Section 204-C:2 Authority Established. - New Hampshire Statutes

There is hereby created a body politic and corporate having a distinct legal existence separate from the state and not constituting a department of state government, to be known as the New Hampshire housing finance authority to carry out the provisions of this chapter. The authority is hereby deemed to be a public instrumentality and the exercise by the authority of the powers conferred by this chapter shall be deemed and held to be the performance of public and essential governmental functions of the state. The rights, remedies, security and obligations of any person holding an outstanding bond or note issued by the New Hampshire housing finance agency or the New Hampshire housing commission prior to the effective date of this chapter, and the rights, remedies and obligations of any person party to any agreement with such agency or commission which are in existence on the effective date of this chapter shall not be impaired or affected in any way by this chapter. Any naming of or reference to the New Hampshire housing finance agency or the New Hampshire housing commission in any bond resolution or other document shall be deemed to include the authority, and all of the covenants and agreements contained in any such bond resolution or other document executed or adopted by or on behalf of the New Hampshire housing finance agency or the New Hampshire housing commission shall be binding on, shall inure to the benefit of, and shall be performed by, the authority whether so expressed or not. All right, title and interest in and to all assets and all obligations and liabilities of the New Hampshire housing finance agency and the New Hampshire housing commission vested in or possessed by said agency or commission on the effective date of this chapter shall vest in and be possessed, performed and assumed by the authority. The passing of rights, remedies, duties, covenants, agreements, security and obligations in accordance with this section shall not increase or diminish them.

Source. 1981, 466:2, eff. July 1, 1981.