Section 162-I:9-b Additional State Guarantee. - New Hampshire Statutes

   I. (a) The governor and council may award an unconditional state guarantee of the principal of and interest on bonds issued under this chapter. The full faith and credit of the state shall be pledged for any such guarantee, but the total amount of bonds guaranteed by the state under this section shall not exceed in the aggregate at any time $10,000,000, plus interest, provided that such amount shall be increased to $20,000,000 plus interest on January 1, 1993, to $30,000,000 plus interest on January 1, 1994, to $40,000,000 plus interest on January 1, 1995, and to $50,000,000 plus interest on January 1, 1996. In addition, the amount of bonds guaranteed by the state under this section shall not cause the contingent credit limit under RSA 162-A:22 to be exceeded. The governor, with the advice and consent of the council, is authorized to draw his warrant for such sum as may be necessary out of any money in the treasury not otherwise appropriated, for the purpose of honoring any guarantee awarded under this section. The state's guarantee shall be evidenced on each guaranteed bond by an endorsement signed by the state treasurer in substantially the following form:
   The state of New Hampshire hereby unconditionally guarantees the payment of the whole of the principal and interest on the within bond and for the performance of such guarantee the full faith and credit of the state are pledged.

____________________

State Treasurer

      (b) In connection with the award of a state guarantee, the governor and council may impose such terms and conditions as they may deem appropriate concerning the bonds, the use and operation of the eligible facilities, the reimbursement to the state if any state funds are used to honor the guarantee and any other matters necessary or desirable to carry out the purposes of this section. Such terms and conditions may be contained in an agreement entered into by the state, the authority, and user of the eligible facility to be executed on behalf of the state by the governor and the state treasurer and on behalf of the authority by any 2 persons authorized to execute bonds under RSA 162-I:8.
   II. The total amount of state guarantees issued pursuant to RSA 162-I:9-b, I shall not exceed in the aggregate at any time $15,000,000, plus interest and related collection costs and expenses.
   III. [Repealed.]
   III-a. [Repealed.]
   IV. The governor and council shall not award any state guarantee under this section unless they have found after a hearing that such guarantee will serve a public use and provide a public benefit and have determined that the authority's financing of the project and the state's guarantee of the bonds will be within the policy of, and the authority conferred by, this chapter.
   V. Before awarding any state guarantee of bonds under this section the governor and council shall first make the findings required by RSA 162-I:9, except the finding required by RSA 162-I:9, II(b)(4), taking into account the state guarantee. In addition, the governor and council shall also find that:
      (a) The award of a state guarantee will contribute significantly to the success of the financing; and
      (b) Reasonable and appropriate measures have been taken to minimize the risk of loss to the state and to ensure that any private benefit from the award of a state guarantee will be only incidental to the public purpose served thereby.
   VI. The hearing required by this section may be held and the findings and determinations so required may be made in conjunction with the proceedings required by RSA 162-I:9.
   VII. Whenever a state guarantee of bonds is awarded under this section, the statement requirement in the first sentence of RSA 162-I:8, III shall be appropriately modified and the finding required by RSA 162-I:9, II(b)(4) shall not be made.
   VIII. [Repealed.]

Source. 1992, 262:4. 1995, 128:16, 18. 1999, 137:5, 6, II-IV, eff. June 21, 1999.