§ 374-C:6 — Public Utility General Fund

New Hampshire § 374-C:6

• Jurisdiction: New Hampshire
• Title XXXIV: PUBLIC UTILITIES
• Ch. 374-C: PUBLIC UTILITY BOND FINANCING

Text

I. The bank shall establish and maintain a fund called the "public utility general fund" which shall consist of and in which there shall be deposited (1) fees received or charges made by the bank for use of its services or facilities under this chapter, (2) any moneys which the bank shall transfer thereto from the reserve fund pursuant to RSA 374-C:5, II, (3) moneys received by the bank as payments of principal of or interest on utility bonds purchased by the bank, or received as proceeds of sale of any utility bonds or investment obligations of the bank, or received as proceeds of sale of bonds or notes of the bank, and required under the terms of any resolution of the bank or contract with the holders of its bonds or notes to be deposited therein, (4) any moneys required under the terms of any resolution of the bank or contract with the holders of its bonds or notes to be deposited therein, and (5) any moneys transferred thereto from any other fund or made available for the purpose of the fund or for the operating expenses of the bank. Any such moneys in the public utility general fund may, subject to any contracts between the bank and its bondholders or noteholders, be transferred to the public utility reserve fund, or, if not so transferred, shall be used for the payment of the principal of or interest on bonds or notes of the bank when the same shall become due and payable, whether at maturity or upon redemption including payment of any premium upon redemption prior to maturity, and any moneys in the public utility general fund may be used for the purchase of utility bonds and for all other purposes of the bank including payment of its operating expenses.
II. No amount shall be paid or expended out of the public utility general fund or from any account therein (which account the bank may establish therein for the purpose of payment of its operating expenses) for operating expenses of the bank relative to the purchase, holding and sale of public utility bonds in any year in excess of the amount provided for the operating expenses of the public utility division of the bank by the annual budget then in effect with respect to such year or any amendment thereof in effect at the time of such payment or expenditure for operating expenses relative to this chapter.
III. The bank may at any time use any available moneys in the public utility general fund for the purchase of its bonds or notes or for the redemption thereof, and any such bonds purchased for retirement shall be thereupon cancelled.
IV. The bank is hereby authorized and empowered to create and establish in the public utility general fund such accounts, subaccounts or special accounts which in the opinion of the bank are necessary, desirable or convenient for the purposes of the bank under this chapter.

Legislative History

1979, 498:2. 1981, 315:10, 11, eff. Aug. 16, 1981.