under this chapter to finance a project in whole or in part or to refund indebtedness incurred for that purpose and which, in the case of business and industrial development authority bonds, is payable solely from revenues, other than taxes or payments in lieu thereof, derived from such project or facility.
II. "Governing body" shall mean the board or body in which the general executive powers of the governmental unit are vested as defined in RSA 21:48.
III. "Governmental unit" shall mean a city or a town.
III-a. "Business and industrial development authority" hereinafter referred to as the "authority" shall mean the board of directors of a corporation described in RSA 162-G:15 or a board described in RSA 162-G:15-a.
IV. "Business and industrial facility" shall mean any land, any building or other improvement, and all real and personal properties, including but not limited to, machinery and equipment deemed necessary in connection therewith, whether or not now in existence, which shall be suitable for use for commercial, business service, mixed-use development, manufacturing, warehousing, processing wastes, renewable energy, or other business and industrial purposes, but shall not include raw materials, work in process or stock in trade. Facilities incidental to the foregoing such as utility lines, storage accommodations, and transportation facilities shall be deemed to be part of a business and industrial facility.
V. "Lease" means:
(a) In the case where the authority is the lessor, "lease" shall mean a written instrument to which the authority and a tenant are parties and which provides for the use and occupancy of a business and industrial facility and the payment of rent to the authority.
(b) In the case where the authority is the sublessor from a governmental entity, "lease" shall mean a written instrument to which the authority and a tenant are parties and which provides for the use and occupancy of a business and industrial facility and the payment of rent to the authority, a part or all of which will be paid to the governmental entity according to the terms of the lessor/sublessor agreement. The rent paid by the authority to the lessor shall not exceed the total of the amounts appropriated by the legislative body of the municipality which authorized the lessor/sublessor arrangement to meet such rent plus the revenue derived by the authority from its sublessee in excess of the authority's costs in meeting its obligation as a sublessor to the sublessee.
(c) In the case where the authority is the lessee of property owned by a nongovernmental entity, "lease" shall mean a written instrument to which the authority and a tenant are parties and which provides for the use and occupancy of a business and industrial facility by the authority's existing or future sublessees, and the payment of rent to the authority, part or all of which shall be paid to the nongovernmental entity according to the terms of the lessor/lessee agreement between the authority and the nongovernmental entity. The rent paid by the authority to the lessor or sublessor shall not exceed the total of the amounts appropriated by the legislative body of the municipality which authorized the leasing of the property to meet such rent plus the revenue derived by the authority from its sublessee in excess of the authority's costs in meeting its obligation as a lessee to the sublessee.
V-a. "Legislative body" shall mean legislative body as defined in RSA 21:47.
VI. "Project" shall mean the establishment or expansion of a business and industrial facility which is financed by the issue of bonds or other means of accomplishing the purposes of this chapter.
VII. "Project costs" shall mean the costs of establishing or expanding a business and industrial facility and of placing the same in operation. Such costs may include the costs of:
(a) Acquiring land, buildings, structures, and facilities, whether by purchase, construction, or otherwise;
(b) Acquiring rights in or over land, air, or water;
(c) Improving land and improving buildings, structures, and facilities by remodeling, reconstruction, or enlargement;
(d) Acquiring and installing machinery and equipment;
(e) Obtaining professional or advisory services;
(f) Interest prior to and during construction and until one year after the completion of a project;
(g) Creating or making contributions for loans, loan guarantees, and projects; and
(h) Issuing bonds or notes to finance a project.
Such costs may also include any other costs or expenses which are reasonably incidental to a project.
VIII. "Rent" shall mean the payments which a tenant is obligated to make under a lease.
IX. "Tenant" shall mean the person primarily liable for the payment of rent under a lease.
X. "Trust indenture" shall mean a written instrument between the governmental unit and any national bank or trust company doing business in the state of New Hampshire or in the Commonwealth of Massachusetts as trustee, which secures one or more series of bonds.

Legislative History

1972, 57:1. 1975, 481:2, 18. 1992, 262:24, 25. 1993, 328:6, 7. 1994, 331:5. 2000, 161:1. 2009, 56:1, eff. July 21, 2009. 2016, 25:1, eff. June 24, 2016.