SB537 (2018) Detail

(New Title) conferring extraterritorial financing powers on the New Hampshire business finance authority.


CHAPTER 331

SB 537 - FINAL VERSION

 

03/21/2018   1107s

2May2018... 1601h

05/23/2018   1993CofC

05/23/2018   2106EBA

 

2018 SESSION

18-2886

05/03

 

SENATE BILL 537

 

AN ACT conferring extraterritorial financing powers on the New Hampshire business finance authority.

 

SPONSORS: Sen. Innis, Dist 24; Sen. Carson, Dist 14; Sen. Fuller Clark, Dist 21; Sen. Gannon, Dist 23; Sen. Giuda, Dist 2; Sen. Reagan, Dist 17; Sen. Soucy, Dist 18; Sen. Watters, Dist 4; Rep. Williams, Hills. 4; Rep. Hunt, Ches. 11

 

COMMITTEE: Executive Departments and Administration

 

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AMENDED ANALYSIS

 

This bill confers extraterritorial financing powers on the business finance authority.  The bill establishes the national business authority as a component of the business finance authority and authorizes it to issue bonds and undertake development projects outside the state of New Hampshire.

 

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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

03/21/2018   1107s

2May2018... 1601h

05/23/2018   1993CofC

05/23/2018   2106EBA 18-2886

05/03

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Eighteen

 

AN ACT conferring extraterritorial financing powers on the New Hampshire business finance authority.

 

Be it Enacted by the Senate and House of Representatives in General Court convened:

 

331:1  New Chapter; Extraterritorial Financing Powers of the New Hampshire Business Finance Authority.  Amend RSA by inserting after chapter 162-R the following new chapter:

CHAPTER 162-S

EXTRATERRITORIAL FINANCING POWERS

 OF THE NEW HAMPSHIRE BUSINESS FINANCE AUTHORITY

162-S:1  Declaration of Policy.  It is declared that the policy of the state of New Hampshire is to promote itself as an effective location for private enterprise, and therefore the policy of the state of New Hampshire is to provide for the establishment, support, preservation, and redevelopment of business and industry, whether or not operated for profit, located outside the state of New Hampshire.  It is further declared that the performance of the powers conferred on the business finance authority as set forth in this chapter shall be regarded as performing an essential governmental function in carrying out the policy set forth in this section and by the carrying out of the powers set forth in the following provisions of this chapter.  The purpose of this chapter is to expand and not to limit the existing powers of the business finance authority in order to carry out this policy.

162-S:2  Definitions.  Unless the context otherwise clearly requires, in this chapter:

I.  "Authority" or "national finance authority" means the business finance authority acting pursuant to this chapter and operating under the name "national finance authority."

II.  "Business finance authority" means the New Hampshire business finance authority created pursuant to RSA 162-A.

III.  "Bond" means any bond, note, or other obligation evidencing indebtedness issued or entered into or acquired or incurred by the authority under this chapter, including any certificate of participation or lease or lease-purchase, installment sale, or other financing agreement, and any refunding bond or other indebtedness with respect to a bond or any other evidence of indebtedness issued by the authority or another party.

IV.  "Designated member" means the executive director of the business finance authority and the 4 members of the board of directors of the authority appointed pursuant to RSA 162-S:3, II.

V.  "Executive board" means the executive board of the national finance authority, whose designated members collectively shall have and carry out the powers conferred on the business finance authority in this chapter.

VI.  "Participating institution" means any project owner, co-owner, operator, sponsor, or other party which, pursuant to the provisions of this chapter, undertakes the financing and construction or acquisition of a project or undertakes the refunding or refinancing of bonds relating to a project as provided in and permitted by this chapter.

VII.  “Project” means any capital improvement, purchase of receivables, property, assets, commodities, bonds, or other revenue streams or related assets, working capital program or liability or other insurance program, located outside of the state.  The term “project” shall include any housing facility located outside the state for students, faculty, or staff affiliated with an educational institution and any housing facility, including without limitation any senior living, assisted living, or nursing home facility, used or operated by or for the benefit of any hospital or health care, senior care, or senior living institution in connection with the carrying out of hospital, health care, senior care, or senior living services and shall include any housing, housing project, or any other facility that may be financed by the New Hampshire housing finance authority under RSA 204-C with the written consent of the New Hampshire housing finance authority’s executive director or his or her designee; provided that written consent shall not be required with respect to the financing of any facility that, were such facility located within the state, could have been financed pursuant to the provisions of RSA 162-I as of the effective date of this chapter.

VIII.  "Revenue" means all moneys and fees received from participating institutions or any other source with respect to a project or otherwise for services provided by or on behalf of the authority.

IX.  "State" means the state of New Hampshire.

162-S:3  Establishment of the Authority; Membership; Meetings; Reporting.

I.  The national finance authority is hereby established within and as a component unit of the business finance authority for the purpose of exercising the powers, duties, and responsibilities conferred by this chapter.  While acting pursuant to this chapter, the business finance authority shall operate under the name "national finance authority."  Subject to the provisions of this chapter, the authority shall be governed by the designated members as provided in paragraph II.  The authority shall not be separate from the business finance authority but through its executive board shall exercise all powers and take all actions pursuant to this chapter on behalf of the business finance authority.

II.  All of the powers of the authority are vested in the executive board of the authority, comprising 5 members, one of whom shall be the executive director of the business finance authority serving ex officio and 4 of whom shall be current members of the board of directors of the business finance authority who have been appointed by the chairman of the business finance authority.  Of the 4 initial appointed members of the executive board of the authority, one shall be appointed for a term ending on November 3, 2019, one shall be appointed for a term ending on November 3, 2020, one shall be appointed for a term ending on November 3, 2021, and one shall be appointed for a term ending on November 3, 2022.  Successors to those initial executive board members whose terms expire each year shall be appointed by the chairman of the business finance authority, each of whom shall be a current member of the board of directors of the business finance authority and each of whom shall be appointed for a term of 3 years.  An appointed member may continue to serve until a successor is appointed and so long as such appointed member is a member of the board of directors of the business finance authority.  The term of an appointed member of the executive board shall terminate at the time such appointed member ceases to be a member of the board of directors of the business finance authority.  If a vacancy occurs in the membership of the appointed members of the executive board, the chairman of the business finance authority shall appoint a successor to complete the remainder of the unexpired term of the appointed member leaving such vacancy.  Any appointed member of the executive board shall be eligible for re-appointment.  Members of the executive board shall not receive compensation for serving in such capacity, but shall be entitled to reimbursement for any expenses actually incurred in connection with such service, if the executive board shall determine that such expenses shall be reimbursed and there are unencumbered funds of the authority available for such purpose.

III.  The members of the executive board shall elect one of its members as chairperson of the executive board and another as vice chairperson of the executive board, and shall also elect a secretary of the executive board, who need not be a member of the executive board.  Notwithstanding any provision of RSA 162-A or RSA 162-I to the contrary, 3 members of the executive board shall constitute a quorum for any meeting of the authority under this chapter, and the vote of a majority of the members of the executive board constituting a quorum present and voting shall be a prerequisite to any action taken by the authority.  A vacancy in the membership of the executive board shall not impair the right of a quorum to exercise all the powers and perform the duties of the authority under this chapter.  Notwithstanding RSA 91-A or any other law to the contrary, members of the executive board shall be permitted to participate in meetings of the authority by telephone or video conference, provided that any member so participating shall be able to be heard by and to hear every other member of the executive board participating in the meeting and, unless the authority meeting is a nonpublic session being conducted pursuant to RSA 91-A:3, shall be able to hear and be heard by all members of the public attending the meeting, and provided further that the meeting is held at a physical location available to the public and identified in the notice of the meeting.  Voting members participating by telephone or video conference shall be treated as present at the meeting for all purposes, including the establishment of quorum.

IV.  Any action taken by the authority under this chapter may be authorized by resolution at any regular or special meeting, and each such resolution shall take effect immediately and need not be published or posted.

V.  The business finance authority, acting pursuant to its general powers set forth in RSA 162-A and RSA 162-I, shall have the power to establish rules, requirements, and procedures with respect to the operations and activities of the authority pursuant to this chapter.  Such rules shall be subject to the requirements of RSA 162-A:28.

VI.  Upon dissolution of the authority, subject to the adequate provision for the payment of its bonds, including interest on the bonds, and the performance of its contractual obligations, the property and other net assets of the authority shall remain with or be transferred to the business finance authority.

162-S:4  Powers of the Authority.  Subject to the powers of the business finance authority established under RSA 162-S:3, V to establish rules, requirements, and procedures, the authority shall have all of the powers necessary or convenient to carry out the purposes and provisions of this chapter.  In addition to all other powers conferred on the business finance authority under the laws of the state, the business finance authority, acting under this chapter by, through, and as the national finance authority, and further subject to the powers of the business finance authority established under RSA 162-S:3, V, shall have power to do any of the following in connection with bonds issued under this chapter:

I.  Adopt policies for the regulation of its affairs and the conduct of the business of the authority.

II.  Sue, with the approval of the business finance authority, and be sued in the name of the authority, and in such capacity to plead and be impleaded in judicial proceedings.

III.  Acquire, buy, own, operate, sell, lease as lessor or lessee, encumber, mortgage, hypothecate, pledge, assign, gift, or otherwise transfer any real, personal, tangible, intangible, or other property or interest in real, personal, or other property that is located outside of the state, either in the name of the authority or in the name of a partnership, trust, corporation, limited liability corporation, or other special purpose entity created by and under the control of the authority.

IV.  Enter into contracts relating to the issuance of bonds.

V.  Issue bonds or refunding bonds, subject to RSA 162-S:5 and RSA 162-S:10, to finance or refinance a project, including to fund a reserve fund or capitalized interest, payment of costs of issuance and other costs related to the financing or refinancing or credit enhancement, and enter into agreements related to the issuance of bonds, including liquidity and credit facilities, remarketing agreements, insurance policies, debt service guarantee agreements, letters of credit or reimbursement agreements, indexing agreements, interest rate swap agreements, currency exchange agreements, commodity swap agreements, other hedge agreements, and any other like agreements, in each case with such payment, interest rate, currency security, remedy, and other terms and conditions as the authority shall approve.

VI.  Retain or appoint such agents, finance professionals, and special advisors as the authority finds necessary or convenient and fix their compensation.

VII.  Accept gifts, loans, or other aid.

VIII.  Establish and collect fees, including charges to recover the administrative expenses of the authority, from participating institutions and other parties who benefit from the provision of services by the authority, or services provided by an outside entity on behalf of the authority.

IX.  Make loans to, lease real, personal, and other property from or to, or enter into any other kind of an agreement with a participating institution or other entity, in connection with the financing or refinancing of a project.

X.  Mortgage, pledge, or otherwise encumber the authority's property assigned to or transferred to it in connection with bonds or its interest, or any portion of its interest, in a project.

XI.  Assign or pledge any portion of its interest in projects, mortgages, deeds of trust, indentures of mortgage or trust, leases, purchase or sale agreements, other financing agreements, or similar instruments, bonds, notes, and security interests in property, of a participating institution, or contracts entered into or acquired in connection with bonds.

XII.  Issue, obtain, or aid in obtaining, from any person, any insurance or guarantee to, or for, the payment or repayment of interest or principal, or both, on any bond, loan, lease, or other obligation evidencing or securing such a bond, loan, lease, or obligation that is issued, incurred, or entered into under this chapter.

XIII.  Apply on its own behalf or on behalf of a participating institution to any unit of government for an allocation of volume cap, tax credit, subsidy, grant, loan, credit enhancement or with respect to any other federal program or any program of any other unit of government in connection with the financing or refinancing of a project.

XIV.  Invest any bond proceeds or any money held for payment or security of the bonds, or any contract entered into under this chapter, in any securities or obligations permitted by the resolution, trust agreement, indenture, or other agreement providing for issuance of the bonds or the contract.

XV.  At the request of one or more participating institutions, combine and pledge revenues of 2 or more projects to the repayment of one or more series of bonds issued under this chapter.

XVI.  Purchase bonds issued by or on behalf of, or held by, any participating institution, any unit of government or a political subdivision, department, or authority thereof, such purchased bonds to be held by the authority or sold, in whole or in part, separately or together with other bonds issued by the authority.  Notwithstanding anything in this chapter or in the laws of the state to the contrary, none of the earnings of the authority shall inure or be permitted by the authority to inure to the benefit of any private person.

162-S:5  Issuance of Bonds; Exemption from Taxation.

I.  The authority shall not issue bonds unless the issuance thereof shall have first been authorized by a bond resolution approved by the authority.  Bonds issued pursuant to this chapter shall be designated and captioned as bonds of the national finance authority.  Bonds may be issued under this chapter without obtaining the consent of the governor and council or of any department, division, commission, board, body, bureau, or agency of the state; and without any other proceedings or the happening of any conditions or things except those proceedings or the occurrence of those conditions or things that are specifically required by this chapter and by the provisions of the resolution authorizing the issuance of such bonds or the trust agreement securing the same.  A bond issued under this section shall meet all of the following requirements:

(a)  The face of the bond shall include the date of issuance and the date of maturity.

(b)  The bond shall include the statements required under RSA 162-S:9, III and RSA 162-S:10, V.

(c)  The bond shall bear a rate of interest, either fixed or variable, except that any variable rate of interest shall be made subject to a maximum rate.

(d)  The bond shall specify when interest and principal shall be paid.

(e)  Bonds shall be executed in the manner provided in the resolution therefor and may be executed by one designated member, provided that such execution may be by facsimile so long as the bond is signed by an authentication agent appointed by the authority.

(f)  Bonds in a single issue may comprise a single denomination or 2 or more denominations.

II.  Notwithstanding paragraph I, as an alternative to specifying the matters required to be specified in the bond resolution pursuant to paragraph I, the resolution may specify designated members or officers or employees of the authority by name or position, to whom the authority delegates authority to determine which of the matters specified under paragraph I, and any other matters that the authority deems appropriate, for inclusion in the trust agreement, indenture, or other agreement providing for issuance of the bonds as finally executed, provided that a resolution approved by the authority under this section shall in all cases specify each of the following:

(a)  The maximum principal amount of bonds to be issued.

(b)  The maximum term of the bonds.

III.  A bond issued under this section may include, or be subject to, any of the following:

(a)  Mandatory, special, or optional redemption, or purchase in lieu of redemption, or tender, as provided in the resolution, and any notice of redemption with respect to any bond may be conditioned on the occurrence of such events as are specified by the authority in such notice.

(b)  A provision providing a right to tender.

(c)  A trust agreement or indenture containing any terms, conditions, and covenants that the authority determines to be necessary or appropriate, but such terms, conditions, and covenants may not be in conflict with the resolution.

IV.  The authority may purchase any bond issued under this section.  Subject to the terms of any agreement with the bondholders, the authority may hold, pledge, resell, or cancel any bond purchased under this paragraph, except that a purchase under this paragraph will not cause the extinguishment of such bond unless the authority cancels the bond or otherwise certifies its intention that the bond be extinguished.

V.  The proceeds of a bond issued under this chapter may be used to finance or refinance one or more projects located outside of the state, but shall not be used to finance or refinance any project located within the state of New Hampshire.

VI.  The exercise of the powers granted by this chapter shall be in all respects for the benefit of the people of the state, for the increase of their commerce, welfare, and prosperity, and for the improvement of their health and living conditions, and shall constitute the performance of an essential governmental function, and the authority shall not be required to pay any taxes or assessment upon or in respect of a project or any property acquired or used by the authority or under the jurisdiction, control, possession, or supervision of the same or upon the activities of the authority in the operation or maintenance of any project under the provisions of this chapter, or upon income or other revenues received therefrom, and any bonds of the authority issued under the provisions of this chapter, their transfer and the income therefrom, including any profit made on the sale thereof, as well as the income and property of the authority, are at all times exempt from taxation of every kind by the state and by the municipalities and all other political subdivisions of the state.

162-S:6  Sale of Bonds.

I.  The sale of bonds under this section shall be conducted as provided in the resolution therefor or as directed by the person or persons to whom a delegation of authority has been made pursuant to RSA 162-S:5, II.

II.  A sale of bonds may be public or private, and bonds may be sold at the price or prices, and upon the conditions, determined by the authority, and the authority shall give due consideration to the recommendations of the participating institution with respect to the project when determining the conditions of sale of bonds with respect thereto.

III.  If at the time of sale definitive bonds are not available, the authority may issue interim certificates exchangeable for definitive bonds.

162-S:7  Bond Security.

I.  The authority may secure bonds by a trust agreement or indenture or other agreement by and between the authority and one or more corporate trustees.  Such trust agreement, indenture, or other agreement may contain provisions for pledging properties, revenues, and other collateral; holding and disbursing funds; protecting and enforcing the rights and remedies of bondholders; restricting individual rights of action by bondholders; and amendments, and any other provisions the authority determines to be reasonable and proper for the security of holders of bonds issued under this chapter or contracts entered into under this paragraph in connection with the bonds.

II.  A pledge of property, revenues, or other collateral by the authority to secure the payment of the principal or redemption price of, or interest on, any bonds, or any reimbursement or similar agreement with any provider of credit enhancement for bonds, or any swap or other agreement entered into in connection with bonds, is binding on the parties and on any successors.  The collateral shall immediately be subject to the pledge, and the pledge shall constitute a lien and security interest which shall attach immediately to the collateral and be effective, binding, and enforceable against the pledgor, its successors, purchasers of the collateral, creditors, and all others, to the extent set forth, and in accordance with, the pledge document, irrespective of whether those parties have notice of the pledge and without the need for any physical delivery, recordation, filing, or further act.

162-S:8  No Personal Liability.  No designated member, director, officer, employee, or agent of the authority, the business finance authority, or a business entity created under RSA 162-S:4, III shall be liable personally on the bonds or any contract entered into by the authority or such business entity or subject to any personal liability or accountability by reason of the issuance of the bonds, unless the personal liability or accountability is the result of willful misconduct.

162-S:9  Bonds not Public Debt.

I.  Unless otherwise expressly provided in the resolution therefor, bonds of the authority shall be limited obligations of the authority payable solely from amounts received by or on behalf of the authority from revenues derived from the project to be financed or refinanced thereby, or from any contract entered into or investment made in connection with the bonds and pledged to the payment of the bonds.

II.  The state and the political subdivisions of the state are not and shall not be liable on bonds issued or any other contract entered into under this chapter, or for any other debt, obligation, or liability of the authority, whether in tort, contract, or otherwise.

III.  Bonds issued under this chapter are not a debt of the state or the political subdivisions of the state.  No bond issued under this chapter shall obligate the state, or any political subdivision approving a financing under RSA 162-S:10 to levy any tax or make any appropriation for payment thereof or with respect thereto.  All bonds issued by the authority under this chapter are payable solely from the funds pledged for their payment in accordance with the trust agreement, indenture, or other agreement providing for their issuance.  All bonds shall contain, on their face, a statement regarding the obligations of the state, the political subdivisions of the state, and the authority as set forth in this section.

162-S:10  Limitations.

I.  To the extent required by section 147(f) of the Internal Revenue Code of 1986, as amended, or by any applicable successor provision of federal tax law, the authority may not issue bonds to finance a project in any state or territory of the United States unless the governor, or his or her designee in compliance with applicable federal law, of the state of New Hampshire has approved the financing of the project following a hearing held by the authority and unless the state or a political subdivision within whose boundaries the project is to be located has approved the financing of the project; provided that an approval by a political subdivision under this paragraph may be made by the governing body of the political subdivision or by the highest ranking executive or administrator of the political subdivision.

II.  This chapter provides a complete alternative method to all other methods provided by law to exercise the powers authorized in this chapter, including the issuance of bonds, the entering into of contracts related to those bonds, and the financing or refinancing of projects.

III.  A project may be located outside of the United States and outside a territory of the United States, and the authority may issue bonds to finance or refinance such project, if at the time of issuance of such bonds the participating institution with respect thereto is incorporated and has its principal place of business within the United States or a territory of the United States.

IV.  Any action brought to challenge the validity of the issuance of a bond under this chapter, or the enforceability of a contract entered into under this chapter, must be commenced in a court of competent jurisdiction in the state within 30 days of adoption by the authority of the resolution authorizing the issuance of the bond or the execution of the contract.

V.  Bonds issued under this chapter shall not be invalid for any irregularity or defect in the proceedings for their sale or issuance.  All bonds shall contain, on their face, a statement that they have been authorized and issued pursuant to the laws of the state, and such statement shall be conclusive evidence of the validity of the bonds.

162-S:11  State Pledge.  The state does hereby pledge to and agree with the holders of bonds issued under this chapter that the state shall not limit or alter the rights hereby vested in the authority to fulfill the terms of any agreements made with the holders of such bonds or in any way impair the rights and remedies of such holders until such bonds, together with the interest on them, with the interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceeding by or on behalf of such holders, are fully met and discharged.  The authority is authorized to include this pledge and agreement of the state in any agreement with the holders of such bonds.

162-S:12  Selection of Authority Bond Program Administrator.  After the initial designated members have been appointed pursuant to RSA 162-S:3, II, the business finance authority may select a qualified firm to assist in the carrying out of the powers of the authority and the administration of the business of the authority conferred by this chapter.  The selection of such firm shall be pursuant to a process approved by the board of directors of the business finance authority and such firm shall serve on such financial terms as shall be approved by board of directors of the business finance authority.  At the conclusion of the initial term of service of such firm, the business finance authority shall determine whether, and on what terms, to engage any firm to provide any such services.

162-S:13  Rulemaking.

I.  The authority shall be exempt from the rules of any department, commission, board, bureau, or agency of the state except as otherwise provided in this chapter.

II.  The authority shall be exempt from the provisions of RSA 541-A and may adopt rules in accordance with its own procedures to facilitate, implement, and carry out the powers, duties, and purposes of the authority enumerated in this chapter and such other and additional powers and purposes as shall be conferred upon it by the legislature.  The authority shall file in the office of legislative services a copy of all existing rules adopted by the authority.  Any rule adopted after the effective date of this section or any amendment or repeal of any existing rule shall be filed in the office of legislative services within 7 days of such adoption, amendment, or repeal.

331:2  New Subparagraph; New Hampshire Health and Education Facilities Authority; Definition of Project.  Amend RSA 195-D:3, II by inserting after subparagraph (b) the following new subparagraph:

(c)  Subject to RSA 195-D:9 and RSA 195-D:21, a project, or any portion thereof, may be located within or outside the state.

331:3  New Hampshire Health and Education Facilities Authority; Definition of Institution for Postsecondary Education or Higher Education.  Amend RSA 195-D:3, V to read as follows:

V.  "Institution for postsecondary education or higher education'' means an educational institution [situated within the state] which by virtue of law or charter is a public or other nonprofit educational institution empowered to provide a program of education beyond the high school level and awards a bachelor's or graduate degree or provides a program of not less than 2 years' duration which is accepted for full credit toward a bachelor's degree. Said definition shall include the university system of New Hampshire or any of its components when revenue bonds are to be issued for the acquisition, construction, renovation or refinancing of any structure designed for use as a dormitory or other housing facility, dining hall or other food service facility, student union, bookstore, or other revenue-producing facility of the university system of New Hampshire or any of its components, which revenue bonds are to be secured by the pledge of the revenue from such revenue-producing facilities, but not by the full faith and credit of the university system, any of its components, or the state of New Hampshire.

331:4  New Hampshire Health and Education Facilities Authority; Definition of Hospital.  Amend RSA 195-D:3, VII to read as follows:

VII.  "Hospital'' means any nonprofit hospital [located within and incorporated under the laws of the state which is licensed by the department of health and human services] licensed in the state in which the hospital is located.

331:5  New Hampshire Health and Education Facilities Authority; Definition of Institution Providing a Health Care Program.  Amend RSA 195-D:3, VIII-a to read as follows:

VIII-a.  "Institution providing a health care program'' means a not-for-profit or charitable institution, public or private, which is exempt from federal taxation pursuant to section 501 of the Internal Revenue Code of 1986, as amended, and which is either licensed [by the state of New Hampshire] to provide any health care service or function or [which, although not itself licensed by the state of New Hampshire,] provides a program involving or otherwise related to the delivery of healthcare by institutions or professionals [licensed by the state of New Hampshire], whether in the form of treatment, education, the provision or delivery of health care services or otherwise.

331:6  New Hampshire Health and Education Facilities Authority; Definition of Nursing Home.  Amend RSA 195-D:3, XII to read as follows:

XII.  "Nursing home,'' notwithstanding any other provision of law to the contrary, means any nonprofit or charitable institution or organization, public or private, which is exempt from federal taxation pursuant to section 501 of the United States Internal Revenue Code of 1986 as amended, and which is engaged in the operation of, or formed for the purpose of operating, a facility in which nursing care, sheltered care, intermediate care, life-care or continuing care, and medical services are prescribed by or performed under the general direction of persons licensed to practice medicine or surgery [in New Hampshire], and in whole or in part is, or shall be upon completion, licensed as a residential care facility under RSA 151:2, I(e) or licensed as a nursing home under the laws of New Hampshire or licensed by the state in which it is located.

331:7  New Hampshire Health and Education Facilities Authority; Definition of Institution for Secondary Education.  Amend RSA 195-D:3, XIV to read as follows:

XIV.  "Institution for secondary education'' means a nonprofit institution for education, which [is located within the state and which]:

(a)  Provides a program of education [within the state] which is preparatory for postsecondary or higher education; or

(b)  Is a residential facility which is licensed as a group home or child care institution by the [department of health and human services pursuant to RSA 170-E] state within which it is located.

331:8  New Hampshire Health and Education Facilities Authority; Definition of Home Health Care Provider.  Amend RSA 195-D:3, XVI to read as follows:

XVI.  "Home health care provider'' means a home health care provider as defined in RSA 151:2-b which offers, and is licensed under RSA 151:2, I(b) or by the state within which it is located to offer health care services and which is a nonprofit or charitable institution or organization, public or private, which is exempt from federal taxation pursuant to section 501 of the United States Internal Revenue Code of 1986 as amended.

331:9  New Hampshire Health and Education Facilities Authority; Definition of Ambulatory Care Clinic.  Amend RSA 195-D:3, XVII to read as follows:

XVII.  "Ambulatory care clinic'' means any nonprofit or charitable institution or organization, public or private, which is exempt from federal taxation pursuant to section 501 of the United States Internal Revenue Code of 1986 as amended, and which is engaged in the operation of, or formed for the purpose of operating, an ambulatory health care facility in which health care services are offered to the public on an outpatient basis by or under the direction of licensed physicians [licensed by the state of New Hampshire] and licensed health care professionals.

331:10  New Paragraph; New Hampshire Health and Education Facilities Authority; Definition of Affiliate Added.  Amend RSA 195-D:3 by inserting after paragraph XVIII the following new paragraph:

XIX.  "Affiliate" means any entity which controls or is controlled by, or is under common control with, another entity.  For purposes of this definition, an entity controls another entity when the first entity possesses or exercises directly, or indirectly through one or more other affiliates or related entities, the power to direct the management and policies of the other entity, whether through the ownership of voting rights, membership, or the power to appoint members, trustees, or directors, by contract or otherwise.

331:11  New Paragraph; New Hampshire Health and Education Facilities Authority; Bonds of the Corporation.  Amend RSA 195-D:9 by inserting after paragraph VIII the following new paragraph:

IX.  The proceeds of revenue bonds issued under this section may be used for a project in this state or another state, provided that if the proceeds of the bond are used for a project any portion of which is located in another state, the participating institution or affiliate shall (a) be organized under New Hampshire law; (b) have a facility located in New Hampshire; or (c) provide or plan to provide an educational program or health care program or services in this state.

331:12  New Hampshire Health and Education Facilities Authority; Procedure Before Issuance of Bonds.  Amend RSA 195-D:21, I and II to read as follows:

I.  In the case of undertaking a project, the construction and acquisition of such project will enable or assist a participating educational institution to provide education [within the state] or a participating health care institution to provide health care facilities [within the state]; and

II.  Such project to be undertaken or a project to which the refinancing of existing indebtedness relates will be leased to, or owned by, a financially responsible participating institution [within the state] or an affiliate thereof; and

331:13  New Hampshire Health and Education Facilities Authority; Procedure Before Issuance of Bonds.  Amend RSA 195-D:21, VII and VIII to read as follows:

VII.  In the case of undertaking a project, the construction and acquisition of such project or projects serves a need presently not fulfilled in providing education or health care facilities [within the state] and is of public use and benefit; and

VIII.  In the case of refinancing of existing indebtedness, such refinancing will assist the participating institution in either lowering the cost of providing education or health care facilities [within the state] or such refinancing is in connection with a project being provided by the participating institution.

331:14  New Hampshire Housing Finance Authority; Authority to Issue Bonds.  Amend RSA 204-C:8, XXVI-a and XXVI-b to read as follows:

XXVI-a.  Finance, on such terms and conditions as the authority may determine, by the issuance of bonds or otherwise, homes for persons with disabilities without regard to any other requirement of this chapter relating to the making or purchasing of loans or mortgage loans or to the requirements of RSA 204-C:11 if the authority finds that such financing would result in a public benefit;[ and]

XXVI-b.  Make loans, on such terms and conditions as the authority may determine, by issuance of bonds or otherwise, secured by homes owned by the elderly without regard to any other requirements of this chapter relating to the making or purchasing of loans or mortgage loans if the authority finds that such financing would result in a public benefit; [and]

XXVI-c.  Issue bonds, without regard to any other requirements of this chapter, for housing, housing projects, or any other facility located outside of the state that could be financed by the authority if it were located within the state, if the authority finds that such financing would result in a public benefit to the state or its citizens, provided that no such bonds shall be considered an obligation or pledge of the faith and credit of the state; and

331:15  New Subparagraph; Administrative Procedure Act; Exceptions; Business Finance Authority.  Amend RSA 541-A:21, I by inserting after subparagraph (ii) the following new subparagraph:

(jj)  RSA 162-S, relative to the extraterritorial financing powers of the business finance authority.

331:16  Effective Date.  This act shall take effect upon its passage.

 

Approved: June 25, 2018

Effective Date: June 25, 2018

Links

SB537 at GenCourtMobile

Action Dates

Date Body Type
Feb. 14, 2018 Senate Hearing
March 22, 2018 Senate Floor Vote
March 21, 2018 Senate Floor Vote
April 10, 2018 House Hearing
April 17, 2018 House Exec Session
April 18, 2018 House Exec Session
House Floor Vote
May 2, 2018 House Floor Vote
May 17, 2018 House Floor Vote
May 23, 2018 House Floor Vote
May 23, 2018 Senate Floor Vote

Bill Text Revisions

SB537 Revision: 4239 Date: June 27, 2018, 9:11 a.m.
SB537 Revision: 3949 Date: June 6, 2018, 12:20 p.m.
SB537 Revision: 3672 Date: May 2, 2018, 2:10 p.m.
SB537 Revision: 3312 Date: March 22, 2018, 1:29 p.m.
SB537 Revision: 2881 Date: Jan. 9, 2018, 8:41 a.m.

Docket


June 25, 2018: Signed by the Governor on 06/25/2018; Chapter 0331; Effective 06/25/2018


June 25, 2018: Signed by the Governor on 06/25/2018; Chapter 0331; Effective 06/25/2018 SC 27


May 23, 2018: Enrolled (In recess 05/23/2018); SJ 18


May 23, 2018: Enrolled 05/23/2018


May 23, 2018: Enrolled Bill Amendment # 2018-2106e Adopted, VV, (In recess of 05/23/2018); SJ 18


May 23, 2018: Enrolled Bill Amendment # 2018-2106e: AA VV 05/23/2018


May 23, 2018: Conference Committee Report # 2018-1993c, Adopted, VV; 05/23/2018; SJ 18


May 23, 2018: Conference Committee Report 1993c: Adopted, VV 05/23/2018


May 17, 2018: Conference Committee Report # 2018-1993c Filed 05/17/2018; House Amendment + New Amendment


May 15, 2018: Committee of Conference Meeting: 05/15/2018, 09:30 am, Room 103, SH


May 10, 2018: Speaker Appoints: Reps. Hunt, Williams, Biggie, Panasiti 05/10/2018


May 10, 2018: House Accedes to Senate Request for CofC (Rep. Hunt): MA VV 05/10/2018


May 10, 2018: President Appoints: Senators Carson, Gannon, Cavanaugh; 05/10/2018; SJ 17


May 10, 2018: Sen. Carson Moved Nonconcur with the House Amendment; Requests C of C, MA, VV; 05/10/2018; SJ 17


May 2, 2018: Ought to Pass with Amendment 1601h: MA VV 05/02/2018


May 2, 2018: Amendment # 2018-1601h: AA VV 05/02/2018


: Minority Committee Report: Refer for Interim Study


May 2, 2018: Majority Committee Report: Ought to Pass with Amendment # 2018-1601h for 05/02/2018 (Vote 14-4; RC) HC 17 P. 12


: Majority Committee Report: Ought to Pass with Amendment # 2018-1601h (Vote 14-4; RC)


April 18, 2018: ==CONTINUED== Executive Session: 04/18/2018 LOB 302


April 24, 2018: Subcommittee Work Session: 04/24/2018 10:00 AM LOB 301


April 17, 2018: ==RECESSED== Executive Session: 04/17/2018 01:30 PM LOB 302


April 17, 2018: Subcommittee Work Session: 04/17/2018 10:00 AM LOB 302


April 10, 2018: Public Hearing: 04/10/2018 11:15 AM LOB 302


March 22, 2018: Introduced 03/22/2018 and referred to Commerce and Consumer Affairs HJ 10 P. 53


March 21, 2018: Ought to Pass with Amendment 2018-1107s, MA, VV; OT3rdg; 03/21/2018; SJ 9


March 21, 2018: Committee Amendment # 2018-1107s, AA, VV; 03/21/2018; SJ 9


March 22, 2018: Committee Report: Ought to Pass with Amendment # 2018-1107s, 03/22/2018; SC 13


March 21, 2018: Committee Report: Ought to Pass with Amendment # 2018-1107s, 03/21/2018; SC 13


Feb. 14, 2018: Hearing: 02/14/2018, Room 101, LOB, 09:00 am; SC 7


Jan. 3, 2018: Introduced 01/03/2018 and Referred to Executive Departments and Administration; SJ 2