reglab/statecodes huggingface dataset:
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-A - Authorizing Electric Utilities to Participate in Electric Power Facilities › Section 374-A:3 - Powers of Foreign Electric Utilities.

374-A:3 Powers of Foreign Electric Utilities. –
Notwithstanding any contrary provision of any general or special law relating to the powers and authorities of foreign electric utilities, but subject to the conditions set forth in this chapter, a foreign electric utility shall have the following additional powers: Jointly, with one or more other electric utilities, including at least one domestic electric utility, to construct, purchase, operate, maintain, use, own, mortgage, lease, sell, dispose of or otherwise participate in electric power facilities or portions thereof within this state or the product or service therefrom and in connection therewith to enter into and perform within the state contracts and agreements as provided in RSA 374-A:2, II; provided, however, that nothing in this section shall be construed to exempt from state regulation any facility, product or service to which this section applies or to authorize a foreign electric utility to sell electricity at wholesale or retail within this state except:
I. As otherwise authorized by or under the laws of this state other than this chapter;
II. In connection with sales of economy, backup and other energy; and
III. For any sale or sales of capacity and related energy from a specifically identified generating unit which is an electric power facility.
Source.
1975, 501:1, eff. June 24, 1975.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-A - Authorizing Electric Utilities to Participate in Electric Power Facilities › Section 374-A:4 - Joint Ownership and Waiver of the Right of Partition.

374-A:4 Joint Ownership and Waiver of the Right of Partition. –
If any domestic or foreign electric utility acquires or owns an interest as a tenant in common with one or more other domestic or foreign electric utilities in any electric power facilities in this state, the surrender or waiver by any such owner of such property of its right to partition such property shall not be invalid or unenforceable as unduely restricting the alienation of such property.
Source.
1975, 501:1, eff. June 24, 1975.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-A - Authorizing Electric Utilities to Participate in Electric Power Facilities › Section 374-A:5 - Taxation.

374-A:5 Taxation. –
I. All electric power facilities, real and personal, situated within the state of any domestic electric utility other than a municipal utility, all such facilities of a municipal utility situated within the state but without its corporate limits, and all such facilities situated within the state of any foreign electric utility shall be subject to assessment and taxation as tangible property in the same manner and to the same extent as is provided by law with respect to such property of a corporation defined as a "public utility" in RSA 362:2.
II. Legislative consent is hereby given to the application to any domestic electric utility which has acquired or has an interest in an electric power facility, real or personal, situated without the state, or which is acting without the state pursuant to authority granted in this chapter, of the laws of other states with respect to taxation, payments in lieu of taxes, and the assessment thereof.
Source.
1975, 501:1, eff. June 24, 1975.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-A - Authorizing Electric Utilities to Participate in Electric Power Facilities › Section 374-A:7 - Regulation of Foreign Electric Utilities.

374-A:7 Regulation of Foreign Electric Utilities. –
I. Each foreign electric utility which is acting pursuant to authority granted in this chapter shall, before owning or operating any electric power facilities in this state, notify the commission of the action to be taken by it and obtain the commission's permission under RSA 374:22 and 26 to the extent such permission is required by RSA 374:22; shall thereafter furnish to the commission annually a copy of the annual report filed by it with the utility regulatory agency of the state of its domicile or principal locus; and shall furnish to the commission from time to time such other information with respect to its activities in the state as the commission may reasonably request;
II. Any foreign electric utility which owns or operates any electric power facilities in this state shall:
(a) File with the secretary of state as a foreign corporation doing business in New Hampshire and consent to service of process pursuant to the provisions of RSA 293-A;
(b) Be subject to and comply with all laws and regulations applicable to the construction, operation and use of such electric power facilities; provided, however, that such foreign electric utility shall not be deemed to be a public utility for the purposes of RSA Title XXXIV except in relation to its activities as a participant in electric power facilities within the state and except to the extent that the activities in this state of such foreign electric utility exclusive of such participation in electric power facilities shall cause it to be deemed a public utility; and
(c) Be subject to the requirements of RSA 369 and other regulatory laws within the state with respect to any financing of its interest in such electric power facilities, including any borrowing or the issuance of any notes, bonds or other evidence of indebtedness or securities of any nature; provided, however, that it shall be exempt from the requirements of this subparagraph upon certification filed with the commission by a regulatory agency of the state of domicile or principal locus of such foreign electric utility, or of the United States, either that said regulatory agency has general regulatory jurisdiction over the financing of such foreign electric utility or that said regulatory agency has exercised jurisdiction over, or has reviewed and not objected to, a particular proposed financing or that said regulatory agency has general supervision of such foreign electric utility in the conduct of its electric business.
Source.
1975, 501:1, eff. June 24, 1975.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-A - Authorizing Electric Utilities to Participate in Electric Power Facilities › Section 374-A:8 - Proceedings to Acquire Property or to Obtain Rights in Public Waters and Lands.

374-A:8 Proceedings to Acquire Property or to Obtain Rights in Public Waters and Lands. –
Electric generating stations, electric substations, and lines for transmission of electricity which are electric power facilities, irrespective of the destination and ultimate use of the electricity to be so generated and transmitted, shall be electric generating stations, electric substations, and lines for transmission of electricity for which an electric utility, domestic or foreign, may petition under RSA 371 for permission to take lands, rights or easements by eminent domain or for a license to construct and maintain facilities over, under or across public waters or state lands, provided that the commission shall find that such facilities will provide a substantial benefit to the public in this state.
Source.
1975, 501:1, eff. June 24, 1975.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-A - Authorizing Electric Utilities to Participate in Electric Power Facilities › Section 374-A:9 - Provision for Exemption From Zoning Regulations.

374-A:9 Provision for Exemption From Zoning Regulations. –
For purposes of RSA 674:30, an electric power facility located within the state and used or to be used by one or more domestic or foreign electric utilities pursuant to authority set forth in this chapter shall be considered a structure used or to be used by a public utility, and each such utility, shall be considered a public utility.
Source.
1975, 501:1, eff. June 24, 1975.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-A - Authorizing Electric Utilities to Participate in Electric Power Facilities › Section 374-A:10 - Severability.

374-A:10 Severability. –
This chapter shall be construed in all respects so as to meet all constitutional requirements. Except as expressly provided, this chapter shall not affect the interpretation of other laws. If any provision or clause of this chapter, or the application thereof to any person or circumstance, is held invalid, such invalidity shall not affect other provisions or applications of this chapter, and to that end, the provisions of this chapter are declared to be severable. Each section of this chapter shall be separable from all other sections hereof and the nullification of any section from this chapter shall have no effect on the remaining sections of this chapter.
Source.
1975, 501:1, eff. June 24, 1975.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-B - Municipal Electric Revenue Bonds › Section 374-B:1 - Definitions.

374-B:1 Definitions. –
In this chapter:
I. "Commission" means the public utilities commission.
II. "Electric power facilities" means generating units rated 25 megawatts or above and transmission facilities rated 69 kilovolts or above.
III. "Municipality" means a city, town or village district engaged in the generation and sale or the purchase and sale of electricity or the distribution thereof, for ultimate consumption by the public under provisions of RSA 38, RSA 52 or any special laws. Except where otherwise specifically provided, a municipality may exercise any of its powers or authority contained in this chapter through its municipal officers or members of the board of commissioners in whom the management of its electric system is vested.
Source.
1975, 501:1. 1997, 206:4, eff. July 1, 1997.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-B - Municipal Electric Revenue Bonds › Section 374-B:3 - Temporary Notes.

374-B:3 Temporary Notes. –
In anticipation of the authorization or issue of bonds under this chapter, and subject to the approval of the commission under RSA 369:1 or RSA 369:7, a municipality, when authorized by a 3/5 vote as defined in RSA 33:8 for towns and village districts or in RSA 33:9 for cities, may issue temporary notes. Subject to the terms of the commission's approval and of the authorizing vote, the municipality may provide for the sale of the notes at public or private sale and may determine the interest rate or rates, maturity or maturities, redemption privileges, if any, form, denomination or denominations and place or places of payment or provide for the determination thereof by the treasurer. Temporary notes issued hereunder shall be executed in the manner provided herein for bonds and shall be payable within 6 years from their respective dates, but the principal of and interest on notes issued for a shorter period may be renewed or paid from time to time by the issue of other notes under this chapter, provided the period from the date of issue of an original note to the maturity of any note issued to renew or pay the same debt or the interest thereon shall not exceed 6 years. Unless otherwise provided in the authorizing vote or in the approval of the commission, the municipality may cause notes to be refunded to the extent provided in this chapter. To the extent of any borrowing in anticipation of bonds, the maximum maturity of an equivalent amount of the bonds shall be measured from the date of the anticipatory borrowing.
Source.
1975, 501:1, eff. June 24, 1975. 2020, 38:21, eff. Sept. 27, 2020.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-B - Municipal Electric Revenue Bonds › Section 374-B:5 - Investment of Proceeds.

374-B:5 Investment of Proceeds. –
Subject to the trust, agreement or resolution, the proceeds of bonds or notes issued under this chapter and any other moneys governed by the trust agreement or resolution may be deposited or invested in demand deposits, time deposits or savings deposits in banks which are members of the Federal Deposit Insurance Corporation or in obligations issued or guaranteed by the United States or by any agency or instrumentality thereof or as may be provided by any other applicable law.
Source.
1975, 501:1, eff. June 24, 1975.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-B - Municipal Electric Revenue Bonds › Section 374-B:6 - Bonds and Notes Payable Solely From Certain Funds; Exclusion From Debt Limit.

374-B:6 Bonds and Notes Payable Solely From Certain Funds;  Exclusion From Debt Limit. –
The bonds and notes issued under this chapter shall be payable solely from the funds provided therefor hereunder, the liability of the municipality from other funds being limited to obligations undertaken by it to pay for the electricity used by it, and a statement to this effect shall be included on the face of such bonds and notes. The bonds and notes and such obligations shall not at any time be included in the debt of the municipality for the purpose of ascertaining its borrowing capacity.
Source.
1975, 501:1, eff. June 24, 1975.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-B - Municipal Electric Revenue Bonds › Section 374-B:7 - Trust Funds.

374-B:7 Trust Funds. –
All moneys received by the municipality under this chapter shall be deemed to be trust funds to be held and applied solely as provided in this chapter; provided, however, that RSA 31:19-38 shall not apply thereto.
Source.
1975, 501:1, eff. June 24, 1975.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-B - Municipal Electric Revenue Bonds › Section 374-B:8 - Remedies.

374-B:8 Remedies. –
Any holder of bonds or notes issued under this chapter, or of any of the coupons appertaining thereto, and the trustee under a trust agreement or resolution securing the same, except to the extent the rights herein given may be restricted by such trust agreement or resolution, may bring suit upon the bonds, notes or coupons and may, either at law or in equity, by suit, action, mandamus or other proceedings, protect and enforce any and all rights under the laws of the state or granted under this chapter or under such trust agreement or resolution, and may enforce and compel the performance of all duties required by this chapter or by such trust agreement or resolution to be performed by the municipality or by any officer thereof.
Source.
1975, 501:1, eff. June 24, 1975.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-B - Municipal Electric Revenue Bonds › Section 374-B:9 - Bonds and Notes Eligible for Investment.

374-B:9 Bonds and Notes Eligible for Investment. –
Bonds and notes issued under this chapter are securities in which all public officers and public bodies of the state and its political subdivisions, all insurance companies, trust companies, banking associations, credit unions, building and loan associations, investment companies, executors, administrators, trustees and other fiduciaries, pension, profit-sharing and retirement funds may properly invest funds, including capital in their control or belonging to them. Such bonds and notes are securities which may properly be deposited with and received by any state or municipal officer or any agency or political subdivision of the state for any purpose for which the deposit of bonds or obligations of the state is now or may hereafter be authorized by law.
Source.
1975, 501:1, eff. June 24, 1975.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-B - Municipal Electric Revenue Bonds › Section 374-B:10 - Investment Securities.

374-B:10 Investment Securities. –
Notwithstanding any provision of this chapter or any recitals in any bonds and notes issued under this chapter, all such bonds and notes shall be deemed to be investment securities under RSA 382-A.
Source.
1975, 501:1, eff. June 24, 1975.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-B - Municipal Electric Revenue Bonds › Section 374-B:11 - Tax Exemption.

374-B:11 Tax Exemption. –
The bonds and notes issued under this chapter, their transfer and the income therefrom, including any profit made on the sale thereof, shall at all times be free from taxation within the state.
Source.
1975, 501:1, eff. June 24, 1975.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-B - Municipal Electric Revenue Bonds › Section 374-B:12 - Revenue Refunding Bonds.

374-B:12 Revenue Refunding Bonds. –
Any municipality having bonds outstanding under this chapter, when authorized by a 3/5 vote as defined in RSA 33:8 for towns and village districts and in RSA 33:9 for cities, may issue refunding bonds for the purpose of paying bonds issued by or on its behalf, at maturity or upon acceleration or redemption, subject to the approval of the commission under RSA 369:1. The refunding bonds may be issued in sufficient amounts to pay or provide the principal of the bonds being refunded, together with any redemption premium thereon, any interest accrued or to accrue to the date of payment of such bonds, the expenses of issue of the refunding bonds, the expenses of redeeming the bonds being refunded, and such reserves for debt service (including a common reserve for debt service established pursuant to an agreement for consolidation of indebtedness under RSA 374-B:2, VI) or other capital or current expenses from the proceeds of such refunding bonds as may be required by a trust agreement or resolution securing bonds or notes. The refunding bonds may be issued not more than 5 years prior to the maturity or redemption date of bonds being refunded. The issue of refunding bonds, the maturities and other details thereof, the security therefor, the rights of the holders thereof, and the rights, duties and obligations of the municipality in respect of the same shall be governed by the provisions of this chapter relating to the issue of bonds other than refunding bonds insofar as the same may be applicable, but no bonds shall be refunded to a date later than the refunded bonds could have matured hereunder.
Source.
1975, 501:1, eff. June 24, 1975. 2020, 38:22, eff. Sept. 27, 2020.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-B - Municipal Electric Revenue Bonds › Section 374-B:13 - No Other Proceedings Required; Issuance of Bonds or Notes Under Other Authority Not Precluded.

374-B:13 No Other Proceedings Required;  Issuance of Bonds or Notes Under Other Authority Not Precluded. –
Bonds and notes may be issued under this chapter without the consent of any department, division, commission or agency of the state or of any political subdivision thereof and without any proceedings or the happening of any other conditions or things than those proceedings, conditions or things which are specifically required therefor by this chapter. Except as expressly provided in this chapter, RSA 33 shall not apply to the issue of bonds and notes hereunder. The provisions of this chapter authorizing the issue of bonds and notes shall not be deemed to preclude the issue of bonds and notes under any other authority.
Source.
1975, 501:1, eff. June 24, 1975.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-B - Municipal Electric Revenue Bonds › Section 374-B:14 - Payments in Lieu of Taxes.

374-B:14 Payments in Lieu of Taxes. –
In connection with all sales, use and excise taxes imposed with respect to electric power facilities, materials included or to be included therein, or energy produced thereat and sold at wholesale therefrom, by any laws of the state, a municipality participating in an electric power facility by ownership, prepayment or contract for purchase of capacity and related energy from a specifically identified generating unit shall be subject to payments in lieu of such taxes in the same manner and under the same procedures as a corporation which is a domestic electric utility is subject to such taxes and shall be limited to only those exemptions as are available to such a corporation.
Source.
1975, 501:1, eff. June 24, 1975.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-B - Municipal Electric Revenue Bonds › Section 374-B:15 - Applicability of Chapter.

374-B:15 Applicability of Chapter. –
This chapter shall be applicable only to such cities, towns and village districts as on January 1, 1975, met the definition of "municipality" as defined in RSA 374-B:1, III, and to such additional cities, towns or village districts as begin after that date to engage in the generation and sale or the purchase and sale of electricity or the transmission thereof, for ultimate consumption by the public, under RSA 38, RSA 52, or any special laws and which comply with the following:
I. Such an additional city, town or village district shall first acquire or establish a plant for the manufacture or distribution of electricity only after the commission, after notice and opportunity for hearing, shall have found that there is a public need for such acquisition or establishment and that the terms thereof are in the public interest; and
II. The determinations of the commission required under RSA 38:9 or RSA 38:10 have been made not more than 12 months following the initial vote taken under RSA 38:3, RSA 38:4 or RSA 38:5, except that this provision shall not apply to any vote taken prior to June 24, 1975.
Source.
1975, 501:1. 1997, 206:5, eff. July 1, 1997.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-B - Municipal Electric Revenue Bonds › Section 374-B:16 - Severability.

374-B:16 Severability. –
This chapter shall be construed in all respects so as to meet all constitutional requirements. Except as expressly provided, the provisions of this chapter shall not affect the interpretation of other laws. If any provision or clause of this chapter, or the application thereof to any person or circumstance, is held invalid, such invalidity shall not affect other provisions or applications of the chapter, except as hereinafter set forth in this section. In the event it is finally determined by a court of competent jurisdiction that a municipality is not subject, with respect to any electric power facilities financed under this chapter, to payments in lieu of taxes under RSA 374-B:14 by reason of the unconstitutionality of said section, or that the borrowing limitation set forth in RSA 374-B:2, I, is unconstitutional, the municipality involved shall, and any person may, file written notice of such decision with the commission. Such notice shall include a statement that it is filed pursuant to this section. After such a filing the commission shall not have any further authority to approve the issue of bonds under this chapter except:
I. If it finds that any electric utility has, prior to such filing, undertaken substantial expense or liability in expectation of such bond financing; or
II. If notes have been issued, prior to such a filing, under RSA 374-B:3 in anticipation of revenue bonds.
Source.
1975, 501:1, eff. June 24, 1975.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-C - Public Utility Bond Financing › Section 374-C:1 - Citation.

374-C:1 Citation. –
This chapter shall be known as, and may be cited as, the New Hampshire public utility bond financing chapter.
Source.
1979, 498:2, eff. Sept. 4, 1979.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-C - Public Utility Bond Financing › Section 374-C:2 - Definitions.

374-C:2 Definitions. –
The following words or terms as used in this chapter shall have the following meanings unless a different meaning clearly appears from the context:
I. "Chapter" means this New Hampshire public utility bond financing chapter.
II. "Bank" means the New Hampshire municipal bond bank created and established by RSA 35-A:4.
III. "Bonds" means bonds of the bank issued pursuant to this chapter.
IV. "Fully marketable form" means a public utility bond duly executed and accompanied by such opinion of counsel and other documentation as is customary in the field of public utility financing, provided that the public utility bond so executed need not be printed or lithographed nor be in more than one denomination.
V. "Notes" means any notes of the bank issued pursuant to this chapter.
VI. "Public utility" means any corporation, company, association, joint stock association, partnership or person within the state which owns, operates or manages any plant or equipment for the manufacture or furnishing of light, heat, power or water for the public, or in the generation, transmission or sale of energy ultimately sold to the public and which is regulated by the New Hampshire public utilities commission. For the purposes of this chapter, any limited electrical energy producer subject to RSA 362-A shall be considered a public utility eligible for the receipt of financial assistance under this chapter. This chapter expressly includes non-generating electric utilities regulated by the New Hampshire public utilities commission.
VII. "Public utility bond" or "utility bond" means a bond or note or evidence of debt issued by a public utility and payable from rates, charges or other revenue, but shall not include any bond or note or evidence of debt issued by any other state or any public body or public utility thereof.
VIII. "Public utility general fund" means the fund created or established as provided in RSA 374-C:6.
IX. "Public utility reserve fund" means any of the public utility bond reserve funds created or established as provided in RSA 374-C:5.
X. "Revenues" means all fees, charges, moneys, profits, payments of principal of or interest on utility bonds and other investments, gifts, grants, contributions, appropriations and all other income derived or to be derived by the bank under this chapter.
Source.
1979, 498:2. 1981, 315:1, eff. Aug. 16, 1981.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-C - Public Utility Bond Financing › Section 374-C:4 - General Power.

374-C:4 General Power. –
In addition to those powers enumerated in RSA 35-A:6, the bank shall have the authority to purchase or hold public utility bonds at such prices and in such manner as the bank shall deem advisable and to sell public utility bonds acquired or held by it at such prices without relation to cost and in such manner as the bank shall deem advisable. The bank may require the public utility to secure the bonds as to payment of both principal and interest by a pledge of, lien upon or bond interest in, its revenues or properties, including a mortgage thereof under RSA 369:2, as the bank determines necessary to secure the payment of such bonds purchased and the interest thereon as the same become due. The bank may assign any such pledge, lien or bond interest to or for the benefit of the holders of its bonds. The bank may fix and prescribe any form of application or procedure to be required of a public utility for the purpose of any loan or the purchase of its utility bonds, and to fix the terms and conditions of any such loan or purchase and to enter into agreements with public utilities with respect to any such loan or purchase. The bank shall have the powers prescribed in RSA 35-A:8 with respect to bonds issued under this chapter; provided, however, that such bonds shall not be general obligations of the bank, but shall be special obligations of the bank payable only from the revenues pledged to their payment. Any pledge of revenues or moneys under this chapter shall have the same effect as a pledge under RSA 35-A:10.
Source.
1979, 498:2. 1981, 315:7, eff. Aug. 16, 1981.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-C - Public Utility Bond Financing › Section 374-C:6 - Public Utility General Fund.

374-C:6 Public Utility General Fund. –
I. The bank shall establish and maintain a fund called the "public utility general fund" which shall consist of and in which there shall be deposited (1) fees received or charges made by the bank for use of its services or facilities under this chapter, (2) any moneys which the bank shall transfer thereto from the reserve fund pursuant to RSA 374-C:5, II, (3) moneys received by the bank as payments of principal of or interest on utility bonds purchased by the bank, or received as proceeds of sale of any utility bonds or investment obligations of the bank, or received as proceeds of sale of bonds or notes of the bank, and required under the terms of any resolution of the bank or contract with the holders of its bonds or notes to be deposited therein, (4) any moneys required under the terms of any resolution of the bank or contract with the holders of its bonds or notes to be deposited therein, and (5) any moneys transferred thereto from any other fund or made available for the purpose of the fund or for the operating expenses of the bank. Any such moneys in the public utility general fund may, subject to any contracts between the bank and its bondholders or noteholders, be transferred to the public utility reserve fund, or, if not so transferred, shall be used for the payment of the principal of or interest on bonds or notes of the bank when the same shall become due and payable, whether at maturity or upon redemption including payment of any premium upon redemption prior to maturity, and any moneys in the public utility general fund may be used for the purchase of utility bonds and for all other purposes of the bank including payment of its operating expenses.
II. No amount shall be paid or expended out of the public utility general fund or from any account therein (which account the bank may establish therein for the purpose of payment of its operating expenses) for operating expenses of the bank relative to the purchase, holding and sale of public utility bonds in any year in excess of the amount provided for the operating expenses of the public utility division of the bank by the annual budget then in effect with respect to such year or any amendment thereof in effect at the time of such payment or expenditure for operating expenses relative to this chapter.
III. The bank may at any time use any available moneys in the public utility general fund for the purchase of its bonds or notes or for the redemption thereof, and any such bonds purchased for retirement shall be thereupon cancelled.
IV. The bank is hereby authorized and empowered to create and establish in the public utility general fund such accounts, subaccounts or special accounts which in the opinion of the bank are necessary, desirable or convenient for the purposes of the bank under this chapter.
Source.
1979, 498:2. 1981, 315:10, 11, eff. Aug. 16, 1981.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-C - Public Utility Bond Financing › Section 374-C:7 - Additional Accounts.

374-C:7 Additional Accounts. –
The bank may establish such additional and further reserves or such other funds or accounts as may be, in its discretion, necessary, desirable or convenient to further the accomplishment of the purposes of the bank delineated under this chapter or to comply with the provisions of any agreement made by or any resolution of the bank.
Source.
1979, 498:2, eff. Sept. 4, 1979.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-C - Public Utility Bond Financing › Section 374-C:8 - Agreement by State.

374-C:8 Agreement by State. –
The state does pledge to and agree with the holders of the bonds or notes issued pursuant to authority contained in this chapter that the state will not limit or restrict the rights hereby vested in the bank to purchase, acquire, hold, sell or dispose of utility bonds or other investments or to make loans to public utilities or to establish and collect such fees or other charges as may be convenient or necessary to produce sufficient revenues to meet the expenses of operation of the bank, and to fulfill the term of any agreements made with the holders of its bonds or notes authorized by this chapter or in any way impair the rights or remedies of the holders of such bonds or notes until the bonds and notes, together with interest thereon, and interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceedings by or on behalf of such holders are fully met, paid and discharged.
Source.
1979, 498:2, eff. Sept. 4, 1979.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-C - Public Utility Bond Financing › Section 374-C:9 - Legal Investments.

374-C:9 Legal Investments. –
To the extent that other securities of a public utility are legal investments under state law, the state and all public officers, and agencies thereof, public utilities, all banks, trust companies, savings banks and institutions, building and loan associations, savings and loan associations, investment companies, and other persons carrying on a banking business, all insurance companies, insurance associations and other persons carrying on an insurance business, and all executors, administrators, guardians, trustees and other fiduciaries may legally invest any sinking funds, moneys or other funds belonging to them or within their control in any bonds or notes issued pursuant to this chapter, and such bonds or notes shall be authorized security for any and all public deposits.
Source.
1979, 498:2, eff. Sept. 4, 1979.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-C - Public Utility Bond Financing › Section 374-C:10 - Exemption From Taxes, Levy and Sale.

374-C:10 Exemption From Taxes, Levy and Sale. –
I. All property of the public utility division of the bank is hereby declared to be public property devoted to an essential public and governmental function and purpose and shall be exempt from all taxes and special assessments of the state or any subdivision thereof. All bonds or notes issued pursuant to this chapter are hereby declared to be issued by a body corporate and public of this state and for an essential public and governmental purpose and such bonds and notes, and the interest thereon and the income therefrom, and all fees, charges, funds, revenues, income and other moneys pledged or available to pay or secure the payment of such bonds or notes, or interest thereon, shall at all times be exempt from taxation except for transfer, inheritance and estate taxes.
II. All property of the public utility division of the bank shall be exempt from levy and sale by virtue of an execution and no execution or other judicial process shall issue against the same nor shall any judgment against the bank be a charge or lien upon its property; provided, that nothing herein contained shall apply to or limit the rights of the holder of any bonds or notes to pursue any remedy for the enforcement of any pledge or lien given by the bank on its revenues or other moneys.
Source.
1979, 498:2. 1981, 315:12, eff. Aug. 16, 1981.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-C - Public Utility Bond Financing › Section 374-C:11 - Insurance or Guaranty.

374-C:11 Insurance or Guaranty. –
The bank is authorized and empowered to obtain from any department or agency of the United States of America or from any nongovernmental insurer any insurance or guaranty (to the extent now or hereafter available) as to, or of, or for, the payment or repayment of, interest or principal, or both, or any part thereof, on any bonds or notes issued by the bank, or on any utility bonds of public utilities purchased or held by the bank pursuant to the provisions of this chapter and, notwithstanding any other provisions of this chapter, to enter into any agreement or contract whatsoever with respect to any such insurance or guaranty except to the extent that the same would in any way impair or interfere with the ability of the bank to perform and fulfill the terms of any agreement made with the holders of the bonds or notes of the bank.
Source.
1979, 498:2, eff. Sept. 4, 1979.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-C - Public Utility Bond Financing › Section 374-C:12 - Federal Funds; Withholding of Moneys.

374-C:12 Federal Funds;  Withholding of Moneys. –
I. The state treasurer is hereby authorized to receive from the United States of America or any department or agency thereof any amounts of money as and when appropriated, allocated, granted, turned over or in any way provided for the purposes of this chapter, and said amounts shall be paid to the bank and be available to the bank.
II. Any funds or moneys in the custody or control of the state treasurer whether the same shall become available by reason of any grant, allocation or appropriation by the United States of America or the state or agencies thereof to assist any public utility in payment of its utility bonds owned or held by the bank, or required by the terms of any other law to be paid to holders or owners of utility bonds of a public utility upon failure or default of a public utility to pay the principal of or interest on its utility bonds as and when due and payable, shall, to the extent that any such funds or moneys be applicable with respect to utility bonds of a particular public utility which are then owned or held by the bank and as to which such public utility has failed or defaulted to make payment of principal or interest as and when due, be paid to the bank for deposit in the reserve fund and made available to the bank.
III. To the extent that the state treasurer shall be the custodian at any time of any funds of moneys due or payable to a public utility at any time subsequent to written notice to the state treasurer from the bank to the effect that such public utility has not paid or is in default as to the payment of principal of or interest on any utility bonds of such public utility then held or owned by the bank, the state treasurer shall withhold the payment of such funds or moneys from such public utility until the amount of such principal or interest then due and unpaid has been paid to the bank, or the state treasurer has been advised that arrangements, satisfactory to the bank, have been made for the payment of such principal and interest.
Source.
1979, 498:2. 1981, 315:3, eff. Aug. 16, 1981.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-C - Public Utility Bond Financing › Section 374-C:13 - Additional Powers.

374-C:13 Additional Powers. –
In order to carry out the purposes and provisions of this chapter, the bank, in addition to any powers granted to it elsewhere in this chapter and in RSA 35-A, shall have the following powers:
I. To charge for its costs and services in review or consideration of any proposed loan to a public utility or purchase of utility bonds of such public utility, and to charge therefor whether or not such loan shall have been made or such utility bonds shall have been purchased;
II. In connection with any loan to a public utility, to consider the need, desirability or eligibility of such loan and the ability of such public utility to secure borrowed money from other sources and the costs thereof;
III. To fix and establish any and all terms and provisions with respect to any purchase of utility bonds by the bank, including date and maturities of such bonds, provision as to redemption or payment prior to maturity, and any and all other matters which in connection therewith are necessary, desirable or advisable in the judgment of the bank;
IV. To the extent permitted under its contracts with the holders of bonds or notes of the bank, to consent to any modification with respect to rate of interest, time and payment of any installment of principal or interest, security or any other term or bond or note, contract or agreement of any kind to which the bank is a party;
V. In connection with any loan to a public utility, to request any material gathered relative to the financing of the manufacture of energy and its generation and improvements thereto by any agency or subdivision of the state or from any other person having such material; and
VI. To apply for, accept, receive and expend any grants or other moneys that may be made available to it by the federal government or any other public or private source for the purposes of this chapter, including the conducting of research and studies of the feasibility of projects which may be undertaken by public utilities and financed by the bank under this chapter.
Source.
1979, 498:2. 1981, 315:14, eff. Aug. 16, 1981.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-C - Public Utility Bond Financing › Section 374-C:15 - Waiver of Defenses; Rights of Holders.

374-C:15 Waiver of Defenses;  Rights of Holders. –
Upon the sale and issuance of any utility bonds to the bank by any public utility, such public utility shall be held and be deemed to have agreed that, in the event of the failure of such public utility to pay the interest on or the principal of any of such utility bonds owned or held by the bank as and when due and payable, such public utility shall have waived all and any defenses to nonpayment, the bank shall thereupon constitute a holder or owner of such utility bonds as being in default, and that, notwithstanding the provisions of any other law as to time or duration of default or percentage of holders or owners of bonds entitled to exercise rights of such holders or owners of bonds in default, or to invoke any remedies or powers thereof or of any trustee in connection therewith or of any board, body, agency or commission of the state having jurisdiction in such matter or circumstance, the bank may then and thereupon avail itself of all other remedies, rights and provisions of law applicable in such circumstance, and that the failure to exercise or exert any such rights or remedies within any time or period provided by law shall not be raised as a defense by such public utility, and that all of the bonds of the issue of bonds of such public utility as to which there has been such nonpayment shall for all of the purposes of this section be held and be deemed to have become due and payable and to be unpaid. The bank is hereby authorized and empowered to carry out the provisions of this section and to exercise all of the rights and remedies and provisions of law herein provided or referred to.
Source.
1979, 498:2, eff. Sept. 4, 1979.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-C - Public Utility Bond Financing › Section 374-C:16 - Cooperation by State Agencies.

374-C:16 Cooperation by State Agencies. –
All officers, departments, boards, agencies, divisions and commissions of the state are hereby authorized and empowered to render any and all of such services to the bank as may be within the area of their respective governmental functions as fixed or established by law and as may be requested by the bank. All of such officers, departments, boards, agencies, divisions and commissions are authorized and directed to comply promptly with any such reasonable request by the bank as to the making of any study or review as to desirability, need, cost or expense with respect to any such energy manufacture or generation project or improvement, or the financial feasibility thereof or the financial or fiscal responsibility or ability in connection therewith of any public utility making application for loan to the bank and for the purchase by the bank of utility bonds to be issued by such public utility. The cost and expense of any services requested by the bank shall, at the request of the officer, department, board, agency, division or commission rendering such service, be met and provided for by the bank.
Source.
1979, 498:2, eff. Sept. 4, 1979.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-C - Public Utility Bond Financing › Section 374-C:17 - Agreements With Financial Institutions.

374-C:17 Agreements With Financial Institutions. –
The bank is hereby authorized and empowered to enter into such agreements or contracts with any banks, trust companies, banking or financial institutions, within or without the state, as may be necessary, desirable or convenient in the opinion of the bank for rendering services to the bank in connection with the care, custody or safekeeping of utility bonds or other investments held or owned by the bank and services in connection with the payment or collection of amounts due and payable as to principal or interest, and for services in connection with the delivery to the bank of utility bonds or other investments purchased by it or sold by it, and to pay the cost of such services. The bank is further authorized and empowered, in connection with any of such services to be rendered by any such banks, trust companies or banking or financial institutions as to the custody and safekeeping of any of its utility bonds or investments, to require security in the way of collateral bonds, surety agreements or security agreements in such form and in such amount as, in the opinion of the bank, is necessary or desirable for the purpose of the bank.
Source.
1979, 498:2, eff. Sept. 4, 1979.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-C - Public Utility Bond Financing › Section 374-C:18 - Effectuation of Purposes.

374-C:18 Effectuation of Purposes. –
In order to effectively carry out its purpose under this chapter of making loans to public utilities by purchase of the utility bonds of such public utilities, and by receipt of its income from service charges and from payments of interest on and the maturing principal of utility bonds purchased and held by it, and in order to produce revenues or income to the bank sufficient at all times to meet its costs and expenses of operation under this chapter and to pay the principal of and interest on its outstanding bonds and notes when due, the bank shall at all times, and to the greatest extent possible, so plan to issue its bonds and notes and so lend money to public utilities by the purchase of utility bonds of public utilities so that the aforesaid intention and purpose is achieved without in any manner or respect jeopardizing any rights of the holders of bonds or notes of the bank or affecting other matters provided for in or pursuant to this chapter.
Source.
1979, 498:2, eff. Sept. 4, 1979.
2023 New Hampshire Revised Statutes › Title XXXIV - Public Utilities › Chapter 374-C - Public Utility Bond Financing › Section 374-C:19 - Form of Investments.

374-C:19 Form of Investments. –
All utility bonds or other investments of moneys of the bank permitted or provided for under this chapter shall at all times be purchased and held in fully marketable form (subject to provisions for any registration in the name of the bank). All utility bonds at any time purchased, held or owned by the bank shall upon delivery to the bank be accompanied by all documentation customary in the utility bond market, including opinion of counsel, certification and guaranty as to signatures, and certification as to absence of litigation, and such other or further documentation as shall from time to time be required by the bank.
Source.
1979, 498:2. 1981, 315:16, eff. Aug. 16, 1981.