§ 35-A:12 — Requests for Appropriations

I. To assure the continued operation and solvency of the bank for the carrying out of its corporate purposes, the chairperson of the bank shall, not later than 10 days following the failure of a governmental unit to make a scheduled payment of principal of or interest on a municipal bond sold to the bank, which failure causes the amount in the bond reserve fund established under RSA 35-A:11 to fall below the bond reserve fund requirement therefor, submit to the chairperson of the house finance committee a written request for an appropriation for the sum, if any, required to insure that the bond reserve fund established under RSA 35-A:11 equals the bond reserve fund requirement therefor. The chairperson of the house finance committee shall process the request for legislative action. All sums appropriated by the general court, if any, paid to the bank pursuant to this section shall be deposited by the bank in the said bond reserve fund.
II. All amounts paid over to the bank by the state pursuant to this section shall constitute and be accounted for as advances by the state to the bank and, subject to the rights of the holders of any bonds or notes of the bank theretofore or thereafter issued, shall be repaid to the state without interest from all available operating revenues of the bank in excess of amounts required for the payment of obligations of the bank, the bond reserve funds and operating expenses.

Legislative History

1977, 491:1. 1985, 116:4. 1995, 9:14, eff. June 11, 1995. 2013, 107:1, eff. Aug. 23, 2013.