RSA 374-E:1 Title.
374-E:1. Title.
This chapter shall be known as the "New Hampshire Municipal Bond Bank Small Scale Power Facility Act."
Source. 1981, 545:7, eff. Aug. 29, 1981.
NEW HAMPSHIRE MUNICIPAL BOND BANK-SMALL SCALE POWER FACILITY DIVISION
RSA tit. XXXIV, ch. 374-E
in effectRSA 374-E:2 Declaration of Purpose.
374-E:2. Declaration of Purpose.
It is hereby declared to be in the public interest and to be the policy of the state to foster and to promote, by all reasonable means, the provision of adequate markets and facilities for the borrowing of money by municipalities for the financing of small scale power facilities from proceeds of bonds or notes issued by such municipalities, and to assist such municipalities in fulfilling their needs for such purposes by creation of indebtedness and to the extent possible to encourage continued investor interest in the bonds or notes of such municipalities as sound and preferred securities for investment. It is in the public interest and it is the policy of the state to encourage its municipalities to pursue their independent development of electric power and the financing of small scale power facilities for the production of electric power and to assist them by making funds available at reduced interest costs for orderly financing of such facilities, particularly for those municipalities not otherwise readily able to borrow for such purposes at reasonable rates of interest. It is further declared that credit and municipal bond market conditions require the exercise of the powers of the state in the interest of its municipalities to further and implement such policies by authorizing the New Hampshire municipal bond bank, established under RSA 35-A, to create a separate division having full powers to borrow money and to issue its bonds and notes to make funds available at reduced rates and on more favorable terms for borrowing by such municipalities through the purchase by such division of the municipal small scale power facility bonds and notes of such municipalities in fully marketable form and by granting broad powers to such division to accomplish and to carry out these policies of the state which are in the public interest of the state and of its taxpayers and residents.
Source. 1981, 545:7, eff. Aug. 29, 1981.
RSA 374-E:3 Definitions.
374-E:3. 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. "This chapter" means this New Hampshire municipal bond bank small scale power facility act.
II. "Bond bank" means the New Hampshire municipal bond bank created and established under RSA 35-A.
III. "Bonds" means bonds of the division issued under this chapter.
IV. "Bondholder" or "noteholder" or any similar term when used about a bond or note of the division means any person who shall be the bearer of any outstanding bond or note of the division registered to bearer or not registered, or the registered owner of any outstanding bond or note of the division which shall at the time be registered other than to bearer.
V. "Division" means the New Hampshire municipal bond bank-small scale power facility division created and established under RSA 374-E:4.
VI. "Fully marketable form" means a municipal security duly executed and accompanied by an approving legal opinion of a bond counsel of recognized standing in the field of municipal law whose opinions have been and are accepted by purchasers of like municipal bonds, provided that the municipal security so executed need not be printed or lithographed nor be in more than one denomination.
VII. "Small scale power facility bond general fund" means the fund of the division created or established as provided in RSA 374-E:12.
VIII. "Small scale power facility bond reserve fund" means any bond reserve fund of the division created or established as provided in RSA 374-E:11.
IX. "Municipality" means any county, city, town, or village district within the state or other body corporate and politic having the power to issue its bonds or notes on behalf of any of the foregoing.
X. "Municipal small scale power facility bond" means a bond or note or other evidence of indebtedness issued by a municipality under RSA 374-D.
XI. "Notes" means any notes of the division issued under this chapter.
XII. "Revenues" means all fees, charges, moneys, profits, payments of principal of or interest on municipal small scale power facility bonds and other investments, gifts, grants, contributions, appropriations, and all other income derived or to be derived by the division under this chapter.
XIII. "State" means the state of New Hampshire.
Source. 1981, 545:7, eff. Aug. 29, 1981.
RSA 374-E:4 New Hampshire Municipal Bond Bank-Small Scale Power Facility Division Established.
374-E:4. New Hampshire Municipal Bond Bank-Small Scale Power Facility Division Established.
I. There is hereby established a separate division of the bond bank to be known as the small scale power facility division. In addition to all powers granted to the bond bank by RSA 35-A, the bond bank, by virtue of the powers granted to the division under this chapter, shall have, when acting through the division, all such powers granted to the division. The establishment of the division shall not in any way affect the bond bank's legal existence separate from the state nor shall either the bond bank or the division constitute a department or agency of the state. The division is hereby constituted as an instrumentality exercising public and essential governmental functions.
II. The division shall continue to exist until terminated by law; provided, however, that no such law shall take effect so long as the division shall have outstanding bonds, notes and other obligations issued under this chapter, unless adequate provision has been made for their payment. Upon termination of the division, all its rights and properties shall pass to and be vested in the state. No net earnings of the division may inure to the benefit of any person, entity, or body other than the state.
Source. 1981, 545:7, eff. Aug. 29, 1981.
RSA 374-E:5 Lending and Borrowing Powers Generally; State Not Liable.
374-E:5. Lending and Borrowing Powers Generally; State Not Liable.
I. The bond bank acting by and through the division, for the purposes authorized by this chapter, may lend money to municipalities for the purpose of financing the construction and development of small scale power facilities through the purchase by the division of municipal small scale power facility bonds of municipalities in fully marketable form. The bond bank, for the purposes authorized by this chapter, may authorize and issue bonds and notes of the division payable solely from the revenues or funds available to the division for such bonds and notes, and otherwise assist municipalities as provided in this chapter.
II. The bonds and notes of the division issued under this chapter shall not be a debt or liability of the state, but shall be payable solely from those revenues or funds of the division pledged or available for their payment as authorized in this chapter. Each bond and note shall contain on its face a statement to the effect that the bond bank is obligated to pay the principal of and the interest on such bond or note only from the pledged revenues or funds of the division, that the state is not obligated to pay such principal or interest, and that neither the faith and credit nor the taxing power of the state is pledged to payment of such principal or interest.
III. All expenses incurred in carrying out the provisions of this chapter shall be payable solely from revenues or funds provided or to be provided under this chapter and nothing in this chapter shall be construed to authorize the division or the bond bank to incur any indebtedness or liability on behalf of or payable by the state.
Source. 1981, 545:7, eff. Aug. 29, 1981.
RSA 374-E:6 General Powers.
374-E:6. General Powers.
The bond bank, acting by and through the division, for carrying out the purposes of this chapter, shall have the following powers:
I. To adopt bylaws and rules for the conduct of its affairs and business and for use of its services and facilities;
II. To maintain an office at such place or places within the state as it may determine;
III. To acquire, hold, use, and dispose of its income, revenues, funds, and moneys separate and apart from other income, revenues, funds, and moneys of the bond bank;
IV. To acquire, rent, lease, hold, use, and dispose of other personal property for its purposes;
V. To borrow money and to issue its negotiable bonds or notes, to provide for and secure the payment of such bonds and notes, to provide for the rights of the holders of such bonds and notes, and to purchase, hold, and dispose of any of its bonds or notes;
VI. To fix, revise from time to time, charge, and collect fees and charges for the use of its services or facilities;
VII. To accept gifts or grants of property, funds, money, materials, labor, supplies, or services from the United States of America, the state, any other state, or agencies or departments thereof, or from any municipality, person, firm, or corporation, and to carry out the terms or provisions of or make agreements about any such gifts or grants, and to do any and all things necessary, useful, desirable, or convenient in connection with the procurement, acceptance, or disposition of such gifts or grants;
VIII. To do and perform any acts and things authorized by this chapter under, through, or by means of the bond bank's officers, agents, or employees or by contracts with any person, firm, or corporation;
IX. To make, enter into, and enforce all contracts or agreements necessary, convenient, or desirable for the purposes of the division or pertaining to any loan to a municipality or any purchase or sale of municipal small scale power facility bonds or other investments or to the performance of its duties and execution or carrying out of any of its powers under this chapter;
X. To purchase or hold municipal small scale power facility bonds at such prices and in such manner as it shall deem advisable and to sell them at such prices without relation to cost and in such manner as the division shall deem advisable;
XI. To invest, separate and apart from any other funds or money of the bond bank, all funds or moneys of the division not then required for loan to municipalities and for the purchase of municipal small scale power facility bonds in the same manner as permitted for investment of funds belonging to the state or held in the treasury, except as otherwise permitted or provided by this chapter;
XII. To fix and prescribe any form of application or procedure to be required of a municipality for the purpose of any loan or the purchase of its municipal small scale power facility bonds, and to fix the terms and conditions of and to enter into agreements with municipalities about any such loan or purchase;
XIII. To conduct research and provide advice and technical information about the financing of small scale power facilities by municipalities;
XIV. To do all acts and things necessary, convenient, or desirable to carry out the power expressly granted or necessarily implied in this chapter.
Source. 1981, 545:7, eff. Aug. 29, 1981.
RSA 374-E:7 Prohibited Acts.
374-E:7. Prohibited Acts.
Nothing contained in this chapter shall be construed to authorize or to empower the division:
I. To make loans of money to any person, firm, or corporation other than a municipality, or to purchase securities issued by any person, firm, or corporation other than a municipality, or for investment, except as provided in this chapter;
II. To emit bills of credit, to accept deposits of money for time or demand deposit, to administer trusts, to engage in any form or manner in, or in the conduct of, any private or commercial banking business, or to act as a savings bank or savings and loan association;
III. To be or to constitute any bank or trust company within the jurisdiction or under the control of the bank commissioner, or the Comptroller of the Currency or the Department of the Treasury of the United States of America; or
IV. To be or to constitute any bank, banker, or dealer in securities within the meaning of or subject to the provisions of any securities law, securities exchange, or securities dealers law of the United States of America, this state, or any other state.
Source. 1981, 545:7, eff. Aug. 29, 1981.
RSA 374-E:8 Bonds and Notes of the Division.
374-E:8. Bonds and Notes of the Division.
I. The bond bank acting by and through the division may issue bonds or notes of the division in such principal amounts as it shall deem necessary to provide funds for any purposes authorized by this chapter, including the making of loans; the payment, funding, or refunding of the principal of, or interest or redemption premiums on, any bonds or notes issued by the division, whether or not the bonds or notes or interest to be funded or refunded have become due; the establishment or increase of reserves to secure or to pay such bonds or notes or interest on such bonds or notes; and all other costs or expenses of the division incident to and necessary or convenient to carry out its purposes and powers.
II. Any such bonds or notes may be secured by a pledge of any grant or contributions from the United States of America, the state, any governmental unit, or any person, firm, or corporation or a pledge of any income, revenues, funds, or moneys of the division from any source whatsoever.
III. Notwithstanding any law to the contrary, any bond or note issued under this chapter shall be fully negotiable within the meaning and for all purposes of the negotiable instruments law of this state, and each holder or owner of such bond or note, or of any coupon appurtenant to such bond or note, by accepting such bond, note, or coupon shall be conclusively deemed to have agreed that such bond, note, or coupon is and shall be fully negotiable within the meaning and for all purposes of the negotiable instruments law, subject only to the provision of the bonds and notes for registration.
IV. Bonds or notes of the division shall be authorized by resolution of the bond bank and may be issued in one or more series and shall bear such date or dates; mature at such time or times, not exceeding, with respect to notes, 8 years from the date of issue of the original notes and with respect to bonds, 50 years from the date of their issue; provide sinking fund payments; bear interest at such rate or rates of interest per annum or within such maximum rate; be in such denomination or denominations; be in such form, either coupon or registered; carry such conversion or registration privileges; have such rank or priority; be executed in such manner; be payable from such sources in such medium of payment at such place or places within or without the state; and be subject to such terms or redemption (with or without premium) as such resolution or resolutions may provide. If any of the members, the executive director, or officers of the bond bank whose signatures appear on any notes, bonds or coupons shall cease to be such members, executive director, or officers before the delivery of such notes or bonds, such signatures shall nevertheless be valid and sufficient for all purposes, the same as if such members, executive director, or officers had remained in office until such delivery.
V. Bonds or notes of the division may be sold at public or private sale at such time or times and at such price or prices as the bond bank shall determine.
VI. Bonds or notes may be issued under this chapter without obtaining the consent of the governor and council or of any department, division, commission, board, bureau, or agency of the state, and without any other proceeding or the happening of any other conditions or things other than those proceedings, conditions, or things which are specifically required by this chapter.
VII. The bond bank, acting by and through the division, may provide for the issuance of bonds or notes of the division under this chapter in such amounts as it may deem necessary to refund any bonds or notes of the division then outstanding, including the payment of any redemption premium on such bonds or notes and any interest accrued or to accrue to the earliest or subsequent date of redemption, purchase, or maturity of such bonds or notes. The proceeds of any such bonds or notes issued to refund outstanding bonds or notes may, in the discretion of the bond bank, be applied to the purchase or retirement at maturity or redemption of such outstanding bonds or notes either on their earliest or any subsequent redemption date, and may, pending such application, be placed in escrow to be applied to such purchase or retirement at maturity or redemption on such date as may be determined by the bond bank. Any such escrowed proceeds, pending such use, may be invested and reinvested, subject to any agreements with noteholders or bondholders, in such manner as the bond bank shall determine, maturing at such times as shall be appropriate to assure the prompt payment of principal, interest, and redemption premium, if any, on the outstanding bonds or notes to be so refunded. Any interest, income, and profits earned or realized on such investment may also be applied to the payment of the outstanding bonds or notes to be so refunded. After the terms of the escrow have been fully satisfied and carried out, any balance of such proceeds and interest, income, and profits earned or realized on their investment may be returned to the division for use in any lawful manner.
Source. 1981, 545:7, eff. Aug. 29, 1981.
RSA 374-E:9 Terms of Agreement With Holders of Securities.
374-E:9. Terms of Agreement With Holders of Securities.
In any resolution of the bond bank authorizing or relating to the issuance of any bonds or notes of the division under this chapter, the bond bank, in order to secure the payment of such bonds or notes and in addition to other powers granted to it under this chapter, shall have power by provisions in such resolution which shall constitute covenants by the division and contracts with the holders of such bonds or notes:
I. To pledge to any payment or purpose all or any part of the division's revenues to which its right then exists or may thereafter come into existence, and the moneys derived from such revenues, and the proceeds of any bonds or notes issued under this chapter;
II. To covenant against pledging all or any part of the division's revenues, or against permitting or suffering any lien on such revenues or its property;
III. To covenant as to the use and disposition of any payments of principal or interest received by the division on municipal small scale power facility bonds or other investments held by the division;
IV. To covenant as to the establishment of, the making of provision for, and the regulation and disposition of reserves or sinking funds;
V. To covenant with respect to or against limitations on any right to sell or otherwise dispose of any property of any kind;
VI. To covenant as to any bonds and notes to be issued under this chapter and the limitations on and the terms and conditions of such bonds and notes, and as to the custody, application, and disposition of the proceeds of such bonds and notes;
VII. To covenant as to the issuance of additional bonds or notes of the division or as to limitations on the issuance of additional bonds or notes and incurring of other debts of the division;
VIII. To covenant as to the payment of the principal of or interest on the bonds or notes issued under this chapter, the sources and methods of such payment, the rank of priority of any such bonds or notes with respect to any lien or security, or the acceleration of the maturity of any such bonds or notes;
IX. To provide for the replacement of lost, stolen, destroyed, or mutilated bonds or notes issued under this chapter;
X. To covenant against extending the time for the payment of bonds or notes issued under this chapter or interest on such bonds or notes;
XI. To covenant as to the redemption of bonds or notes issued under this chapter and privileges of their exchange for other bonds or notes of the division;
XII. To covenant as to any charges to be established and charged by the division, the amount to be raised by the division each year or other period of time by charges or other revenues, and the use and disposition to be made of such charges or revenues;
XIII. To covenant to create or to authorize the creation of special funds or moneys to be held in pledge or otherwise for operating expenses, payment or redemption of bonds or notes of the division, reserves established under this chapter, or other purposes of the division and as to the use and disposition of the moneys held in such funds;
XIV. To establish the procedure, if any, by which the terms of any contract or covenant with or for the benefit of the holder of bonds or notes of the division may be amended or abrogated, the amount of such bonds or notes the holders of which must consent to such amendment or abrogation, and the manner in which such consent may be given;
XV. To covenant as to the custody of, the safekeeping of, and the insurance to be carried on any of the division's properties or investments, and the use and disposition of insurance moneys;
XVI. To covenant as to the time or manner of enforcement, or restraint from enforcement, of any rights of the division arising because of or about nonpayment of any principal or interest of any municipal small scale power facility bonds;
XVII. To provide for the rights, liabilities, powers, and duties arising upon the breach of any covenant, condition, or obligation and to prescribe the events of default and the terms and conditions upon which any or all of the bonds, notes, or other obligations of the division shall become or may be declared due and payable before maturity and the terms and conditions upon which any such declaration and its consequences may be waived;
XVIII. To vest in a trustee or trustees within or without the state such property, rights, powers, and duties in trust as it may determine, which may include any or all of the rights, powers, and duties of any trustee appointed by the holders of any bonds or notes issued under this chapter and to limit or abrogate the right of the holders of any bonds or notes of the division to appoint a trustee under this chapter or limit the rights, powers and duties of such trustee;
XIX. To pay the costs of expenses incident to the enforcement of the bonds or notes issued under this chapter or of such resolution, or of any covenant or agreement of the division with the holders of such bonds or notes;
XX. To agree with any corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the state, as to the pledging or assigning of any revenues or funds to which or in which the division has any rights or interest; such agreement may further provide for such other rights and remedies exercisable by the trustee as may be proper for the protection of the holders of any bonds or notes of the division and not otherwise in violation of law, and for the restriction of the rights of any individual holder of bonds or notes issued under this chapter;
XXI. To appoint and to provide for the duties and obligations of paying agent or agents, or such other fiduciaries as such resolution may provide within or without the state;
XXII. To limit the rights of the holders of any bonds or notes issued under this chapter to enforce any pledge or covenant securing such bonds or notes; and
XXIII. To make covenants other than and in addition to the covenants expressly authorized in this section, of like or different character, and to make such covenants to do or refrain from doing such acts and things as may be necessary, or convenient and desirable, in order better to secure bonds or notes issued under this chapter or which, in the absolute discretion of the bond bank, will tend to make such bonds or notes more marketable, notwithstanding that such covenants, acts, or things may not be listed in this section.
Source. 1981, 545:7, eff. Aug. 29, 1981.
RSA 374-E:10 Effect of Pledge.
374-E:10. Effect of Pledge.
Any pledge of revenues or other moneys made by the division shall be valid and binding from the time when the pledge is made. The revenues or other moneys so pledged and thereafter received by the division shall immediately be subject to the lien of such pledge without any physical delivery of such revenues or moneys or further act and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract, or otherwise against the division, irrespective of whether such parties have notice of such lien. Neither the resolution, trust indenture, nor any other instrument by which a pledge is created need be filed or recorded in order to establish and perfect a lien or security interest in the property so pledged.
Source. 1981, 545:7, eff. Aug. 29, 1981.
RSA 374-E:11 Reserve Fund.
374-E:11. Reserve Fund.
I. The bond bank may create and establish on behalf of the division one or more special funds, hereafter referred to as "small scale power facility bond reserve funds", and shall pay into each such small scale power facility bond reserve fund any moneys appropriated and made available by the state for the purpose of such fund; any proceeds of sale of notes or bonds issued under this chapter to the extent provided in the resolution or resolutions of the division authorizing the issuance of such notes or bonds; and any other moneys which may be available to the division for the purpose of such fund from any other source or sources. All moneys held in any small scale power facility bond reserve fund are hereby pledged to, and charged with, the payment of the principal of and the interest on such bonds and notes with respect to which such small scale power facility bond reserve fund may be established, as they shall become due, and the redemption price or the purchase price of bonds and notes retired by call or purchase as provided. Such pledge shall be valid and binding from the time when the pledge is made and the revenues, moneys, or property so pledged subject to RSA 374-E:10. The use and deposition of moneys to the credit of such small scale power facility bond reserve fund shall be subject to the provisions of the resolution authorizing the issuance of such bonds or notes. Except as may otherwise be provided in such resolution, such small scale power facility bond reserve fund shall be a fund for all such bonds or notes issued under a particular resolution to provide financing for municipalities without distinction or priority of any such bond or note over another.
II. Moneys in any small scale power facility bond reserve fund shall not be withdrawn at any time in such amount as would reduce the amount of such fund to less than the required small scale power facility bond debt service reserve established for such fund, as provided in paragraph IV, except for the purpose of making, with respect to bonds or notes secured in whole or in part by such fund, payment, when due, of principal, interest, redemption premiums, and sinking fund payments, if any, with respect to such bonds or notes for the payment of which other moneys of the division are not available. Any income or interest earned by any small scale power facility bond reserve fund resulting from the investment of such fund or any other moneys in such fund may be transferred by the division to its other funds or accounts, to the extent it does not reduce the amount of that small scale power facility bond reserve fund below the required small scale power facility bond debt service reserve for such fund.
III. The bond bank shall not at any time issue bonds or notes of the division, secured in whole or in part by a small scale power facility bond reserve fund, if, upon the issuance of such bonds or notes, the amount in such small scale power facility bond reserve fund shall be less than the required small scale power facility bond debt service reserve for such fund, unless at the time of issuance of such bonds or notes the division shall deposit in such fund from the proceeds of the bonds or notes issued, or from other sources, an amount which, together with the amount then in such fund, shall be not less than the required small scale power facility bond debt service reserve for such fund after such issuance. The bond bank may at any time issue bonds or notes of the division for the purpose of providing any amount necessary to increase the amount in the small scale power facility bond reserve fund to the required small scale power facility bond debt service reserve or to meet such higher or additional reserve as may be fixed by the division with respect to such fund. In computing the amount of the required small scale power facility bond debt service reserve, investments held as a part of such reserve shall be valued in the manner provided in the required resolution authorizing such bonds or notes.
IV. As used in this section, "required small scale power facility bond debt service reserve" means, as of any date of computation, the amount or amounts required to be on deposit in the small scale power facility bond reserve fund by the resolution of the division authorizing such bonds.
V. Moneys at any time in the small scale power facility bond reserve fund may be invested in the same manner as permitted for investment of funds belonging to the state or held in the treasury.
Source. 1981, 545:7, eff. Aug. 29, 1981.
RSA 374-E:12 General Fund.
374-E:12. General Fund.
I. The bond bank shall establish and maintain in and for the division a fund called the "small scale power facility bond general fund" which shall consist of and in which there shall be deposited:
(a) Fees received or charges made by the division for use of its services or facilities;
(b) Any moneys which the division shall transfer from any small scale power facility bond reserve fund under RSA 374-E:11, III;
(c) Moneys received by the division as payment of principal of or interest on municipal small scale power facility bonds purchased by the division, proceeds of sale of any municipal small scale power facility bonds purchased by the division, proceeds of sale of any municipal small scale power facility bonds or other investment of the division, or proceeds of sale of bonds or notes of the division and required under the terms of any resolution of the division or contract with the holders of its bonds or notes to be deposited in such fund;
(d) Any moneys required under the terms of a resolution of the division or contract with the holders of its bonds or notes to be deposited in such fund; and
(e) Any moneys transferred to such fund from any other fund or made available for the purpose of the fund by the state or for the operating expenses of the division.
Any such moneys in the small scale power facility general fund may, subject to any contracts between the division and its holders of bonds or notes issued under this chapter, be transferred to any small scale power facility bond reserve fund, or if not so transferred, may be used for the payment of the principal of or interest on bonds or notes of the division when they shall become due and payable, whether at maturity or upon redemption, including payment of any premium upon redemption before maturity. Any moneys in the small scale power facility general fund may be used for the purchase of municipal small scale power facility bonds and for all other purposes of the division, including payment of its operating expenses.
II. No amount shall be paid or expended out of the small scale power facility general fund or from any account in such fund for operating expenses of the division in any year, in excess of the amount provided for the operating expenses of the division by the annual budget then in effect with respect to such year or any amendment of such budget in effect at the time of such payment or expenditure for operating expenses.
III. The bond bank may create and establish for the division in the small scale power facility general fund such accounts, subaccounts, or special accounts which, in the opinion of the division, are necessary, desirable, or convenient for its purposes under this chapter.
Source. 1981, 545:7, eff. Aug. 29, 1981.
RSA 374-E:13 Additional Reserves and Funds.
374-E:13. Additional Reserves and Funds.
The bond bank may establish in and for the division such additional and further reserves or other funds or accounts as may be, in the division's discretion, necessary, desirable, or convenient to further the purposes of the division or to comply with any agreement or resolution of the division.
Source. 1981, 545:7, eff. Aug. 29, 1981.
RSA 374-E:14 Other Provisions.
374-E:14. Other Provisions.
The provisions of RSA 35-A:15-24, 26-33, and 35, as amended from time to time, shall apply to the division, its bonds or notes issued under this chapter, municipal small scale power facility bonds, and all other aspects of the powers and operations of the division under this chapter as if such sections were set forth in this section with such changes as to make them fully applicable to the provisions of this chapter.
Source. 1981, 545:7, eff. Aug. 29, 1981.
RSA 374-E:15 Conflicts in Statutes.
374-E:15. Conflicts in Statutes.
It is the intent of the legislature that in the event of any conflict or inconsistency in the provisions of this chapter and any other chapters pertaining to matters established or provided for in this chapter or in any rules adopted under this chapter or said other chapters, to the extent of such conflict or inconsistency, the provisions of this chapter shall be enforced and the provisions of such other chapters and the rules adopted under such other chapters shall be of no force and effect.
Source. 1981, 545:7, eff. Aug. 29, 1981.
RSA 374-E:16 Liberal Construction.
374-E:16. Liberal Construction.
This chapter shall be construed liberally to effect the legislative intent and the purposes of the chapter as complete and independent authority for the performance of each and every act and thing authorized in this chapter and all powers granted in this chapter shall be broadly interpreted to effect such intent and purposes and not as a limitation of powers.
Source. 1981, 545:7, eff. Aug. 29, 1981.
RSA 374-E:17 Severability.
374-E:17. Severability.
If any provision of this chapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of the chapter which can be given effect without the invalid provisions or application, and to this end the provisions of this chapter are severable.
Source. 1981, 545:7, eff. Aug. 29, 1981.
Source: New Hampshire General Court (gc.nh.gov)URL: https://gc.nh.gov/rsa/html/NHTOC/NHTOC-XXXIV-374-E.htmFetched: 10/20/2026