Revision: Dec. 10, 2009, midnight
HB 1480 – AS INTRODUCED
2010 SESSION
06/04
HOUSE BILL 1480
AN ACT relative to rail authority bonds.
SPONSORS: Rep. Graham, Hills 18; Rep. Chandler, Carr 1; Sen. Letourneau, Dist 19
COMMITTEE: Public Works and Highways
This bill requires that bonds issued by the rail authority must be approved by a joint resolution of the legislature.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
10-2325
06/04
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Ten
AN ACT relative to rail authority bonds.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Hampshire Rail Authority; Powers. Amend the introductory paragraph of RSA 238-A:8, XII to read as follows:
XII. Issue bonds, provided such issuance is approved by a joint resolution of the general court, for the implementation of any project of the authority, including the acquisition of property, or paying off of any debt or obligation of the authority. The authority may issue such types of bonds as may be determined by the board of directors, including certificates on which principal and interest are payable:
2 Bonds. Amend RSA 238-A:10, I-II to read as follows:
I. The authority shall have the power and is hereby authorized to issue its bonds and notes in such principal amount as the authority shall determine to be necessary to provide sufficient funds for achieving any of its corporate purposes, provided that the issuance of all such bonds is approved by a joint resolution of the general court. Neither the directors of the authority nor any person executing bonds on behalf of the authority shall be personally liable thereon by reason of the issuance thereof.
II. Bonds of the authority shall be authorized by its resolution, and by a joint resolution of the general court, and may be issued in one or more series and shall bear such date or dates, mature at such time or times, bear interest at such rate or rates, be in such denomination or denominations, be in such form, either coupon or registered, carry such conversion or registration privileges, have such rank or priority, be executed in such manner, be payable in such medium of payment, at such place or places and be subject to such terms of redemption, with or without premium, as such resolutions, its trust indenture, or mortgage may provide. In case any of the directors or officers of the authority whose signatures appear on any bond or coupon shall cease to be such directors or officers before the delivery of such bonds, such signatures shall nevertheless be valid and sufficient for all purposes. All bonds may be signed on behalf of the authority by, or with the facsimile signatures of, such persons as at the actual date of such execution shall be the proper officers authorized by resolution of the authority to execute said bonds, notwithstanding the fact that on the day said bonds are dated, or on the date of the delivery thereof, any such person shall not have been such officer.
3 Effective Date. This act shall take effect 60 days after its passage.