Section 6-A:11 Revenue Bonds. - New Hampshire Statutes

The governor and council may authorize the state treasurer to issue revenue bonds in accordance with this section. Revenue bonds may be authorized whenever the proceeds of such bonds are to be used for revenue-producing facilities or to refund bonds, the principal of which was used for revenue-producing facilities, and the revenues from such facilities are expected to be sufficient to pay the principal, premium, if any, and interest on such bonds. As used in this section, revenue-producing facilities means any facility from the operation of which revenues are to be derived by the state. The proceedings authorizing the issuance of revenue bonds shall contain a description of the facilities financed or to be financed and the revenue generated or expected to be generated by said facility. The principal of, premium, if any, and interest on revenue bonds issued pursuant to this section shall be paid solely from the revenue generated by the facility constructed. In authorizing the issuance of such bonds, the governor and council are hereby empowered to pledge and dedicate the revenue from such facility to be used first to pay the principal of, premium, if any, and interest on said bonds as the same become due and the state treasurer shall keep such revenue in a separate account for such purpose and is hereby authorized to expend the same for such purpose. Revenue bonds issued pursuant to this section shall not be considered a pledge of the faith and credit of the state and shall not be deemed debt of the state in determining its borrowing capacity under any applicable law. All provisions of RSA 6-A not inconsistent with the provision of this section shall be applicable to revenue bonds issued hereunder.

Source. 1985, 332:18, eff. June 14, 1985.