Revision: Jan. 2, 2020, 1:52 p.m.
SB 569 - AS INTRODUCED
2020 SESSION
20-3004
04/06
SENATE BILL 569
AN ACT relative to the borrowing authority of the university system of New Hampshire.
SPONSORS: Sen. Kahn, Dist 10; Sen. Watters, Dist 4; Sen. Fuller Clark, Dist 21; Sen. Morgan, Dist 23; Rep. Luneau, Merr. 10; Rep. Heath, Hills. 14
COMMITTEE: Finance
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ANALYSIS
This bill amends the borrowing authority of the board of trustees of the university system 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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
20-3004
04/06
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty
AN ACT relative to the borrowing authority of the university system of New Hampshire.
Be it Enacted by the Senate and House of Representatives in General Court convened:
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 RSA 187-A:16, XVII is repealed and reenacted to read as follows: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.