Section 387:6 Public Obligations. - New Hampshire Statutes

The following described securities are legal investments:
   I. United States of America. The obligations of the United States of America, or those for which the full faith and credit of the United States is unconditionally pledged to provide for the payment of interest and principal.
   II. Federal Agencies and/or Federal Government Sponsored Enterprises. The authorized bonds, notes, debentures, stock and other securities issued or guaranteed by any federal agency and those of any federal government sponsored enterprise which is designated by written ruling of the bank commissioner.
   III. New Hampshire Public Obligations. The authorized bonds and notes of the state of New Hampshire or any municipal government therein, including all authorities, commissions, districts or similar divisions of state or municipal government, provided:
      (a) The district obligations of the state of New Hampshire or any municipal government therein are backed by the issuer's ability to levy taxes for the repayment of principal and interest.
      (b) Obligations secured by the revenues of any authorities, commissions, districts or similar divisions of state or municipal government are rated among the first 4 ratings of one or more rating services as defined in RSA 387:1, XVI.
      (c) Any obligation of any municipal government in the state of New Hampshire, including all authorities, commissions, districts or similar divisions of the municipal government, purchased or acquired prior to January 1, 1999 and any obligation purchased or acquired on or after January 1, 1999 which mature prior to March 31, 2000, shall be a legal investment, notwithstanding the fact that the obligation is not backed by the issuer's ability to levy taxes for the repayment of principal and interest as required by subparagraph III(a).
   IV. Other Public Obligations. The authorized bonds and notes of any other state, commonwealth or territory of the United States or any municipality therein or authorities, commissions, districts or similar divisions of state or municipal government therein, provided:
      (a) The direct obligations of any state, commonwealth or territory of the United States or any municipality located therein are backed by the issuer's ability to levy taxes for repayment of principal and interest and are rated among the first 3 ratings of one or more rating services as defined in RSA 387:1, XVI.
      (b) Obligations secured by the revenue of any authorities, commissions, districts or similar divisions of state or municipal government are rated among the first 3 ratings of one or more rating services as defined in RSA 387:1, XVI.
   V. Canada. The authorized bonds and notes issued or guaranteed by the government of Canada, any province, municipality or regional municipality located therein, provided all such bonds or notes are rated among the 3 highest ratings of one or more rating services as defined in RSA 387:1, XVI and are repayable as to principal and interest in United States currency within this country.

Source. 1921, 73:3. PL 262:6. 1927, 89:2. 1929, 122:8. RL 310:6. 1953, 195:1, par. 6. RSA 387:6. 1955, 214:2. 1957, 322:4. 1967, 234:10. 1979, 300:4. 1999, 2:2, eff. Feb. 3, 1999.