CHAPTER 49
SB 498 – FINAL VERSION
2008 SESSION
08/04
SENATE BILL 498
This bill reduces state guarantees of certain municipal debt issues.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
08-2699
08/04
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Eight
AN ACT relative to state guarantees of certain municipal debt issues.
Be it Enacted by the Senate and House of Representatives in General Court convened:
49:1 State Guarantee; Funds for Pollution Control; Municipal Debt. Amend RSA 485-A:7 to read as follows:
485-A:7 State Guarantee. In view of the general public benefits resulting from the elimination of pollution from the public waters of the state, the governor and council are authorized in the name of the state of New Hampshire to guarantee unconditionally, but at no time in excess of the total aggregate sum for the entire state of [$175,000,000] $50,000,000, the payment of all or any portion, as they may find to be in the public interest, of the principal of and interest on any bonds or notes issued by any municipality, town, city, county or district for construction of sewerage systems, sewage treatment and disposal plants, or other facilities necessary, required or desirable for pollution control, and the full faith and credit of the state are pledged for any such guarantee. The outstanding amount of principal and interest on such bonds and notes, the payment of which has been guaranteed by the state under the provisions of this section, shall at no time exceed the amount of [$175,000,000] $50,000,000. The state’s guarantee shall be endorsed on such bonds or notes by the state treasurer; and all notes or bonds issued with state guarantee shall be sold at public sealed bidding to the highest bidder. Any and all such bids may be rejected and a sale may be negotiated with the highest bidder. In the event of default in payment of any such notes or bonds, the state may recover any losses suffered by it by action against the municipality, town, city, county or district as provided in RSA 530. Provided, further, that in accordance with RSA 35-A:29, the foregoing requirement for public sealed bidding shall not be applicable to any bonds or notes or both so guaranteed which are sold to the New Hampshire municipal bond bank, and any bonds or notes or both so guaranteed may be sold to the New Hampshire municipal bond bank at private sale in accordance with the provisions of RSA 35-A.
49:2 State Guarantee; School Buildings; Municipal Debt. Amend RSA 195-C:2 to read as follows:
195-C:2 State Guarantee. Upon the receipt of a report from the authority containing a recommendation that bonds or notes of a school district should be guaranteed by the state, the governor with the advice and consent of the council may award an unconditional state guarantee with respect to such bonds or notes in accordance with the authority’s recommendation or in some lesser amount or percentage, or on the alternative basis of guarantee, as the best interests of the state may require. The full faith and credit of the state are and shall be pledged for any such guarantees, and the total outstanding amount of the principal of and interest on such bonds and notes which has been guaranteed by the state under this section shall at no time exceed [$95,000,000] $30,000,000. The governor, with the advice and consent of the council, is authorized to draw a warrant for such a sum out of any money in the treasury not otherwise appropriated, for the purpose of honoring any guarantee awarded under this section. In the event that any state funds shall be so used, the state may recover the amount thereof as provided in RSA 530.
49:3 State Guarantee; Solid Waste Management; Municipal Debt. Amend RSA 149-M:31, I to read as follows:
I. In view of the public benefits resulting from the proper closing of landfills and other solid waste facilities and for the closing and cleanup of qualifying hazardous waste sites, the governor and council are authorized in the name of the state of New Hampshire to guarantee unconditionally, but at no time in excess of the total aggregate sum for the entire state of [$30,000,000] $10,000,000, the payment of all or any portion, as they may find to be in the public interest, of the principal of and interest on any bonds or notes issued by any city, town, district, or county for the closing and cleanup of any landfill or any other solid waste facility or the closing and cleanup of any hazardous waste site, excluding Superfund sites, and the full faith and credit of the state are pledged for any such guarantee. The outstanding amount of principal and interest on such bonds and notes, the payment of which has been guaranteed by the state under the provisions of this section, shall at no time exceed the amount of [$30,000,000] $10,000,000.
49:4 State Guarantee; Superfund Cleanup; Municipal Debt. Amend RSA 33:3-f, I-II to read as follows:
I. The governor and council may award an unconditional state guarantee of the principal of and interest on bonds issued under RSA 33:3-e. The full faith and credit of the state shall be pledged for any such guarantees of principal and interest. The principal amount of the [state guarantee available] bonds guaranteed under this section shall not exceed [the following principal amounts, plus interest:
(a) Effective upon passage $25 million.
(b) For the fiscal year 1995, an additional 25 million] $20,000,000.
II. The total amount awarded under RSA 33:3-e and this section to any one superfund site, however, shall not exceed [$20,000,000] $10,000,000, plus interest. The governor, with the advice and consent of the council, is authorized to draw his warrant for such a sum 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 thereon of the within bond and for the performance of such guarantee the full faith and credit of the state are pledged.
_____________________________________
State Treasurer
49:5 Effective Date. This act shall take effect July 1, 2008.
Approved: May 12, 2008
Effective Date: July 1, 2008