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1 University System of New Hampshire; Authority of the Trustees. RSA 187-A:16, XVII is repealed and reenacted to read as follows:
XVII. With the consent of the governor and council, borrow on the credit of the university system, or on any other credit or security approved by the board of trustees, for any corporate purpose of the university system of New Hampshire, or any of its component institutions, including financing or refinancing any capital expenditures of, or financing working capital or reserves for, the university system of New Hampshire or any of its component institutions. Any such borrowing may be incurred directly by the university system through loan agreements, indentures, leases, bonds, notes, or otherwise or, through the New Hampshire health and education facilities authority pursuant to RSA 195-D. The board of trustees shall not authorize any additional borrowing if the projected annual debt service on such additional borrowing, when added to the prior projected and actual annual debt service on any previously authorized borrowing, both issued and unissued, exceeds 10 percent of the university system's operating revenues as reported in the most recent audited financial statements.
2 Effective Date. This act shall take effect 60 days after its passage.
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1 University System of New Hampshire; Authority of the Trustees. RSA 187-A:16, XVII is repealed and reenacted to read as follows:
XVII. With the consent of the governor and council, borrow on the credit of the university system, or on any other credit or security approved by the board of trustees, for any corporate purpose of the university system of New Hampshire, or any of its component institutions, including financing or refinancing any capital expenditures of, or financing working capital or reserves for, the university system of New Hampshire or any of its component institutions. Any such borrowing may be incurred directly by the university system through loan agreements, indentures, leases, bonds, notes, or otherwise or, through the New Hampshire health and education facilities authority pursuant to RSA 195-D. The board of trustees shall not authorize any additional borrowing if the projected annual debt service on such additional borrowing, when added to the prior projected and actual annual debt service on any previously authorized borrowing, both issued and unissued, exceeds 10 percent of the university system's operating revenues as reported in the most recent audited financial statements.
2 Effective Date. This act shall take effect 60 days after its passage.