§ 35-A:29 — Limitation Not Applicable; Contracts of Governmental Units; Terms of Bonds

New Hampshire § 35-A:29

• Jurisdiction: New Hampshire
• Title III: TOWNS, CITIES, VILLAGE DISTRICTS, AND UNINCORPORATED PLACES
• Ch. 35-A: NEW HAMPSHIRE MUNICIPAL BOND BANK

Text

Every governmental unit is hereby authorized and empowered to borrow money from the bank evidenced by its municipal bonds purchased by the bank and to contract with the bank with respect to such borrowing or purchase. Every governmental unit is hereby authorized and empowered to pay fees and charges required to be paid to the bank for its services. Notwithstanding the provisions of any law or statute applicable to or constituting any limitation on the sale of bonds or notes, any bonds or notes of a governmental unit issued to the bank pursuant to RSA 33, including bonds or notes issued to refinance previously issued bonds or notes of a governmental unit in accordance with RSA 33:3-d, or pursuant to any other enabling authority, may mature at such times, not exceeding 30 years, or such longer term as may be provided in RSA 33, or pursuant to any other provision of law, in such amounts and at such rate or rates of interest, as shall be set forth in any loan agreement that may be entered into between the bank and any such governmental unit in connection with the issuance of any bonds or notes. Bonds or notes of a governmental unit issued to the bank may be fully registered, registrable as to principal or in bearer form, and may be evidenced in such manner and may contain other provisions not inconsistent herewith, and may be sold to the bank without advertisement, all as shall be set forth in any loan agreement between the bank and any governmental unit in connection with the issue of bonds or notes. In case any of the officers whose signatures appear on the bonds or notes issued by the bank shall cease to be officers before the delivery of such bonds or notes, such signatures shall be valid or sufficient for all purposes, the same as if they had remained in office. The requirements of RSA 33:11 regarding authentication of bonds shall not apply to issues of bonds to the bank by governmental units. Premium received by a governmental unit on account of an issue of bonds or notes issued to the bank may, in the discretion of the officers of such governmental unit authorized to provide for the issuance of such bonds or notes, be:
I. Applied to the payment of the costs of preparing, issuing, and marketing any such issue of bonds or notes;
II. Applied to the cost of the project or projects for which such bonds or notes were issued, resulting in a like reduction of the amount of bonds or notes issued to finance such project or projects;
III. Deposited in the general fund of the governmental unit and available to be appropriated for any lawful purpose of such governmental unit; or
IV. Applied in any combination of the foregoing.

Legislative History

1977, 491:1. 1988, 52:5, eff. April 4, 1988. 2013, 107:2, eff. Aug. 23, 2013.