New Hampshire § 237-A:12 Agreement with Bondholders

New Hampshire Statutes

§ 237-A:12 — Agreement with Bondholders

New Hampshire·Title XX TRANSPORTATION·Ch. 237-A TURNPIKE SYSTEM REVENUE BONDS

The state pledges to and agrees with the holders of bonds issued under this chapter that until such bonds, together with interest thereon, with interest on any unpaid installment of interest and all costs and expenses in connection with any action or proceedings by or on behalf of such holders, are fully met and discharged, or unless expressly permitted or otherwise authorized by the terms of each contract and agreement made or entered into by or on behalf of the state with or for the benefit of such holders, the state (a) shall carry out and perform, or cause to be carried out and performed, each and every promise, covenant, agreement or contract made or entered into by the state or on its behalf by or under the provisions of this chapter and on its behalf to be performed; and (b) shall n

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The state pledges to and agrees with the holders of bonds issued under this chapter that until such bonds, together with interest thereon, with interest on any unpaid installment of interest and all costs and expenses in connection with any action or proceedings by or on behalf of such holders, are fully met and discharged, or unless expressly permitted or otherwise authorized by the terms of each contract and agreement made or entered into by or on behalf of the state with or for the benefit of such holders, the state (a) shall carry out and perform, or cause to be carried out and performed, each and every promise, covenant, agreement or contract made or entered into by the state or on its behalf by or under the provisions of this chapter and on its behalf to be performed; and (b) shall not issue any bonds, notes or other evidences of indebtedness, other than turnpike system revenue bonds, having any rights secured by any pledge of or other lien or charge on the revenues or any moneys or securities paid or to be paid to or held or to be held by the state or the treasurer hereunder, and shall not create or cause to be created any lien or charge on the revenues, any such moneys or securities, other than a lien and pledge thereon created by or pursuant to the provisions of this chapter; provided that nothing in this section shall prevent the state from issuing evidences of indebtedness (1) which are secured by a pledge or lien which is and shall on the face of said evidences of indebtedness be expressed to be subordinate and junior in all respects to every lien and pledge created by or pursuant to the provisions of this chapter, or (2) for which the full faith and credit of the state is pledged and which are not expressly secured by any specific lien or charge on revenues or any such moneys or securities, or (3) which are secured by a pledge of or lien on moneys or funds to be derived on and after such date as every pledge or lien thereon created by or pursuant to the provisions of this chapter shall be discharged and satisfied.

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