Section 162-G:9 Obligations of the Governmental Unit. - New Hampshire Statutes

No lease, trust indenture, bond, or other instrument shall in any way obligate the governmental unit to raise any money by taxation or use other public funds for any purpose in relation to a business and industrial facility, except to the extent permitted by this chapter. The governmental unit shall not pay or promise to pay any debt or meet any financial obligation to any person at any time in relation to a business and industrial facility financed in whole or in part by the issue of bonds, except from moneys received or to be received under the provisions of a lease or trust indenture entered into under this chapter or derived from the exercise of the governmental unit's rights under such instruments. Notwithstanding the foregoing provisions of this section, the governmental unit may accept and expend with respect to an industrial facility any gifts or grants received from any source in accordance with the terms of such gifts or grants. The governmental unit may borrow money under RSA 33 for purposes of engaging in industrial projects; provided that obligations of the governmental unit incurred under this chapter shall be deemed to be outside its debt limitation. The total amount of obligations incurred by a governmental unit under this chapter outstanding at any time shall not exceed 8 percent of the most recent assessed valuation of the governmental unit; provided that the amount of such outstanding obligations shall be reduced by an amount equal to the total amount of moneys on deposit in a reserve account in the name of the governmental unit which are expressly allocated to be used to retire outstanding obligations of the governmental unit incurred under this chapter.

Source. 1972, 57:1. 1975, 481:9. 2000, 161:1, eff. July 22, 2000.