{"id": "SB450", "year": 1992, "term": "1991-1992", "title": "(New Title) relative to capital formation.", "narrative": "It was introduced on January 8, 1992 and referred to the Senate Economic Development committee. The committee held a public hearing on January 21, 1992. The committee held a work session on March 3, 1992. The committee recommended that the Senate pass it with changes. On March 5, 1992 the Senate voted to pass it with changes on a voice vote. It crossed to the House on March 5, 1992 and was referred to the House Economic Development committee. The committee held a public hearing on March 17, 1992. The committee held a work session on March 25, 1992. The majority of the committee recommended that the House pass it with changes unanimously, 14\u20130. On April 7, 1992 the House voted to pass it with changes on a voice vote, then referred it on to the House Appropriations committee. On April 7, 1992 the House adopted \u201cSuspend Rules for hearing\u201d, on a motion by Rep. Hager. The committee held a public hearing on April 9, 1992. The majority of the committee recommended that the House pass it by a vote of 20\u20131. On April 22, 1992 the House voted to pass it on a roll call 239\u201385. On April 23, 1992 the Senate voted to reject the other chamber's changes on a voice vote. On April 23, 1992 the House adopted \u201cAccede to Request for Committee of Conference\u201d on a voice vote. A committee of conference met on April 29, 1992 to try to settle the differences between the two chambers' versions of the bill. On May 6, 1992 the House adopted \u201cConference Committee Report\u201d on a voice vote. On May 6, 1992 the Senate adopted \u201cConference Committee Report\u201d on a voice vote. An enrolled bill amendment () was adopted on May 7, 1992. These correct technical errors found after passage. The bill was enrolled on May 7, 1992 \u2014 the final check of the text before it goes to the governor. An enrolled bill amendment () was adopted on May 8, 1992. These correct technical errors found after passage. The bill was enrolled on May 8, 1992 \u2014 the final check of the text before it goes to the governor. The governor signed it on May 15, 1992, making it Chapter 262 of the session laws. It took effect on May 15, 1992.", "stages": [{"label": "Senate Committee (Economic Development)", "hand": "S:committee", "text": "It was introduced on January 8, 1992 and referred to the Senate Economic Development committee. The committee held a public hearing on January 21, 1992. The committee held a work session on March 3, 1992. The committee recommended that the Senate pass it with changes.", "notes": []}, {"label": "On the Senate Floor", "hand": "S:floor", "text": "On March 5, 1992 the Senate voted to pass it with changes on a voice vote.", "notes": []}, {"label": "House Committee (Economic Development)", "hand": "H:committee", "text": "It crossed to the House on March 5, 1992 and was referred to the House Economic Development committee. The committee held a public hearing on March 17, 1992. The committee held a work session on March 25, 1992. The majority of the committee recommended that the House pass it with changes unanimously, 14\u20130.", "notes": []}, {"label": "On the House Floor", "hand": "H:floor", "text": "On April 7, 1992 the House voted to pass it with changes on a voice vote, then referred it on to the House Appropriations committee. On April 7, 1992 the House adopted \u201cSuspend Rules for hearing\u201d, on a motion by Rep. Hager.", "notes": []}, {"label": "House Committee (Appropriations)", "hand": "H:committee", "text": "The committee held a public hearing on April 9, 1992. The majority of the committee recommended that the House pass it by a vote of 20\u20131.", "notes": []}, {"label": "On the House Floor", "hand": "H:floor", "text": "On April 22, 1992 the House voted to pass it on a roll call 239\u201385.", "notes": []}, {"label": "On the Senate Floor", "hand": "S:floor", "text": "On April 23, 1992 the Senate voted to reject the other chamber's changes on a voice vote.", "notes": []}, {"label": "On the House Floor", "hand": "H:floor", "text": "On April 23, 1992 the House adopted \u201cAccede to Request for Committee of Conference\u201d on a voice vote.", "notes": []}, {"label": "Committee of Conference", "hand": "C:conference", "text": "A committee of conference met on April 29, 1992 to try to settle the differences between the two chambers' versions of the bill.", "notes": []}, {"label": "On the House Floor", "hand": "H:floor", "text": "On May 6, 1992 the House adopted \u201cConference Committee Report\u201d on a voice vote.", "notes": []}, {"label": "On the Senate Floor", "hand": "S:floor", "text": "On May 6, 1992 the Senate adopted \u201cConference Committee Report\u201d on a voice vote.", "notes": []}, {"label": "With the Governor", "hand": "G:governor", "text": "An enrolled bill amendment () was adopted on May 7, 1992. These correct technical errors found after passage. The bill was enrolled on May 7, 1992 \u2014 the final check of the text before it goes to the governor. An enrolled bill amendment () was adopted on May 8, 1992. These correct technical errors found after passage. The bill was enrolled on May 8, 1992 \u2014 the final check of the text before it goes to the governor. The governor signed it on May 15, 1992, making it Chapter 262 of the session laws. It took effect on May 15, 1992.", "notes": []}], "notes": [], "vote_note": "6 of the floor votes on this bill were voice or division votes, which do not record how individual legislators voted.", "events": [{"date": "1992-01-08", "text": "INTRODUCED AND REF TO ECON DEV", "routine": false, "cite": "SJ 1"}, {"date": "1992-01-21", "text": "HEARING JAN21 02:00 RM212,LOB FOR: ECON DEV", "routine": false}, {"date": "1992-03-03", "text": "WORK SESSION MAR03 09:30 RM 212, LOB FOR: ECON DEV", "routine": false}, {"date": "1992-03-03", "text": "COMM REPORT OTP/AM MAR05", "routine": false}, {"date": "1992-03-03", "text": "PROP COMM AM (NEW TITLE); SC16,P23-43", "routine": false, "cite": "SC 16"}, {"date": "1992-03-05", "text": "COMM AM, AA VV; PASSED WITH AM VV; SJ9,P174-189 + 266", "routine": false, "cite": "SJ 9"}, {"date": "1992-03-05", "text": "(JOURNAL CORRECTION; SJ9,P267-286)", "routine": false, "cite": "SJ 9"}, {"date": "1992-03-05", "text": "INTRODUCED AND REF TO ECON DEV; HJ58,P1522", "routine": false, "cite": "HJ 58"}, {"date": "1992-03-09", "text": "IN SEAT POCKET ON 03/10/92 DUE ON 03/31/92", "routine": false}, {"date": "1992-03-09", "text": "MULTIPLE HOUSE COMMITTEE ASSIGNMENT: PRIMARY COMM=ECONOMIC DEV; SECS 20-30 & 40=MUN & CNTY GOVT; SECS 31 & 32=EXEC DEPTS&ADMIN; SECS 36-39=WAYS & MEANS; ORIENTATION SESSION MAR17 10:00 RMS306-308,LOB FOR: ECON DEV", "routine": false}, {"date": "1992-03-17", "text": "HEARING MAR17 01:00 RMS306-308,LOB FOR: ECON DEV", "routine": false}, {"date": "1992-03-17", "text": "HEARINGS ON SECS 21-30 & 40, MAR24 10:00 RM211,LOB :M&CG", "routine": false}, {"date": "1992-03-17", "text": "HEARING SECS.36-39 MAR24 10:00 RM204,LOB FOR: WAYS & MEANS", "routine": false}, {"date": "1992-03-19", "text": "HEARING SECS.31&32 MAR31 10:30 RM210,LOB FOR: EXEC DEPTS&ADMIN", "routine": false}, {"date": "1992-03-25", "text": "SUBCOM WORK SESSION MAR25 01:30 RM306,LOB FOR: ECON DEV", "routine": false}, {"date": "1992-04-01", "text": "MAJ REPORT OTP/AM FOR APR07 (VOTE 14-0)", "routine": false}, {"date": "1992-04-07", "text": "PROP COMM AM; HC65,P1681-1699", "routine": false, "cite": "HC 65"}, {"date": "1992-04-07", "text": "COMM AM, AA VV; PASSED WITH AM AND REF TO APPROP VV;HJ67,P1748-67", "routine": false, "cite": "HJ 67"}, {"date": "1992-04-07", "text": "REP HAGER SUSP RULES FOR HEARING, MA 2/3VV; HJ67,P1789", "routine": false, "cite": "HJ 67"}, {"date": "1992-04-09", "text": "HEARING APR09 09:30 RM100, ST HOUSE FOR: APPROP", "routine": false}, {"date": "1992-04-17", "text": "MAJ APPROP REPORT OTP FOR APR22 (VOTE 20-1)", "routine": false}, {"date": "1992-04-22", "text": "PASSED RC(239-85); HJ77,P1995-1999 + 2056", "routine": false, "cite": "HJ 77"}, {"date": "1992-04-23", "text": "SEN NONC WITH HOUSE AM REQ CONF COMM, SEN DUPONT MA VV; SJ20,P564", "routine": false, "cite": "SJ 20"}, {"date": "1992-04-23", "text": "<PRES APPTS SENS: DUPONT, W. KING & SHAHEEN>", "routine": false}, {"date": "1992-04-23", "text": "HOUSE ACCEDED TO REQ FOR CONF COMM, REP TRELFA MA VV; HJ79,P2074", "routine": false, "cite": "HJ 79"}, {"date": "1992-04-23", "text": "<SPKR APPTS REPS: B. PACKARD, D. SYTEK, C. BROWN & BURLING>", "routine": false}, {"date": "1992-04-23", "text": "<ALTERNATES: GRODIN & R. WHEELER>", "routine": false}, {"date": "1992-04-29", "text": "CONF COMM MEETING APR29 11:00 RM302, ST HOUSE", "routine": false}, {"date": "1992-05-01", "text": "CONF COMM REPORT (H AM + NEW AM) FILED", "routine": false}, {"date": "1992-05-06", "text": "CONF COMM REPORT ADOPTED VV; HJ82,P2116-2117", "routine": false, "cite": "HJ 82"}, {"date": "1992-05-06", "text": "CONF COMM REPORT ADOPTED VV; SJ21,P650-651", "routine": false, "cite": "SJ 21"}, {"date": "1992-05-07", "text": "ENROLLED AM ADOPTED; HJ87,P2197-2198", "routine": false, "cite": "HJ 87", "plain": "Enrolled: the final text checked before it goes to the Governor"}, {"date": "1992-05-07", "text": "ENROLLED; HJ87,P2200", "routine": false, "cite": "HJ 87", "plain": "Enrolled: the final text checked before it goes to the Governor"}, {"date": "1992-05-08", "text": "ENROLLED AM ADOPTED; SJ22,P704-705", "routine": false, "cite": "SJ 22", "plain": "Enrolled: the final text checked before it goes to the Governor"}, {"date": "1992-05-08", "text": "ENROLLED; SJ22,P720", "routine": false, "cite": "SJ 22", "plain": "Enrolled: the final text checked before it goes to the Governor"}, {"date": "1992-05-15", "text": "SIGNED BY GOVERNOR 05/15/92 EFF: 05/15/92* CHAP.0262", "routine": false}], "next_step": "Signed into law", "archived": {"docket": true, "sponsors": true, "reports": false, "votes": false, "video": false, "hearings": true, "committee": true}, "status_source": "General Court docket", "chapter": "262", "journey": {"steps": [{"date": "1992-03-05", "body": "S", "act": "passed", "mark": "p", "text": "Passed with an amendment on a voice vote"}, {"date": "1992-04-07", "body": "H", "act": "referred", "mark": "h", "text": "Approved with an amendment and sent to Appropriations on a voice vote"}, {"date": "1992-04-22", "body": "H", "act": "passed", "mark": "p", "text": "Passed with an amendment, 239\u201385"}, {"date": "1992-04-23", "body": "S", "act": "nonconcurred", "mark": "h", "text": "Refused the House's amendment and asked for a committee of conference on a voice vote"}, {"date": "1992-05-06", "body": "H", "act": "conf_adopted", "mark": "p", "text": "Adopted the conference report on a voice vote"}, {"date": "1992-05-06", "body": "S", "act": "conf_adopted", "mark": "p", "text": "Adopted the conference report on a voice vote"}, {"date": "1992-05-15", "body": "G", "act": "signed", "mark": "p", "text": "Signed"}, {"date": "", "body": "L", "act": "law", "text": "Chapter 262", "mark": "p"}], "rail": [{"stop": "Introduced", "mark": "p", "date": "1992-01-08", "say": "Introduced"}, {"stop": "Senate", "mark": "p", "date": "1992-03-05", "say": "Passed with an amendment on a voice vote"}, {"stop": "House", "mark": "p", "date": "1992-04-22", "say": "Passed with an amendment, 239\u201385"}, {"stop": "Governor", "mark": "p", "date": "1992-05-15", "say": "Signed"}, {"stop": "Law", "mark": "p", "date": "", "say": "Chapter 262"}]}, "text_url": "", "facts": {"gen_status": "SIGNED BY GOVERNOR", "house_status": "CONFERENCE REPORT ADOPTED", "senate_status": "CONFERENCE REPORT ADOPTED"}, "sponsors": [{"member_id": "", "name": "Dupont", "party": "", "chamber": "S", "county": "", "district": "6", "label": "Sen. 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[], "billtext": {"version": "", "title": "", "analysis": "I. Section 1 of the bill is a general purpose statement.\n\nII. Sections 2-16 of this bill expand and modify the powers of the industrial development authority. The name of the authority is changed to the business finance authority.\n\nIII. Section 17 extends the reporting date of the committee established under 1991, 149:1 to study the industrial development authority from December 1, 1991, to November 1, 1992.\n\nIV. Section 18 requires the business finance authority to hire a consultant, who shall report to the authority. Section 18 also requires the business finance authority to develop standards for the review of its portfolio of loan programs, such review to be conducted every 2 years.\n\nV. Sections 19-22 authorize the Dover Industrial Development Authority to engage in redevelopment activities.\n\nVI. Sections 23-44 of the bill allow the expansion of the role of local industrial development authorities in real estate matters under RSA 162-G and RSA 162-J.\n\nAMENDED ANALYSIS\n\n(Page 2)\n\nVII. Section 45 establishes a legislative committee to study financial management of public funds.\n\nVIII. Section 46 establishes a legislative committee to study property tax abatements for economic development.", "fiscal": {"lead": "", "tables": [{"caption": "", "raw": ["The Industrial Development Authority indicates that this bill, as amended by the House, will have no fiscal impact on state, county or local revenues and expenditures.", "The Legislative Accountant has determined that this bill, as amended by the House, will have no impact on state, county or local revenues or expenditures."]}]}, "body": "4273L\n\n01\n\nEnrolled Bill Amendment\n\nSB 450-FN\n\nnine hundred and ninety-two\n\nrelative to capital formation.\n\nBe it Enacted by the Senate and House of Represen-\n\ntatives in General Court convened:\n\n1 Statement of Purpose Regarding Capital Formation.\n\nI. The general court finds that public policies are urgently required to restore the strength and sustain the growth of the economy in order to increase the prosperity and enhance the opportunities of the people of New Hampshire. The general court finds that such public policies must be pursued in a coherent, consistent and comprehensive manner both to meet the immediate challenges and to serve the future interests of the state and its people. The general court also finds that measures to further capital formation, regulatory reform, business assistance, infrastructure development and strategic planning are legitimate, necessary and timely priorities for legislative initiatives. Therefore, the general court has addressed these aspects of public policy in 4 acts which together\n\nrepresent a program to revive and sustain economic growth in New Hampshire.\n\nII. The general court finds that a dearth of capital severely hinders investment required for the recovery and expansion of the economy. The general court also finds that the authority and credit of state and municipal government can be properly and prudently invoked to expand the supply of capital. Therefore, the general court expands the authority and resources of the industrial development authority to augment the capital for investment in commercial and industrial enterprise. The general court also expands the authority of municipal development agencies to engage in a wider range of activities as well as to strengthen the partnership between state and local government in pursuit of economic development. The general court also finds the want of venture capital for new enterprises especially marked. The general court recognizes that tax incentives represent appropriate, legitimate, and effective means of marshaling and directing private capital to the establishment and development of new enterprise. Therefore, the general court grants incentives to private entities to contribute to a venture capital fund to invest and reinvested in enterprises operating in New Hampshire.\n\n2 Purpose. The general court finds that the powers of the industrial development authority, to be known henceforth as the business finance authority, should be expanded and modified so that it can effectively serve the capital needs of business in coordination with federal programs and in a manner consistent with the goals and objectives of state government and its political subdivisions. It is hereby declared that the governor and council, the state treasurer, and business finance authority shall be performing a governmental function, advancing a public purpose, and\n\nconferring a public benefit in carrying out the provisions of sections 3 - 16 of this act.\n\n3 Business Finance Authority. RSA 162-A is repealed and reenacted to read as follows:\n\nCHAPTER 162-A\n\nBUSINESS FINANCE AUTHORITY\n\n162-A:1 Declaration of Need and Purpose. It is declared that there is a statewide need for the preservation and development of business and industry for the betterment of the economy of the state and its inhabitants. It is the purpose of this chapter to provide for the preservation, establishment, and redevelopment of business and industry, together with adequate transportation, water, sewage and other necessary facilities, so as to provide and encourage orderly development, create or preserve employment opportunities, protect the physical environment, preserve or increase the social welfare or economic prosperity of the state or its political subdivisions, and promote the general welfare of the state's citizens. It is further declared that the business finance authority, created in this chapter shall be regarded as performing an essential governmental function in carrying out the provisions of this chapter.\n\n162-A:2 Definitions. In this chapter:\n\nI. \"Authority\" means the business finance authority, formerly known as the industrial development authority and the industrial park authority.\n\nII. \"Board\" means the board of directors of the authority.\n\nIII. \"Bond\" means any bond, note or other evidence of indebtedness issued by the authority under this chapter.\n\nIV. \"Borrower\" means any business that receives a loan, a loan guarantee, or other assistance pursuant to this chapter.\n\nV. \"Business\" means the carrying on of any business activity, whether as a corporation, partnership, limited partnership, sole proprietorship or otherwise, including all activities that are industrial, commercial, or recreational.\n\nVI. \"CAP\" means the capital access program established by RSA 162-A:12.\n\nVII. \"CAP fund\" means a fund established by the authority pursuant to RSA 162-A:12, which fund shall consist of contributions from the authority, the participating state bank, and borrowers whose loans are to be secured by the fund.\n\nVIII. \"CAP loan\" means a loan that is made to a business by a participating state bank and is entitled to be secured by a CAP fund.\n\nIX. \"CAP participation agreement\" means an agreement between the authority and a participating state bank setting out the terms and conditions under which the authority will make contributions to a CAP fund established for the benefit of that participating state bank and specifying the criteria for a loan to qualify as a CAP loan.\n\nX. \"Financial institution\" means any bank, trust company, or other organization that is in the business of making loans to businesses, provided that such bank, trust company or other organization is duly organized under the laws of the United States or any state, and provided further that with respect to any organization that is not a bank or trust company, it is qualified to do business in New Hampshire.\n\nXI. \"Loan\" means any arrangement involving an advance of money to a\n\nborrower in exchange for the borrower's promise to repay such money, with or without interest, including a sale and leaseback, a financing lease or a conditional sale.\n\nXII. \"Local development organization\" means any local or regional development agency, authority, corporation, association, foundation or other entity, regardless of the name or manner of organization, provided it shall have as a principal function the promotion, encouragement, or development of business.\n\nXIII. \"Participating state bank\" means any state bank participating in the capital access program established by RSA 162-A:12.\n\nXIV. \"Project\" means all property, rights, easements, licenses, patents, rights of way, and franchises deemed necessary or convenient for the carrying out of a business activity, and shall embrace all means of accomplishing the purposes of this chapter.\n\nXV. \"Project costs\" means any costs or expenses reasonably incidental to a project and may, without limitation, include the costs of:\n\n(a) Issuing bonds or notes to finance a project.\n\n(b) Acquiring land, buildings, structures and facilities, whether by lease, purchase, construction, or otherwise.\n\n(c) Acquiring rights in or over land, air, or water.\n\n(d) Improving land and improving buildings, structures and facilities by remodeling, reconstruction, replacement, or enlargement.\n\n(e) Acquiring and installing machinery and equipment.\n\n(f) Obtaining professional or advisory services.\n\n(g) Interest prior to and during construction and until one year after the completion of a project.\n\n(h) Creating or making contributions to reserves for loans, loan guarantees and projects.\n\nXVI. \"State bank\" means any bank or trust company organized under the laws of the United States, any state, or any foreign country that is authorized by law to make loans and accept deposits in New Hampshire.\n\n162-A:3 Authority Created. There is hereby created the business finance authority which shall be a body corporate and politic as an agency of the state having the powers and jurisdiction hereinafter enumerated and such other and additional powers as shall be conferred upon it by the legislature.\n\n162-A:4 Management.\n\nI. The management of the authority shall be vested in a board of 14 directors, who shall serve without compensation. The governor, with the consent of the council, shall appoint 9 members of the board, who shall include an executive director of a regional planning commission and one elected or appointed local official. The governor shall designate one of the board members as chairman. Each board member appointed by the governor shall hold office for 3 years, or until his successor has been appointed. The state treasurer, shall serve as a nonvoting ex officio member of the board. In addition, 2 members of the house of representatives, who shall be appointed by the speaker of the house of representatives, and 2 members of the senate, who shall be appointed by the president of the senate, shall serve as nonvoting members of the board. A director serving as a member of the house of representatives or as a member of the senate shall serve for a term ending when the general court dissolves.\n\nII. A director, officer, or employee of the authority shall not use his office for personal gain or act in a manner contrary to the public interest. A director shall abstain from voting on matters in which he has a financial interest, whether personally or through a spouse or dependent. If in doubt, the director may submit a written request for advice to the chairman, who shall make a ruling as to whether the director may vote on a matter.\n\n162-A:5 Vacancy, Removal, or Suspension.\n\nI. If a vacancy shall occur by death, resignation, or otherwise of a director appointed by the governor, then the governor, with the advice and consent of the council, shall fill the same for the unexpired term. The governor and council may at any time remove a director appointed by the governor for inefficiency, neglect of duty, or malfeasance in office, but no such director shall be removed without a hearing, after notice in writing of the charges against him. A director who is appointed to the board as a member of the house of representatives shall serve at the pleasure of the speaker of the house of representatives. A director who is appointed to the board as a member of the senate shall serve at the pleasure of the president of the senate.\n\nII. If a director is appointed to the board as an executive director of a regional planning commission or as an elected or appointed local official and the director ceases to hold such office, he shall continue as a director for the remainder of his unexpired term and shall be treated for purposes of RSA 162-A:4 as if he continued to hold such office. If a director is appointed to the board as a member of the house of representatives or as a member of the senate and the director ceases to be\n\na member of the house of representatives or the senate, he shall also cease to be a director.\n\n162-A:6 Incorporation; Powers. The authority shall be a corporation in the state of New Hampshire and shall have powers to:\n\nI. Sue and be sued.\n\nII. Have a seal and alter the same at pleasure.\n\nIII. Adopt and amend bylaws.\n\nIV. Adopt rules, under RSA 541-A, relative to:\n\n(a) A description of its organization, stating the general course and method of its operations and the methods whereby the public may obtain information or make submissions or requests.\n\n(b) Procedures of the authority in carrying out its programs under this chapter or of the authority in issuing bonds pursuant to RSA 162-I.\n\n(c) Procedures for the establishment of fees and charges.\n\nV. Develop, construct, and reconstruct business facilities.\n\nVI. Acquire, hold, lease, and dispose of real and personal property for its purposes.\n\nVII. Acquire in the name of the authority by gift, purchase, lease or otherwise, real property and rights or easements therein, deemed by it necessary or desirable for its purposes.\n\nVIII. Acquire, in the name of the authority, security by way of mortgage deed or otherwise any property, title to which may be in any corporation, partnership, limited partnership, individual or group of individuals, or other entity other than the authority and upon which projects may be developed or constructed as provided in this chapter. Such\n\nsecurity may be acquired by the authority solely in its own name, with community development organizations, with other governmental entities, or with a non-governmental entity, whether operated for profit or as a charity. If the security is acquired with any other entity, then the authority shall act in conformance to RSA 387.\n\nIX. Sell or lease any property it may own.\n\nX. Make contracts with the United States or any agency thereof, the state of New Hampshire or any agency thereof, towns or cities, public corporations or bodies, private corporations, individuals or other entities.\n\nXI. Accept grants that will assist in the carrying out of its purposes under this chapter and to do any and all things necessary or convenient in order to avail itself of such aid.\n\nXII. Employ or retain as independent contractors such assistants, agents, consultants, accountants, or attorneys as it shall deem necessary or desirable for its purposes, notwithstanding any other provision of law.\n\nXIII. Borrow money, make and issue negotiable notes, bonds and other evidences of indebtedness or obligations of the authority and to secure the payment of such obligations or any part thereof by pledge of all or any part of, the revenue or assets of the authority.\n\nXIV. Develop or assist in the development of real property owned by any local development corporation or foundation which has as its primary purpose the encouragement and development of business or industry.\n\nXV. Develop performance indicators to measure the effectiveness of authority programs.\n\nXVI. Make or acquire loans or advances, with or without interest, and whether or not secured by a mortgage, to businesses operating within\n\nthe state.\n\nXVII. Invest or deposit for its own account moneys it may receive or hold under this chapter or RSA 162-I. Such investment may include the guaranteed portion of loans guaranteed by the state under this chapter or RSA 162-I.\n\nXVIII. Establish and contribute to CAP funds.\n\nXIX. Maintain offices at such place within the state as it may designate.\n\nXX. Renegotiate, refinance or foreclose, or contract for the foreclosure of, any mortgage or loan in default; waive any default or consent to the modification of the terms of any mortgage or loan; commence any action to protect or enforce any right conferred upon it by any law, mortgage, loan, contract or other agreement, and bid for and purchase property at any foreclosure or at any other sale, or acquire or take possession of any such property; temporarily operate or manage, lease, dispose of, or otherwise deal with property, in such manner as may be necessary or desirable to protect the interests of the state, the authority and the holders of the authority's bonds; all subject to any agreements with the state or with bondholders.\n\nXXI. Institute any action or proceeding against the maker, payor or other party, hereafter referred to as the obligor, who is liable for the payment of any obligation, mortgage or loan held or made by the authority under the provisions of this chapter in any court of competent jurisdiction in order to enforce the provisions of this chapter, or to foreclose mortgages or loans, or to protect the public interest.\n\nXXII. Procure insurance against any loss in connection with its\n\nproperty and other assets, in such amounts and from such insurer as it deems advisable.\n\nXXIII. Take such other action as may be necessary or convenient to carry out its purposes and exercise its powers under this chapter.\n\n162-A:7 Aid to Local or Regional Development Organizations.\n\nI. The authority may expend money upon such terms and conditions as prescribed by the authority to acquire, develop, redevelop, construct, renovate, or expand real property for business use. Any such real property shall be owned either by the authority or by a local development organization. No expenditure shall be made by the authority under this section unless it is with the approval of, or in cooperation with, a local development organization.\n\nII. Prior to the expenditure of any money under this section for property to be owned by a local development organization, the authority shall enter into one or more agreements with such organization to provide for the conditions on which the expenditures will be made, the terms of repayment of such expenditure, the time and manner of such repayment, conditions under which the property is to be used by or leased to one or more businesses, the form and amount of security if any, to be pledged to the authority for such repayment, and such other provisions as the authority may determine are necessary or desirable. Repayment of any expenditure made by the authority may be with or without interest and may take the form of cash, property or services.\n\nIII. Any property acquired, developed, redeveloped, constructed, renovated, or expended under this section may be leased by the authority or the local development organization, as appropriate, for business use, and\n\nunder such terms and conditions as they shall deem appropriate. Any such lease may include options of the lessee to purchase the property, provided that the purchase price upon the exercise of any such option shall not be less than the amount necessary to reimburse the authority, with interest if applicable, for any unpaid balance of expenditures made by the authority for such property. Any lease shall obligate the lessee to pay all costs and expenses of upkeep, maintenance and operation of the property during the lease term.\n\nIV. The authority shall not expend any money or make a binding commitment to spend any money for a particular project under this section unless after a hearing the governor and council have made the findings specified in RSA 162-A:18.\n\n162-A:8 Guarantee of Loans to Small Businesses.\n\nI. Upon recommendation of the authority for the proper implementation of the declared purposes of this chapter, the governor and council may award a state guarantee of the principal of and interest on any loan made by a private financial institution to any business that is or will be operating in the state, provided that the loan is also guaranteed in part under a program administered by the United States Small Business Administration. Such state guarantee shall be up to 90 percent of the portion of the loan not guaranteed through the United States Small Business Administration. The full faith and credit of the state shall be pledged for any such guarantee, but the total outstanding amount guaranteed by the state under this section and RSA 162-A:10, III shall not exceed in the aggregate at any time $20,000,000 plus interest and shall not cause the contingent credit limit under RSA 162-A:22 to be exceeded.\n\nII. The state's guarantee of a loan under this section shall be evidenced by a guarantee agreement entered into by the state, the lending financial institution, and the borrower. Such guarantee agreement shall contain such terms and conditions as the authority and the governor and council may impose, including, without limitation, restrictions on the use of loan proceeds, restrictions on the use and operation of any project financed or assisted by the loan, appropriate controls on the requisition of loan proceeds by the borrower, provisions for the state to demand acceleration of the payment of the loan in the event of a default by the borrower, provisions for payment to the authority of guarantee fees and reimbursement of costs and expenses, provisions for reimbursement of the state if the state is required to honor the guarantee, appropriate financial covenants, and provisions for the establishment of reserves. In addition, as a condition of awarding any guarantee, the state shall be subrogated to all of the rights and security of the lending financial institution to the extent it honors the guarantee. Any guarantee agreement authorized in accordance with this section shall be executed on behalf of the state by the chairman, vice chairman, or executive director of the authority. The governor, with the advice and consent of the council, is authorized to draw his warrant for such sum as may be necessary out of money in the state treasury not otherwise appropriated, for the purpose of honoring any guarantee awarded under this section.\n\nIII. Any loan guaranteed under this section shall meet the following minimum requirements:\n\n(a) The weighted average maturity of the loan shall not exceed the reasonably expected average useful life of the property financed by\n\nthat loan, and for this purpose working capital shall be treated as having a useful life of not more than 7 years.\n\n(b) The total principal amount of any loan or loans guaranteed under this section made to one borrower shall not exceed $1,500,000.\n\n(c) The total principal amount of any loan or loans guaranteed under this section made to one borrower to finance working capital shall not exceed $500,000.\n\nIV. The amount of any guarantee awarded under this section shall be reduced in proportion to any reduction in the principal balance of the loan.\n\nV. The governor and council shall not award any state guarantee under this section unless after a hearing they have made the findings specified in RSA 162-A:18.\n\n162-A:9 Temporary Loans to Business.\n\nI. The authority may lend money to businesses for any project. Any such loan shall be on such terms and conditions as prescribed by the authority and shall be evidenced by a promissory note given by the business to the authority. In addition, prior to making any loan, the authority and the business shall enter into a loan agreement specifying the terms and conditions of the loan. Any loan agreement shall specify the terms of repayment of the loan, provide for the payment of an appropriate interest rate, and obligate the business to pay all the costs and expenses of upkeep, maintenance, and operation of the project being financed. A loan agreement may also provide such terms and conditions as the authority shall deem necessary or desirable, including, without limitation, provisions requiring that collateral be pledged to secure the loan, restrictions on the use of loan proceeds, restrictions on the use and operation of any\n\nproject financed or assisted by the loan, controls on the requisition of loan proceeds, appropriate events of default, provisions for payment to the authority of origination fees, late charges and additional interest on overdue payments of principal, interest or other charges, appropriate financial covenants, and provisions for the establishment of reserves for the project or the loan.\n\nII. Any loan made under this section shall meet the following minimum requirements:\n\n(a) The total principal amount of any loan or loans made to one borrower under this section shall not exceed $2,000,000.\n\n(b) The total principal amount of any loan or loans made to one borrower to finance working capital shall not exceed $500,000.\n\n(c) The final maturity date of any loan or loans, including renewals, shall not be later than the later of 3 years from the date the loan is made or one year after the project was placed in service.\n\nIII. The authority shall not make any loan or enter into any loan agreement under this section unless after a hearing the governor and council have made the findings specified in RSA 162-A:18.\n\n162-A:10 Secondary Market for Loans Made by Local Development Organizations.\n\nI. The authority may acquire for its own account, or for resale, loans made by local development organizations to businesses operating within the state. The authority shall acquire such loans only if the local development organization agrees to use the proceeds of the sale of such loans for the promotion, encouragement, or development of business within the state, or a region or community of the state.\n\nII. Prior to the acquisition of any loans from a local development organization, the authority shall enter into a loan purchase agreement with the such organization. Such loan purchase agreement shall specify terms and conditions under which the authority will purchase loans, the purchase price for such loans, and the terms and conditions for use of the purchase price by the local development organization. The loan purchase agreement may also contain such provisions as the authority may deem necessary or desirable, including, without limitation, representations, warranties, and covenants of the local development authority regarding the loans, conditions under which the local development authority may be required to repurchase the loans, provisions for the payment of guarantee fees to the authority in the event the loans are guaranteed under RSA 162-A:10, III, provisions for payment of the authority's costs and expenses, and provisions for the local development authority to continue servicing the loans on behalf of the authority or any subsequent purchaser.\n\nIII. In order to facilitate the resale of loans acquired under this section the governor and council, at the request of the authority, may award a state guarantee of up to 90 percent of the principal of and interest on such loans. The full faith and credit of the state shall be pledged for such guarantee, but the total amount guaranteed by the state under this section shall be subject to the limit specified in RSA 162-A:8, I and shall not cause the contingent credit limit under RSA 162-A:22 to be exceeded. The state's guarantee of loans under this section shall be evidenced by a guarantee agreement between the state and the purchaser of the loans. Such guarantee agreement shall be assignable to any subsequent purchaser or purchasers of the loans and shall contain such provisions as\n\nthe authority and the governor and council may deem appropriate. Any guarantee agreement authorized in accordance with this section shall be executed on behalf of the state by the chairman, vice chairman, or executive director of the authority. The governor, with the advice and consent of the council, is authorized to draw his warrant for such sum as may be necessary out of money in the state treasury not otherwise appropriated, for the purpose of honoring any guarantee awarded under this section. The amount of any guarantee awarded under this section shall be reduced in proportion to any reduction in the principal balance of the loan.\n\nIV. The authority shall not purchase any loans under RSA 162-A:10, I or enter into a loan purchase agreement under RSA 162-A:10, II unless after a hearing the governor and council have made the findings specified in RSA 162-A:18.\n\nV. The governor and council shall not award any state guarantee under RSA 162-A:10, III unless after a hearing they have made findings specified in RSA 162-A:18.\n\n162-A:11 Guarantee Fund Established. In order to provide additional security to the state for any loan guarantees made under RSA 162-A:8, RSA 162-A:10, or RSA 162-A:13, there is hereby established a loan guarantee reserve fund, which shall be held by the authority apart from all of its other funds, and which shall be deemed irrevocably pledged to secure all loans guaranteed under RSA 162-A:8, RSA 162-A:10, III, or RSA 162-A:13. Whenever a loan guarantee is awarded under RSA 162-A:8, RSA 162-A:10, III, or RSA 162-A:13 the authority, the borrower, the lending financial institution, the local development organization, the purchaser of the loans, or any appropriate combination of them shall deposit in such fund an\n\namount equal to not less than 10 percent of the guaranteed portion of the principal of the loan or loans. If a state guarantee is called upon to be honored, the authority, upon direction of its treasurer or assistant treasurer, shall draw upon such fund for the purpose of honoring such guarantee, and only when amounts in the fund are exhausted shall the governor be called upon to draw his warrant pursuant to RSA 162-A:8, II, RSA 162-A:10, III, or RSA 162-A:13, II. Interest earned on amounts invested in the fund shall be accumulated therein or paid to the authority upon its direction. If earnings are paid to the authority, they may be used by the authority for any of its purposes. If at any time the amount in the fund exceeds 10 percent of the guaranteed portion of the principal of all loans guaranteed under this section, or such higher amount as may be determined by the authority, the authority may withdraw the excess. Any loan guaranteed under this chapter shall be a permitted investment in this fund. The authority may enter into such trust agreements, depository agreements, or other arrangements with one or more state banks in order to carry out the purposes of this section.\n\n162-A:12 Capital Access Program.\n\nI. The authority may contribute money to funds, to be known as \"CAP funds,\" that shall be held for the benefit of participating state banks. Each such fund shall be held by the authority separate and apart from all other funds of the authority and shall be held exclusively to secure principal of and interest on CAP loans made by a participating state bank.\n\nII. The amount of the authority's contribution to a CAP fund shall not exceed 10 percent of the principal amount of the CAP loans to be secured by the CAP fund. As a condition of the authority making a contribution to a CAP fund, the authority may require the borrower or the participating state bank to make a contribution to the CAP fund and may impose such other conditions or requirements as the authority may deem necessary or desirable. All moneys contributed to a CAP fund shall be held in the name of the authority. Investment earnings on the CAP fund shall be credited to the fund, and such earnings shall be periodically paid to the authority unless the CAP participation agreement otherwise provides.\n\nIII. Prior to establishing a CAP fund at a participating state bank, the authority shall enter into a CAP participation agreement with the participating state bank. The CAP participation agreement shall specify:\n\n(a) The maximum amount of the authority's contributions to the CAP fund.\n\n(b) The conditions under which the authority will make contributions to the CAP fund.\n\n(c) The conditions under which the participating state bank may demand payment from a CAP fund to pay a defaulted CAP loan.\n\n(d) Minimum due diligence procedures for servicing CAP loans.\n\n(e) Conditions under which the participating state bank or a borrower will be required to contribute to the CAP fund.\n\n(f) Provision for the payment of authority fees, costs, and expenses from earnings on the CAP fund or otherwise.\n\n(g) Provisions for the termination of the CAP fund, in whole or in part, and disbursement of any excesses in the CAP fund.\n\n(h) Criteria and procedures for qualifying a loan as a CAP loan.\n\n(i) Requirements that the participating state bank report to the authority not less often than annually regarding outstanding balances on CAP loans, delinquent CAP loans and such other information as the authority may deem appropriate.\n\n(j) Permitted investments in the CAP fund.\n\n(k) Other terms and conditions as the authority may deem necessary or desirable.\n\nIV.(a) At a minimum, CAP loans shall meet the following requirements:\n\n(1) The borrower is either a start-up business or did not have annual sales in its most recently completed fiscal year of greater than $5,000,000.\n\n(2) The total outstanding principal amount of CAP loans to the borrower does not exceed $500,000.\n\n(3) The proceeds of the CAP loan shall be used for business purposes.\n\n(b) The authority may from time to time impose requirements on CAP loans in addition to those contained in subparagraph (a) or in a CAP participation agreement by written notice to participating state banks, but such additional requirements shall not apply to CAP loans already made, or to CAP loans for which written commitments exist, provided CAP loans from these written commitments are made within 3 months of the date of the written notice. Such notices shall not constitute rules within the meaning of RSA 541-A.\n\nV. The authority shall not initially fund any CAP fund or enter into a CAP participation agreement or any material amendment to a CAP\n\nparticipation agreement, unless after a hearing the governor and council have made the findings specified in RSA 162-A:18.\n\n162-A:13 Capital Asset Backed Guarantee Program.\n\nI. Upon recommendation of the authority for the proper implementation of the declared purposes of this chapter, the governor and council may award a state guarantee of the principal of and interest on any loan made to a business that is or will be operating in the state, provided that the loan does not qualify for a state guarantee under RSA 162-A:8. Such state guarantee shall not at any time exceed 90 percent of the principal of the loan plus interest thereon. The full faith and credit of the state shall be pledged for any such guarantee, but the total outstanding amount guaranteed by the state under this section shall not exceed in the aggregate at any time $20,000,000 plus interest and shall not cause the contingent credit limit of RSA 162-A:22 to be exceeded.\n\nII. The state's guarantee of a loan under this section shall be evidenced by a guarantee agreement entered into by the state, the lender and the borrower. Such guarantee agreement shall contain such terms and conditions as the authority and the governor and council may impose, including, without limitation, restrictions on the use of loan proceeds, restrictions on the use and operation of any project financed or assisted by the loan, appropriate controls on the requisition of loan proceeds by the borrower, provisions for the state to demand acceleration of the payment of the loan in the event of a default by the borrower, provisions for payment to the authority of guarantee fees and reimbursement of costs and expenses, provisions for reimbursement of the state if the state is required to honor the guarantee, appropriate financial covenants, and\n\nprovisions for the establishment of reserves. In addition, as a condition of awarding any guarantee, the state shall be subrogated to all of the rights and security of the lender to the extent it honors the guarantee. Any guarantee agreement authorized in accordance with this section shall be executed on behalf of the state by the chairman, vice chairman, or executive director of the authority. The governor, with the advice and consent of the council, is authorized to draw his warrant for such sum as may be necessary out of money in the state treasury not otherwise appropriated, for the purpose of honoring any guarantee awarded under this section.\n\nIII. Any loan guaranteed under this section shall meet the following minimum requirements.\n\n(a) The appraised fair market value of the collateral securing the loan shall not be less than 150 percent of the total principal amount of such loan.\n\n(b) The maximum principal amount of the loan that may be used to finance working capital shall not exceed 20 percent of the total principal amount of such loan.\n\n(c) The final maturity date of the loan shall not be later than the later of 5 years from the date the loan was made or 5 years from the date the project was placed in service, provided that each loan may be renewed or refinanced for up to 2 additional 5-year periods.\n\n(d) After the project has been placed in service, the principal balance of the loan shall be scheduled to be reduced annually by an amount equal to not less than 6 percent of the original principal amount of the loan, provided that in connection with any renewal of a loan such principal\n\nreduction shall not be required.\n\n(e) Nine months before the maturity date of any loan the borrower shall be required to give written notice to the authority of whether or not it intends to seek a renewal of the loan.\n\nIV. The amount of any guarantee awarded under this section shall be reduced in proportion to any reduction in the principal balance of the loan.\n\nV. The governor and council shall not award or renew any state guarantee under this section unless after a hearing they have made the findings specified in RSA 162-A:18.\n\n162-A:14 Agreements Commercially Reasonable. Any agreements entered into by the state or the authority under this chapter shall be deemed to be on commercially reasonable terms.\n\n162-A:15 Issuance of Bonds.\n\nI. The authority may issue bonds pursuant to this section which shall be obligations of the authority and not general obligations of the state, except as provided in RSA 162-A:17. Such bonds may be issued from time to time consistent with the purposes and provisions of this chapter to make expenditures in aid of local development organizations under RSA 162-A:7, to make temporary loans to businesses under RSA 162-A:9, to acquire loans under RSA 162-A:10, to fund the guarantee fund established under RSA 162-A:11, to make contributions to CAP funds under RSA 162-A:12, to pay or refund any bonds issued pursuant to this section or interest thereon, or to pay the costs and expenses of the authority. The principal of, and premium, if any, and interest on all bonds shall be payable solely by the authority in accordance with the provisions of this chapter. The bonds shall be issued by the authority in such amounts as the board shall\n\ndetermine, not exceeding in the aggregate at any time $25,000,000. Bonds of each issue shall be dated, shall bear interest at such rate or rates, including rates variable from time to time as determined by such index, banker's loan rate or other method as may be determined by the authority, and shall mature at such time or times as may be determined by the authority, except that no bonds shall mature more than 30 years from their date of issue. Bonds may be made redeemable before maturity either at the option of the authority or at the option of the holder, or upon the occurrence of specified events, at such price or prices and under such terms and conditions as may be fixed by the authority prior to the issuance of the bonds. The authority shall determine the form and details of the bond. The bonds may be sold in such manner, either at public or private sale, for such price, at such rate or rates of interest, or at such discount in lieu of interest as the authority may determine.\n\nII. Every bond shall be signed on behalf of the authority by 2 persons designated by the authority. One person shall be a member of the board who is also the chairman of the board, or the vice chairman of the board, or the treasurer of the authority, or an assistant treasurer of the authority. The other person shall be any member of the board or the executive director of the authority. The signatures may be manual or facsimile but at least one signature on every bond shall be manual, unless the bond bears a manual authentication or certification by a bank, trust company or other financial institution, in which case both signatures on behalf of the authority may be facsimile. Interest coupons, if any, shall bear the facsimile signature of one of the persons signing the bond on behalf of the authority. Bonds shall also bear the seal of the authority\n\nor a facsimile of the seal. Bonds executed as provided in this paragraph shall be valid notwithstanding that any or all of the persons whose signatures appear on the bond shall have ceased to hold office before delivery of and payment for the bond.\n\nIII. Any bonds issued under this chapter may be issued pursuant to and entitled to the benefits of a security document between the authority and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the state, or by a security document directly between the authority and the purchasers of the bonds. Such security document shall be in such form and executed in such manner as may be determined by the board. Such security document may include the mortgage, pledge, or grant of a security interest in any property of the authority and may pledge or assign, in whole or in part, the revenues held or to be received by the authority, any contract or other rights to receive the revenues, whether then existing or thereafter coming into existence and whether then held or thereafter acquired by the authority, and any proceeds thereof. Such security documents may contain provisions for protecting and enforcing the rights, security, and remedies of the bondholders as may, in the discretion of the board, be reasonable and proper and not in violation of law. Such security documents may include provisions defining defaults and providing for remedies in the event of defaults, which may include the acceleration of maturities and the enforcement of any mortgage, pledge or security interest, and covenants setting forth the duties of, and limitations on, the authority in relation to the custody, safeguarding, investment, and application of moneys, the issue of additional or refunding bonds, the fixing, revision and collection of fees and other revenues, the\n\nuse of bond proceeds, the establishment of reserves, the acquisition of any property or interest therein or undertaking of any project, any contracts relating thereto and subsequent amendments of such provisions and contracts. It shall be lawful for any bank or trust company to act as a depository or trustee of the proceeds of bonds, revenues, or other moneys under a security document and to furnish such indemnification or to pledge such securities and issue such letters or lines of credit or credit facilities as may be required by the authority acting under the paragraph. Any such security document may set forth the rights and remedies of bondholders and of the trustee and may restrict the individual right of action by bondholders.\n\nIV. Any bonds issued under authority of this chapter may be issued pursuant to lines of credit or other banking arrangements under such terms and conditions not inconsistent with this chapter, and under such agreements with the purchasers or makers thereof, as the board may determine to be in the best interests of the authority. In addition to other security provided herein or otherwise by law, bonds issued by the authority under this section may be secured, in whole or in part, by insurance or by letters or lines of credit or other credit facilities issued to the authority by any bank, trust company or other financial institution, within or without the state, and the authority may make any pledge, mortgage, assignment or security interest in respect of its property and revenues as security for the reimbursement by the authority to the issuers of such letters or lines of credit, insurance or credit facilities, or any payments made thereunder.\n\nV. Any mortgage, pledge or security interest made by the authority\n\nunder this chapter shall be valid and binding and shall be deemed continuously perfected for the purposes of RSA 382-A and all other laws from the time when the mortgage, pledge, or security interest is made. The property or revenues so mortgaged, pledged, or subjected to a security interest then held or thereafter acquired or received by the authority shall immediately be subject to the lien of such mortgage, pledge, or security interest without any physical delivery or segregation thereof or further act. The lien of such mortgage, pledge, or security interest shall be valid and binding against all parties having claims of any kind in tort, contract, or otherwise against the authority, irrespective of whether such parties have notice thereof. No such property or revenues may be used in a manner inconsistent with the terms governing such mortgage, pledge, or security interest. Any agreement by which a pledge or security interest in personal property is created under this chapter shall be filed or recorded in the records of the secretary of state. Any mortgage or other agreement by which a security interest in real property is created under this chapter shall be filed with the register of deeds for the county in which such property is located.\n\nVI. Any owner of a bond issued under the provisions of this section and any trustee under a security document securing the same, except to the extent the rights given in this paragraph may be restricted by such security document, may bring suit upon the bonds and may, either at law or in equity, by suit, action, mandamus, or other proceeding for legal or equitable relief, protect and enforce any and all rights under the laws of the state granted hereunder or under such security document, and may enforce and compel performance of all duties required by this chapter or by\n\nsuch security document to be performed by the authority or by any director or officer of the authority.\n\nVII. The authority may issue refunding bonds for the purpose of paying any bonds issued under the provisions of this section at or prior to maturity or upon acceleration or redemption. Refunding bonds may be issued at such times prior to the maturity or redemption of the bonds being refunded as the board may determine. 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 or other expenses from the proceeds of such refunding bonds as may be required by a security document securing the bonds. The authorization and 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 authority in respect to 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.\n\nVIII. Any debt service fund or debt service reserve fund established in connection with the issuance of bonds under this chapter shall be kept separate from other moneys of the authority. All proceeds of any bonds issued under this chapter, together with the income derived therefrom, shall be expended without further authorization or appropriation as provided for in the security document with respect to such bonds.\n\nIX. Moneys in any fund or account created under the provisions of\n\nthis section, subject to the terms and provisions of any security document applicable thereto, may be invested. Except as otherwise provided by any such security document, obligations so purchased as an investment of money in said fund or account shall be deemed at all times to be part of said fund or account, and the interest thereon and any profit arising from the sale thereof shall be credited to said fund or account, and any loss resulting on their sale shall be charged to said fund or account, respectively.\n\nX. 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.\n\nXI. Bonds issued under this section and their transfer and income, including any profit made on their sale or transfer, shall at all times be exempt from all taxation by or within the state.\n\nXII. Notwithstanding any of the provisions of this chapter or any recitals in any bonds issued under this section, all such bonds shall be deemed to be investment securities under RSA 382-A.\n\n162-A:16 Eligible Investments. Bonds issued under the provisions of this chapter are hereby made securities in which all public officers,\n\nagencies and authorities of the state and of its political subdivisions, insurance companies, investment companies, executors, administrators, trustees, and other fiduciaries may properly and legally invest funds, including capital in their control or belonging to them. Such bonds are hereby made securities which may properly and legally be deposited with and received by any state or municipal officer or any agency, authority or political subdivision of the state for any purpose for which the deposit of bonds or obligations of the state or any political subdivision is now or may hereafter be authorized by law.\n\n162-A:17 State Bond Guarantee.\n\nI. In view of the general public benefits expected to be derived from the authority's activities under this chapter, and their contribution to the social welfare and economic prosperity of the state and its political subdivisions, the governor and council may award an unconditional state guarantee of the principal and interest thereon of bonds issued under this chapter. The full faith and credit of the state shall be pledged for any such guarantees of principal and interest, but the total outstanding amount of bonds guaranteed by the state under this section shall not exceed in the aggregate at any time $25,000,000 plus interest. In addition, the state shall not award a guarantee under this section if it would cause the contingent credit limit under RSA 162-A:22 to be exceeded. The governor, with the advice and consent of the council, is authorized to draw his warrant for such a sum out of any money in the treasury not otherwise appropriated, for the purpose of honoring any guarantee awarded under this section. The state's guarantee shall be evidenced on each guaranteed bond by an endorsement signed by the state treasurer in substantially the\n\nfollowing form:\n\nThe state of New Hampshire hereby unconditionally guarantees the payment of the whole of the principal and interest thereon of the within bond, and for the performance of such guarantee the full faith and credit of the state are pledged.\n\nState Treasurer\n\nII. No state guarantee shall be awarded under this section unless the guaranteed bonds are secured by, among other things, any and all fees to be received by the authority in connection with bonds issued under RSA 162-I in an original principal amount equal to or greater than $1,500,000. In connection with the award of a state guarantee, the governor and council may impose such other terms and conditions as they may deem appropriate concerning the bonds, the use of any property or revenues of the authority, and reimbursement to the state if any state funds are used to honor the guarantee. Such terms and conditions may be contained in an agreement between the state and the authority, to be executed on behalf of the state by the governor and the state treasurer and on behalf of the authority by its chairman, vice chairman, or executive director.\n\nIII. Before awarding any state guarantee of bonds under this section the governor and council, after a hearing, shall have made the following findings:\n\n(a) The award of the state guarantee will contribute significantly to the success of the bond issue and the authority's programs under this chapter.\n\n(b) Reasonable and appropriate measures have been taken to\n\nminimize the risk of loss to the state and to ensure that any private benefit from the award of the guarantee shall be only incidental to the public purpose served thereby.\n\nIV. The signature of the state treasurer on an endorsement of a state guarantee may be manual or facsimile.\n\n162-A:18 Programs for Public Purpose; Required Findings.\n\nI. The authority shall not take any action described in RSA 162-A:7, IV, 162-A:9, III, 162-A:10, IV, or 162-A:12, V, and the governor and council shall not award any guarantee under RSA 162-A:8, 162-A:10, III or RSA 162-A:13 unless the governor and council have made the following findings:\n\n(a) The proposed action will serve a public use and provide a public benefit.\n\n(b) The proposed action is within the policy of, and the authority conferred by, this chapter.\n\n(c) The proposed action will preserve or increase the social welfare or economic prosperity of the state and one or more of its political subdivisions, and will promote the general welfare of the state's citizens.\n\n(d) The proposed action will promote the orderly development of business activities, create or preserve employment opportunities, or protect the physical environment.\n\n(e) The applicable special findings in paragraph II of this section.\n\nII. Before approving any action referred to in paragraph I, the governor and council shall also make the applicable special findings:\n\n(a) If the action is the expenditure of money pursuant to RSA 162-A:7, the governor and council shall find that the expenditure is consistent with local or regional development plans and policies.\n\n(b) If the action is the award or renewal of a state guarantee pursuant to RSA 162-A:8 or RSA 162-A:13, the governor and council shall find that:\n\n(1) The award or renewal of the guarantee will contribute significantly to the success of the financing; and\n\n(2) Reasonable and appropriate measures have been taken to minimize the risk of loss to the state and to ensure that any private benefit from the award of the guarantee will be only incidental to the public purpose served thereby.\n\n(c) If the action is making of a temporary loan pursuant to RSA 162-A:9, the governor and council shall find that:\n\n(1) The loan will be a significant factor in the continued operation, competitiveness, or expansion of the business receiving it;\n\n(2) The business is of social or economic importance to the region or community in which it is located; and\n\n(3) The risk of loss to the authority as a result of making the loan is reasonable under the circumstances.\n\n(d) If the action is the acquisition of loans from local development organizations pursuant to RSA 162-A:10, the governor and council shall find that:\n\n(1) Such acquisition will make available funds for the local or regional promotion, encouragement, or development of business activities in an area where such funds are needed; and\n\n(2) The loans being acquired do not impose an undue risk of loss to the authority.\n\n(e) If the action is the award of a state guarantee pursuant to RSA 162-A:10, III, the governor and council shall find that:\n\n(1) The award of the guarantee is necessary to sell the loans at a reasonable price;\n\n(2) The proposed use of the proceeds of sale by the authority will promote business activities within the state consistent with the purposes of this chapter; and\n\n(3) Reasonable and appropriate measures have been taken to minimize the risk of loss to the state and to ensure that any private benefit from the award of the guarantee shall be only incidental to the public purpose served thereby.\n\n(f) If the action is the establishment of a CAP fund or the execution or amendment of a CAP participation agreement pursuant to RSA 162-A:12, the governor and council shall find that:\n\n(1) The proposed participating state bank is qualified to participate under the provision of this chapter;\n\n(2) Appropriate measures have been taken to ensure that the participating state bank makes only CAP loans meeting the requirements of RSA 162-A:12, IV;\n\n(3) The proposed CAP participation agreement complies with RSA 162-A:12, III; and\n\n(4) Reasonable precautions have been taken to minimize the risk of loss to the CAP fund.\n\n162-A:19 Hearings.\n\nI. Promptly after the beginning of each calendar year the authority shall conduct a public hearing regarding the use of any available contingent credit limit under RSA 162-A:22. Such hearing may be held before a hearing officer appointed by the authority who shall make a report of the hearing to the board before any final action is taken by the authority that uses a portion of the contingent credit limit.\n\nII. Promptly after the beginning of each calendar year, before the authority makes its first assignment of state ceiling under RSA 162-M, the authority shall conduct a public hearing regarding the use of state ceiling by the authority for that year. Such hearing may be held before a hearing officer appointed by the authority who shall make a report of the hearing to the board before the authority assigns any state ceiling under RSA 162-M:2, III.\n\nIII. Any hearing required to be held by the governor and council under this chapter may be held by a single councillor as their designee, who shall make a report of the hearing to the governor and council prior to the making of any findings.\n\nIV. Any hearings held under this chapter shall be for the information of the governor and council or the authority and shall not be treated as determining the rights, duties, or privileges of any entity or person. Neither the authority nor the governor and council shall be required to conduct adjudicative proceedings under RSA 541-A:16-21 in connection with any action taken under this chapter.\n\nV. The authority shall hold the first hearings under RSA 162-A:19, I and II at the beginning of calendar year 1993.\n\n162-A:20 Meetings. The authority shall hold its meetings in a building\n\nthat is accessible to persons with disabilities. Five voting members of the board shall constitute a quorum, and the affirmative vote of 5 members shall be necessary for any action taken by the board. No vacancy in the membership of the board shall impair the power of a quorum to exercise all rights and perform all duties of the authority. Notwithstanding RSA 91-A or any other law to the contrary, members of the board shall be permitted to participate in meetings by telephone, provided that any board member so participating shall be able to be heard by and to hear every other member of the board participating in the meeting, and, unless the board is meeting in a nonpublic session as permitted by RSA 91-A:3, shall be able to be heard by all members of the public attending the meeting. Voting members of the board participating by telephone shall be treated as present at the meeting for all purposes, including the establishment of a quorum. Any meeting at which one or more board members are participating by telephone shall be recorded verbatim by magnetic tape or otherwise, and such recording shall be made available for public inspection to the same extent as minutes of the meeting, provided that the accidental destruction of a recording or the accidental failure to record any meeting shall not invalidate any action taken at that meeting.\n\n162-A:21 Revenues of Authority. The revenues received by and due to the authority from any and all sources under this chapter and RSA 162-I shall be retained by the authority and shall be used in such manner as may be determined by the authority consistent with the provisions of this chapter. It is the intent of the legislature that the authority be self-funding and that payment of its operating expenses shall not require state appropriation.\n\n162-A:22 Unified Contingent Credit Limit. The total amount of state guarantees in force under RSA 162-A:8, RSA 162-A:10, III, RSA 162-A:13, RSA 162-A:17, and RSA 162-I:9-b shall not exceed in the aggregate at any time $50,000,000 plus interest, provided that such amount shall be increased to $65,000,000 plus interest on January 1, 1993, to $80,000,000 plus interest on January 1, 1994, and to $95,000,000 plus interest on January 1, 1995.\n\n162-A:23 Reports. The accounts of the authority shall be subject to an annual audit performed by an independent certified public accountant selected by the authority. The authority shall submit annually to the speaker of the house of representatives, the president of the senate, the committees on economic development of the house of representatives and the senate, and the governor and council a report on its operations and its audited financial statements for the preceding fiscal year.\n\n162-A:24 Tax Exemption and Payment for Services in Lieu of Taxes. Any property while owned by the authority is declared to be public property and shall be exempt from all taxes and special assessments of the state or any political subdivision of the state. In lieu of such taxes and special assessments, the state or the political subdivision shall require any business that is a tenant, occupant or user of the property to make payments annually to the municipality in which the property is located, for its just share of the public expense, including, but not limited to, education, highway maintenance, fire and police protection and other similar public expenses and governmental services. The board of tax and land appeals shall determine, after a hearing, that the payments constitute a just share of the public expense.\n\n162-A:25 Construction and Effect of Other Laws.\n\nI. The powers conferred by this chapter are supplemental and alternative to other powers conferred by law, and this chapter is intended as an independent and comprehensive conferral of powers to accomplish the purposes set forth in RSA 162-A:1.\n\nII. No notice, hearing, proceedings or approval shall be required with respect to any action taken under this chapter except as provided in this chapter.\n\nIII. Purchases and contracts required in connection with a project may be made or let without regard to any provision of law relating to public purchases or contracts.\n\nIV. The provisions of this chapter shall be liberally construed in order to effect its purposes.\n\nV. If any provision of this chapter shall be held invalid in any circumstance, such invalidity shall not affect any other provisions or circumstances.\n\nVI. This chapter shall be construed in all respects so as to meet all constitutional requirements. In carrying out the purposes and provisions of this chapter, all steps shall be taken which are necessary to meet constitutional requirements whether or not such steps are required by statute.\n\nVII. Notwithstanding RSA 541-A or any other provision of law to the contrary, the authority shall be required to adopt rules, under RSA 541-A, only on the topics described in RSA 162-A:6, IV. The authority shall not be required to set forth in rules its fees and charges, any form of agreement to which the authority may be a party, or any form of\n\napplication. The authority may waive its rules whenever it deems it necessary to carry out the purposes of this chapter or RSA 162-I.\n\nVIII. Neither the members of the board nor any officer or employee of the authority shall be personally liable in ordinary negligence by reason of the issuance of bonds under this chapter or RSA 162-I. The state shall indemnify a board member or officer or employee of the authority for expenses related to defense against an ordinary negligence action. Neither the state nor the authority nor any officer or employee of either of them shall be subject to any liability for actions taken to protect the interests of the state, the authority, or any owner of the authority's bonds, provided that such actions are not reckless or wanton.\n\n162-A:26 Conflicts of Interest. Any person or entity acting as an independent contractor for the authority shall avoid any conflict of interest. No person or entity employed or retained by the authority as an independent contractor shall, while so employed or retained, represent any interest before the authority other than those of the authority and the state. Any independent contractor who acts in a manner contrary to this section shall be dismissed by the authority unless such independent contractor takes prompt steps to eliminate any conflict of interest after receipt of notice from the authority that such a conflict exists. Nothing in this section shall prevent the authority from requiring any borrower to pay or reimburse the authority for the fees and expenses of any independent contractor in connection with the borrower obtaining assistance from the authority. Notwithstanding anything in this section to the contrary, an independent contractor may, with the written consent of the authority, represent a party other than the authority in connection with the issuance\n\nof bonds under RSA 162-I, provided the principal amount of the bond issue is not greater than $20,000,000.\n\n4 New Section; State Guarantee. Amend RSA 162-I by inserting after section 9-a the following new section:\n\n162-I:9-b Additional State Guarantee.\n\nI.(a) The governor and council may award an unconditional state guarantee of the principal of and interest on bonds issued under this chapter. The full faith and credit of the state shall be pledged for any such guarantee, but the total amount of bonds guaranteed by the state under this section shall not exceed in the aggregate at any time $10,000,000, plus interest, provided that such amount shall be increased to $20,000,000 plus interest on January 1, 1993, to $30,000,000 plus interest on January 1, 1994, to $40,000,000 plus interest on January 1, 1995, and to $50,000,000 plus interest on January 1, 1996. In addition, the amount of bonds guaranteed by the state under this section shall not cause the contingent credit limit under RSA 162-A:22 to be exceeded. The governor, with the advice and consent of the council, is authorized to draw his warrant for such sum as may be necessary out of any money in the treasury not otherwise appropriated, for the purpose of honoring any guarantee awarded under this section. The state's guarantee shall be evidenced on each guaranteed bond by an endorsement signed by the state treasurer in substantially the following form:\n\nThe state of New Hampshire hereby unconditionally guarantees the payment of the whole of the principal and interest on the within bond and for the performance of such guarantee the full faith and credit of the state are pledged.\n\nState Treasurer\n\n(b) In connection with the award of a state guarantee, the governor and council may impose such terms and conditions as they may deem appropriate concerning the bonds, the use and operation of the eligible facilities, the reimbursement to the state if any state funds are used to honor the guarantee and any other matters necessary or desirable to carry out the purposes of this section. Such terms and conditions may be contained in an agreement entered into by the state, the authority, and user of the eligible facility to be executed on behalf of the state by the governor and the state treasurer and on behalf of the authority by any 2 persons authorized to execute bonds under RSA 162-I:8.\n\nII. No state guarantee shall be awarded under this section unless the bonds are secured by a letter of credit, bond insurance policy, or similar credit enhancement issued by a bank, trust company, insurance company or other financial institution acceptable to the authority and the governor and council.\n\nIII. No proceeds of any bonds awarded a state guarantee under this section shall be used to make a loan of greater than $2,000,000 to any user.\n\nIV. The governor and council shall not award any state guarantee under this section unless they have found after a hearing that such guarantee will serve a public use and provide a public benefit and have determined that the authority's financing of the project and the state's guarantee of the bonds will be within the policy of, and the authority conferred by, this chapter.\n\nV. Before awarding any state guarantee of bonds under this section\n\nthe governor and council shall first make the findings required by RSA 162-I:9, except the finding required by RSA 162-I:9, II(b)(4), taking into account the state guarantee. In addition, the governor and council shall also find that:\n\n(a) The award of a state guarantee will contribute significantly to the success of the financing; and\n\n(b) Reasonable and appropriate measures have been taken to minimize the risk of loss to the state and to ensure that any private benefit from the award of a state guarantee will be only incidental to the public purpose served thereby.\n\nVI. The hearing required by this section may be held and the findings and determinations so required may be made in conjunction with the proceedings required by RSA 162-I:9.\n\nVII. Whenever a state guarantee of bonds is awarded under this section, the statement requirement in the first sentence of RSA 162-I:8, III shall be appropriately modified and the finding required by RSA 162-I:9, II(b)(4) shall not be made.\n\n5 Signature of State Treasurer. Amend RSA 162-I:8, V to read as follows:\n\nV. The signature of the state treasurer on [any] an endorsement of a state guarantee of a bond may be manual or facsimile.\n\n6 Conforming Amendment; Reference to Additional State Guarantee. Amend RSA 162-I:10, I(a) and (b) to read as follows:\n\n(a) From moneys received or to be received under the provisions of a financing or security documents entered into under this chapter or derived from the exercise of the authority's rights under those\n\ninstruments; [or]\n\n(b) As permitted by RSA 162-I:9, RSA 162-I:9-a, or RSA 162-I:9-b; or\n\n(c) As may be required by law other than the provisions of this chapter.\n\n7 Who May Serve as Trustees. Amend RSA 162-I:12 to read as follows:\n\n162-I:12 Trustees and Trust Funds. Any [national] bank [or any], trust company [doing business in this state or in the Commonwealth of Massachusetts], or any other financial institution [doing business in this state] which has power to act as a trustee, whether within or outside the state may serve as trustee for the benefit of bondholders under a security document. Such trustee may at any time own all or any part of the bonds issued under that security document, unless otherwise provided therein. All [monies] moneys received or held by the authority or by a trustee pursuant to a financing or security document, other than funds received or held by the authority for its own use, shall be deemed to be trust funds and shall be held and applied solely in accordance with the applicable document, but the person paying such money to the authority or the trustee shall not in any way be bound to see to the proper application thereof.\n\n8 Hearings Added. Amend RSA 162-I:16, II to read as follows:\n\nII. No notice, hearing, proceedings or approval shall be required with respect to any action taken under this chapter except as provided in this chapter. Any hearing required by RSA 162-I:9 or RSA 162-I:9-b shall be informational and shall not be treated as determining the rights, duties, or privileges of any entity or person. Neither the authority nor the governor and council shall be required to conduct\n\nadjudicative proceedings under RSA 541-A:16-21 in connection with any action taken under this chapter.\n\n9 Name Change. Amend the chapter heading of RSA 162-I to read as follows:\n\n[INDUSTRIAL DEVELOPMENT] BUSINESS FINANCE AUTHORITY REVENUE BONDS\n\n10 Reference Change. Amend RSA 162-J:11, II to read as follows:\n\nII. Action under this chapter may be in concert with the [industrial development] business finance authority acting under RSA 162-A or RSA [162-E] 162-I or projects may be sold to such authority at any time during their development.\n\n11 Reference Changes. Amend RSA 233:6, I to read as follows:\n\nI. The commissioner of transportation, before commencing construction of any public road leading to a private recreational area, shall determine that sufficient funds are available to cover the costs of such construction whether from funds appropriated by the general court or from funds made available by the [industrial park] business finance authority under RSA 162-A[:6-b].\n\n12 Reference Changes. Amend RSA 233:6, III to read as follows:\n\nIII. Any funds appropriated for redemption of a loan previously made by the [industrial park] business finance authority for construction of a public road to a private recreational area shall be in addition and added to the appropriation for construction and reconstruction of the department of transportation and shall be transferred to the [industrial park] business finance authority upon approval of the governor and council.\n\n13 Name Change From Industrial Development Authority to Business Finance Authority. Amend the following RSA provisions by replacing\n\n\"industrial development authority\" with \"business finance authority\": RSA 162-I:1, V; 162-I:2, I-a; 162-M:1, V; 162-M:2; 162-M:3; 162-M:4 and 387:17-a.\n\n14 Emergency Rules. The legislature declares that there is an urgent need for the programs created by sections 2 - 13 of this act. Therefore, notwithstanding any provisions of RSA 541-A to the contrary, the business finance authority may adopt emergency rules to implement the provisions of sections 2 - 13 of this act. The emergency rules authorized by this section shall remain effective until such time as the business finance authority adopts superseding rules under RSA 541-A. The business finance authority shall adopt interim rules implementing the provisions of sections 2-13 of this act no later than June 1, 1993, and shall commence permanent rulemaking implementing the provisions of sections 2-13 no later than December 31, 1993.\n\n15 Definition; Eligible Facility. Amend RSA 162-I:2, V to read as follows:\n\nV. \"Eligible facility\" means a facility which consists of real property, personal property or both. An eligible facility may include appurtenances and structures such as pumping machinery, storage accommodations, transportation facilities or utility lines which are incidental to the operation of the facility. If less than an entire eligible facility is to be financed under this chapter, the portion of the facility which is to be financed may also be called an eligible facility. An eligible facility shall also include any intangible property, such as patents or licenses, reasonably necessary for the operation of the facility.\n\n16 Notice of Availability. Promptly after the effective date of sections 1-16 of this act, the authority shall publish in one or more newspapers in the state a notice announcing the programs established by RSA 162-A:8, 162-A:9, 162-A:13, and 162-I:9-b. In addition, the authority shall conduct a sequence of public information hearings in various regions of the state for the purpose of describing such programs and obtaining public input regarding their implementation. Such hearings shall be conducted by a member of the board or the executive director of the authority. No loan or guarantee shall be made under these programs until 60 days after the first notice announcing the programs has been published and the public information meetings have been completed.\n\n17 Name Change; Business Finance Authority Study Committee Extended. Amend 1991, 149:1 to read as follows:\n\n149:1 Study Committee Established; [Industrial Development] Business Finance Authority. There is established a committee to study the restructuring of the [industrial development] business finance authority to better assist new and expanding businesses in this state. The committee shall consist of 2 house members appointed by the speaker of the house; 2 senators appointed by the senate president; and 2 public members, with expertise in business and finance, appointed by the governor. The committee shall submit a report on its findings and recommendations for legislation to the speaker of the house, the senate president, and the governor, on or before [December 1, 1991] November 1, 1992. Legislative members of the committee shall receive mileage at the legislative rate.\n\n18 Business Finance Authority Report to Study Committee. The business\n\nfinance authority shall hire a consultant for the purpose of assisting the authority to develop and implement the programs created by RSA 162-A. Among other things, the consultant shall assist the authority in the development of performance indicators and accountability standards. The consultant shall as part of its duties prepare a report describing the development and implementation of the authority's programs, and such report shall be submitted to the business finance authority. In addition, the business finance authority shall develop standards for the review of its portfolio of loan programs. Such a review shall be conducted at a minimum of once every 2 years and shall include internal and external examination procedures. The executive director of the business finance authority shall submit a report on performance and accountability standards adopted for implementation by the board to the study committee created by 1991, 149:1 not later than 6 months after the effective date of this section.\n\n19 Authorizing City of Dover to Develop Economic Development Projects. Amend 1972, 63:5 to read as follows:\n\n63:5 Declaration of Need and Purpose. It is hereby declared that there is a need for the development of industrial and other facilities within the city of Dover in order to alleviate and prevent unemployment and underemployment in the city and the region in which the city is located, to insure the continued growth and prosperity of said city and region and to promote the general welfare of the citizens [thereof] of the city of Dover and of the state. It is the purpose of this act to authorize the city of Dover and the Dover Industrial Development Authority to foster and encourage the development of industrial facilities and other economic development projects by acquiring, developing and operating industrial\n\nparks within the city, with or without the use of city funds, and by aiding the construction and expansion of industrial facilities within the city, and by implementing other authorized economic development projects, without the use of city funds, through the issue of industrial development revenue bonds. The two industrial assistance programs authorized by this act are intended to be mutually independent, although such independence shall not preclude the financing of industrial facilities within an industrial park by the issue of revenue bonds; and all the powers herein conferred are intended to be in addition to and not dependent upon any powers conferred on said city or authority by chapter 546 of the Laws of 1971 or by any other law. It is further declared that the actions authorized by this act serve a public purpose and that in carrying out the provisions of this act the city and the authority shall be regarded as performing essential governmental functions.\n\n20 Definition Added. Amend 1972, 63:6, III(k) to read as follows:\n\n(k) (1) \"Industrial development project\"--the establishment or expansion of an industrial development facility within the city which is financed in whole or in part, by the issue of bonds.\n\n(2) \"Other economic development project\"--redevelopment activities pursuant to RSA 205, central business district activities pursuant to RSA 31 and other real property purchases, construction or property management authorized by the city in accordance with its powers conferred by any other law.\n\n21 Other Economic Projects Included. Amend the section heading of 1972, 63:14 to read as follows:\n\n63:14 Powers of the Authority with Respect to Industrial Development and Other Economic Development Projects.\n\n22 New Subparagraph; Other Economic Development Projects Added. Amend 1972, 63:14, I, by inserting after subparagraph (f) the following new subparagraph:\n\n(g) To engage in other economic development projects, as defined in subparagraph (k) of paragraph III of section 6 of this act.\n\n23 Statement of Intent. In enacting sections 24-44 of this act, the general court hereby declares that there is a need to allow:\n\nI. Industrial development authorities to utilize expertise in real estate matters in the course of making decisions to enter leases as lessors, sublessors, or lessees of industrial facilities, and to monitor and enforce them, and to do so with lawful autonomy.\n\nII. Municipalities to empower their industrial development authorities to utilize expertise in real estate matters to enter into other real estate transactions, provided that no such transaction shall commit a municipality to make expenditures in excess of income from appropriations made in the sole discretion of the municipality's legislative body and from leases and subleases of the subject premises, which transactions may include entering into purchases or options to purchase or entering into leases as lessees.\n\nIII. The legislative bodies of municipalities to experiment with expanded autonomy of industrial development authorities for such limited terms as they shall decree by ordinance.\n\nIV. Industrial development authorities to make appropriate findings\n\nwhile respecting the sensitive, confidential or proprietary nature of information supplied by prospective vendors, vendees, lessors, or lessees.\n\n24 New Paragraph; Definition Added. Amend RSA 162-G:3 by inserting after paragraph III the following new paragraph:\n\nIII-a. \"Industrial development authority\" hereinafter referred to as the \"authority\" shall mean the board of directors of a corporation described in RSA 162-G:15 or a board described in RSA 162-G:15-a.\n\n25 Governmental Unit as Lessee. RSA 162-G:3, V is repealed and reenacted to read as follows:\n\nV. \"Lease\" means:\n\n(a) In the case where the authority is the lessor, \"lease\" shall mean a written instrument to which the authority and a tenant are parties and which provides for the use and occupancy of an industrial facility and the payment of rent to the authority.\n\n(b) In the case where the authority is the sublessor from a governmental entity, \"lease\" shall mean a written instrument to which the authority and a tenant are parties and which provides for the use and occupancy of an industrial facility and the payment of rent to the authority, a part or all of which will be paid to the governmental entity according to the terms of the lessor/sublessor agreement. The rent paid by the authority to the lessor shall not exceed the total of the amounts appropriated by the legislative body of the municipality which authorized the lessor/sublessor arrangement to meet such rent plus the revenue derived by the authority from its sublessee in excess of the authority's costs in meeting its obligation as a sublessor to the sublessee.\n\n(c) In the case where the authority is the lessee of property owned by a nongovernmental entity, \"lease\" shall mean a written instrument to which the authority and a tenant are parties and which provides for the use and occupancy of an industrial facility by the authority's existing or future sublessees, and the payment of rent to the authority, part or all of which shall be paid to the nongovernmental entity according to the terms of the lessor/lessee agreement between the authority and the nongovernmental entity. The rent paid by the authority to the lessor or sublessor shall not exceed the total of the amounts appropriated by the legislative body of the municipality which authorized the leasing of the property to meet such rent plus the revenue derived by the authority from its sublessee in excess of the authority's costs in meeting its obligation as a lessee to the sublessee.\n\n26 Option Contracts. Amend RSA 162-G:4, I to read as follows:\n\nI. To engage in projects and to acquire, lease as lessee, own and dispose of industrial facilities within the [state] municipality, and to enter into option contracts to allow a municipality to acquire industrial facilities at or before some certain date, at some certain price, or below some certain price.\n\n27 Governmental Unit as Lessee. Amend RSA 162-G:4, III to read as follows:\n\nIII. To lease industrial facilities as owner and lessor or as lessee and sublessor.\n\n28 References to Industrial Development Authority Added. RSA 162-G:4-a is repealed and reenacted to read as follows:\n\n162-G:4-a Sales and Leases.\n\nI. The sale or lease of any industrial facility or any part thereof shall be on such terms and conditions as is deemed appropriate by the legislative body or the industrial development authority to which the power to make such findings has been delegated, except that no property of the municipality shall be sold or leased for less than the value of such property as determined by the legislative body or the industrial development authority. In the case of findings made by the legislative body as to value of the property for the purpose of its sale or lease, the legislative body shall obtain and consider an opinion as to its value for such purpose furnished by a qualified, independent real estate appraiser certified under RSA 310-B. Any determination of value reached by the legislative body or the industrial development authority in good faith shall be conclusive. If the industrial development authority determines the value of the property then, in all instances, the public benefit shall be demonstrable in actions entered into by the industrial development authority.\n\nII. In all lease actions entered into by an industrial development authority or governmental unit, public benefit shall be demonstrable.\n\n29 Sublease Added. Amend the introductory paragraph of RSA 162-G:5, I to read as follows:\n\nI. Every lease or sublease entered into by a municipality as lessor or sublessor shall:\n\n30 Sublease Added. Amend the introductory paragraph of RSA 162-G:5, II to read as follows:\n\nII. Any lease or sublease entered into by a municipality as lessor or sublessor may:\n\n31 Amount of Rent. Amend RSA 162-G:5, II(d) to read as follows:\n\n(d) Allocate responsibility between the [governmental unit] municipality and the tenant for making purchases and contracts required for the project, provided that in the case of leases in which the municipality acts through its industrial development authority, any allocation of responsibility to the authority shall not exceed the total of the amounts appropriated by the legislative body for purposes of meeting such responsibility, and the rent derived from the lease in excess of costs of servicing bonds, unless the legislative body ratifies the lease;\n\n32 Approval by Industrial Development Authority. Amend RSA 162-G:8 to read as follows:\n\n162-G:8 Approval of [Governing] Legislative Body or Industrial Development Authority.\n\nI. Except as provided in paragraph II, the [governmental unit] municipality shall not acquire any industrial facility, or execute any lease or trust indenture or issue any bonds with respect thereto, unless the [governing] legislative body has found after a hearing that the proposed acquisition, leasing, operation and use of such industrial facility will serve a public use and provide a public benefit and that such acquisition and leasing will be within the policy of and the authority conferred by this chapter. The city council shall, before or after hearing, determine the appropriateness of proceeding under this chapter as\n\nrequired under RSA 162-G:2. The determination required by this section may be made by the [governing] legislative body only after finding to its satisfaction that:\n\n[I.] (a) The proposed industrial project can be feasibly located on the intended site and required utilities and access are or will be provided; and\n\n[II.] (b) The establishment and operation of the industrial facility will alleviate or prevent unemployment or underemployment, either in whole or in part, in the area in which such industrial facility is located; and\n\n[III.] (c) Such industrial facility will consist of land, or land and an industrial building, or buildings, which are suitable for industrial, manufacturing, waste processing or warehousing purposes; and\n\n[IV.] (d) Any proposed purchasers or tenants have the skills and financial resources necessary to operate the industrial facility successfully; and\n\n[V.] (e) Adequate provision has been, or will be, made for the payment of the cost of the construction of such industrial facility and that under no circumstances will the [governmental unit] municipality be obligated, directly or indirectly, for the payment of the cost of construction of such industrial facility, or for the payment of the principal of, or interest on, any obligations issued to finance such construction from funds other than those received under the provisions of the lease or the trust indenture except to the extent permitted by this chapter; and\n\n[VI.] (f) Adequate provision has been, or will be, made in the lease for the payment of all costs of operation, maintenance, and upkeep of such industrial facility by the tenant or occupant so that under no circumstances will the [governmental unit] municipality be obligated, directly or indirectly, for the payment of such costs from funds other than those received under the provisions of the lease or trust indenture except to the extent permitted by this chapter; and\n\n[VII.] (g) The proposed acquisition, leasing, operation and use of such industrial facility will aid in the development, growth and prosperity of the [governmental unit] municipality in which such industrial facility is located, or of the [governmental unit] municipality undertaking the project.\n\nII. Notwithstanding the requirements of paragraph I of this section, the municipality acting through its industrial development authority may acquire facilities, purchase options to buy industrial facilities, and execute agreements to purchase leases and notes and mortgages with respect thereto, if the industrial development authority makes the findings and determinations required under paragraph I, provided that no contract entered into by the industrial development authority under this section shall commit the municipality to make expenditures in excess of the total of appropriations by the governing body specifically for meeting the commitments made and the income from leases and subleases of the subject premises. In all instances the public benefit shall be demonstrable.\n\nIII. Notwithstanding the provisions of RSA 91-A, the hearings required by this section may be held in nonpublic session, and reports of\n\nthe investigations which may be conducted in aid of the determinations and findings required by this section may be kept confidential, to the extent necessary in respect of the sensitive, confidential or proprietary nature of information supplied by prospective vendors, including optionors; vendees, including optionees; lessors; lessees; sublessors and sublessees of industrial facilities.\n\n33 Legislative Body. Amend RSA 162-G:15-a to read as follows:\n\n162-G:15-a Action Through Industrial Development Authority.\n\nI. In any city which adopts this chapter, the powers and duties granted by this chapter, except those related to findings and approvals of the [governing] legislative body and the obligations of the [governmental unit] municipality, may be exercised by the city acting through an industrial development authority established under this section.\n\nII. The [governing] legislative body in any city may establish an industrial development authority to exercise such powers and duties in the following manner:\n\n(a) The authority shall consist of a board of directors of not less than 9 nor more than 15 members appointed for 3-year terms. A majority of the board members shall reside within the boundaries of the [governmental unit] city. [In a city,] The board members shall be appointed by the mayor subject to [confirmation by the city council] the provisions of the city charter. The terms of the initial members of the board so established shall be staggered so that 1/3, or as close to 1/3 as possible, of the board members will be appointed each year.\n\n(b) The [governing] legislative body may provide that such\n\ncity officers as it designates shall serve as ex officio nonvoting members of the board in addition to those members appointed under subparagraph (a).\n\nIII. All actions by the authority under this chapter shall be authorized by resolutions of the board passed on the affirmative votes of at least 2/3 of the board members present and voting, the majority of whom shall reside within the boundaries of the city.\n\n34 Reference Added. RSA 162-J:3, II is repealed and reenacted to read as follows:\n\nII. \"Governing body\" shall mean the chief administrative group, for example, the board of selectmen and \"legislative body\" shall mean the lawmaking body, for example, town meeting.\n\n35 New Paragraph; Definition Added. Amend RSA 162-J:3 by inserting after paragraph III the following new paragraph:\n\nIII-a. \"Industrial development authority\" hereinafter referred to as the \"authority\" shall mean the board of directors of a corporation described in RSA 162-J:16 or a board described in RSA 162-J:16-a.\n\n36 Town as Lessee. RSA 162-J:3, V is repealed and reenacted to read as follows:\n\nV. \"Lease\" means:\n\n(a) In the case where the authority is the lessor, \"lease\" shall mean a written instrument to which the authority and a tenant are parties and which provides for the use and occupancy of an industrial facility and the payment of rent to the authority.\n\n(b) In the case where the authority is the sublessor from a\n\ngovernmental entity, \"lease\" shall mean a written instrument to which the authority and a tenant are parties and which provides for the use and occupancy of an industrial facility and the payment of rent to the authority, a part or all of which will be paid to the governmental entity according to the terms of the lessor/sublessor agreement. The rent paid by the authority to the lessor shall not exceed the total of the amounts appropriated by the legislative body of the municipality which authorized the lessor/sublessor arrangement to meet such rent plus the revenue derived by the authority from its sublessee in excess of the authority's costs in meeting its obligation as a sublessor to the sublessee.\n\n(c) In the case where the authority is the lessee of property owned by a nongovernmental entity, \"lease\" shall mean a written instrument to which the authority and a tenant are parties and which provides for the use and occupancy of an industrial facility by the authority's existing or future sublessees, and the payment of rent to the authority, part or all of which shall be paid to the nongovernmental entity according to the terms of the lessor/lessee agreement between the authority and the nongovernmental entity. The rent paid by the authority to the lessor or sublessor shall not exceed the total of the amounts appropriated by the legislative body of the municipality which authorized the leasing of the property to meet such rent plus the revenue derived by the authority from its sublessee in excess of the authority's costs in meeting its obligation as a lessee to the sublessee.\n\n37 Option Contracts. Amend RSA 162-J:4, I to read as follows:\n\nI. To engage in projects and to acquire, lease as lessee, own\n\nand dispose of industrial facilities within the town, and to enter into option contracts to allow a governmental unit to acquire industrial facilities at or before some certain date, at some certain price, or below some certain price.\n\n38 Town as Lessee. Amend RSA 162-J:4, III to read as follows:\n\nIII. To lease industrial facilities as owner and lessor or as lessee and sublessor.\n\n39 Sublease Added. Amend the introductory paragraph of RSA 162-J:5, I to read as follows:\n\nI. Every lease or sublease entered into by a town as lessor or sublessor shall:\n\n40 Sublease Added. Amend the introductory paragraph of RSA 162-J:5, II to read as follows:\n\nII. Any lease or sublease entered into by a town as lessor or sublessor may:\n\n41 Amount of Rent. Amend RSA 162-J:5, II(d) to read as follows:\n\n(d) Allocate responsibility between the [governmental unit] town and the tenant for making purchases and contracts required for the project, provided that in the case of leases in which the town acts through its industrial development authority, any allocation of responsibility to the town shall not exceed the total of the amounts appropriated by the legislative body for purposes of meeting such responsibility, and the rent derived from the lease in excess of costs of servicing bonds, unless the legislative body ratifies the lease;\n\n42 References to Industrial Development Authority Added. RSA 162-J:6\n\nis repealed and reenacted to read as follows:\n\n162-J:6 Sales and Leases.\n\nI. The sale or lease of any industrial facility or any part thereof shall be on such terms and conditions as is deemed appropriate by the governing body or the industrial development authority to which the power to make such findings has been delegated, except that no property of the town shall be sold or leased for less than the value of such property as determined by the governing body or the industrial development authority. In the case of findings made by the governing body as to value of the property for the purpose of its sale or lease, the governing body shall obtain and consider an opinion as to its value for such purpose furnished by a qualified, independent real estate appraiser certified under RSA 310-B. Any determination of value reached by the governing body or the industrial development authority in good faith shall be conclusive. If the industrial development authority determines the value of the property then, in all instances, the public benefit shall be demonstrable in actions entered into by the industrial development authority.\n\nII. In all lease actions entered into by an industrial development authority or governmental unit, public benefit shall be demonstrable.\n\n43 Approval by Industrial Development Authority. Amend RSA 162-J:9 to read as follows:\n\n162-J:9 Approval of Governing Body or Industrial Development Authority.\n\nI. Except as provided in paragraph II, [the governmental unit] a town shall not acquire any industrial facility, or execute any lease\n\nor trust indenture or issue any bonds with respect thereto, unless the governing body has found after a hearing that the proposed acquisition, leasing, operation and use of such industrial facility will serve a public use and provide a public benefit and that such acquisition and leasing will be within the policy of and the authority conferred by this chapter. The governing body shall, before or after hearing, determine the appropriateness of proceeding under this chapter as required under RSA 162-J:1. The determination required by this section may be made by the governing body only after finding to its satisfaction that:\n\n[I.] (a) The proposed industrial project can be feasibly located on the intended site and required utilities and access are or will be provided; and\n\n[II.] (b) The establishment and operation of the industrial facility will alleviate or prevent unemployment or underemployment, either in whole or in part, in the area in which such industrial facility is located; and\n\n[III.] (c) Such industrial facility will consist of land, or land and an industrial building, or buildings, which are suitable for industrial, manufacturing, waste processing or warehousing purposes; and\n\n[IV.] (d) Any proposed purchasers or tenants have the skills and financial resources necessary to operate the industrial facility successfully; and\n\n[V.] (e) Adequate provision has been or will be made for the payment of the cost of the construction of such industrial facility and that under no circumstances will the [governmental unit] town be\n\nobligated, directly or indirectly, for the payment of the cost of construction of such industrial facility, or for the payment of the principal of, or interest on, any obligations issued to finance such construction from funds other than those received under the provisions of the lease or the trust indenture except to the extent permitted by this chapter; and\n\n[VI.] (f) Adequate provision has been or will be made in the lease for the payment of all costs of operation, maintenance and upkeep of such industrial facility by the tenant or occupant so that under no circumstances will the [governmental unit] town be obligated, directly or indirectly, for the payment of such costs from funds other than those received under the provisions of the lease or trust indenture except to the extent permitted by this chapter; and\n\n[VII.] (g) The proposed acquisition, leasing, operation and use of such industrial facility will aid in the development, growth and prosperity of the [governmental unit] town in which such industrial facility is located, or of the [governmental unit] town undertaking the project.\n\nII. Notwithstanding the requirements of paragraph I of this section, a town acting through its industrial development authority may acquire facilities, purchase options to buy industrial facilities, and execute agreements to purchase leases and notes and mortgages with respect thereto, if the industrial development authority makes the findings and determinations required under paragraph I, provided that no contract entered into by the industrial development authority under this section\n\nshall commit the town to make expenditures in excess of the total of appropriations by the legislative body specifically for meeting the commitments made and the income from leases and subleases of the subject premises. In all instances the public benefit shall be demonstrable.\n\nIII. Notwithstanding the provisions of RSA 91-A, the hearings required by this section may be held in nonpublic session, and reports of the investigations which may be conducted in aid of the determinations and findings required by this section may be kept confidential, to the extent necessary in respect of the sensitive, confidential or proprietary nature of information supplied by prospective vendors, including optionors; vendees, including optionees; lessors; lessees; sublessors and sublessees of industrial facilities.\n\n44 New Section; Action Through Industrial Development Authority. Amend RSA 162-J by inserting after section 16 the following new section:\n\n162-J:16-a Action Through Industrial Development Authority.\n\nI. In any town which adopts this chapter, the powers and duties granted by this chapter, except those related to findings and approvals of the legislative body and the obligations of the town, may be exercised by the town acting through an industrial development authority established under this section.\n\nII. The legislative body in any town may establish an industrial development authority to exercise such powers and duties in the following manner:\n\n(a) The authority shall consist of a board of directors of not less than 9 nor more than 15 members appointed for 3-year terms. A\n\nmajority of the board members shall reside within the boundaries of the town. The board members shall be appointed by the selectmen. The terms of the initial members of the board so established shall be staggered so that 1/3, or as close to 1/3 as possible, of the board members will be appointed each year.\n\n(b) The legislative body may provide that such town officers as it designates shall serve as ex officio nonvoting members of the board in addition to those members appointed under subparagraph (a).\n\nIII. All actions by the authority under this chapter shall be authorized by resolutions of the board passed on the affirmative votes of at least 2/3 of the board members present and voting, the majority of whom shall reside within the boundaries of the town.\n\n45 Study Committee on Financial Management of Public Funds.\n\nI. A committee is hereby established to study the financial management of public funds. The committee shall consist of 3 senators, appointed by the senate president, and 3 house members, appointed by the speaker of the house.\n\nII. The committee shall have the following responsibilities:\n\n(a) To study the integrated financial system to ensure that public funds are invested at optimal yields and maturities.\n\n(b) To study the feasibility of enabling the state treasurer and municipal treasurers to deposit public funds, possibly at discounted rates, in New Hampshire banks which participate in public finance programs chartered or authorized by the general court.\n\n(c) To develop appropriate standards of participation in public\n\nfinance programs which would serve to determine the eligibility of depository institutions for a public investment program.\n\nIII. Committee members shall receive mileage at the legislative rate.\n\nIV. The committee shall submit a report on its findings, including any recommendations for legislation, to the senate president and the speaker of the house on or before November 1, 1992.\n\n46 Study Committee on Economic Development Established.\n\nI. A committee is hereby established to study the desirability and the feasibility of enabling municipalities to grant abatements of property tax for purposes of economic development.\n\nII. The committee shall consist of the following members:\n\n(a) Three senators; one from the economic development committee, one from the ways and means committee, and one from the public affairs committee, appointed by the senate president.\n\n(b) Three representatives; one from the economic development committee, one from the ways and means committee, and one from the municipal and county government committee.\n\nIII. Committee members shall receive mileage at the legislative rate.\n\nIV. The committee shall submit a report on its findings, including any recommendations for legislation, to the senate president and the speaker of the house on or before November 1, 1992.\n\n47 Effective Date.\n\nI. Sections 1-18 and 46 of this act shall take effect upon its passage.\n\nII. The remainder of this act shall take effect 60 days after its passage.\n\nLBAO\n\nLSR 92-2657 *\n\nAmended 3/5/92\n\nFISCAL NOTE for an act relative to capital formation.\n\nMETHODOLOGY:\n\nThe Industrial Development Authority states that any income or expense associated with these programs are expected to be absorbed by the IDA.\n\nThis bill provides legislative mileage to the legislative members of the committee. This expense can be absorbed by the respective Senate and House travel appropriations.", "in_text": [], "chars": 108160}, "nver": 0, "namd": 0, "rsa": {"RSA 162-A": "/laws/162-a", "RSA 162-A:12": "/laws/162-a#s12", "RSA 162-A:4": "/laws/162-a#s4", "RSA 541-A": "/laws/541-a", "RSA 162-I": "/laws/162-i", "RSA 387": "/laws/387", "RSA 162-A:18": "/laws/162-a#s18", "RSA 162-A:10": "/laws/162-a#s10", "RSA 162-A:22": "/laws/162-a#s22", "RSA 162-A:8": "/laws/162-a#s8", "RSA 162-A:13": "/laws/162-a#s13", "RSA 162-A:17": "/laws/162-a#s17", "RSA 162-A:7": "/laws/162-a#s7", "RSA 162-A:9": "/laws/162-a#s9", "RSA 162-A:11": "/laws/162-a#s11", "RSA 382-A": "/laws/382-a", "RSA 162-M": "/laws/162-m", "RSA 162-M:2": "/laws/162-m#s2", "RSA 541-A:16-21": "/laws/541-a", "RSA 162-A:19": "/laws/162-a#s19", "RSA 91-A": "/laws/91-a", "RSA 91-A:3": "/laws/91-a#s3", "RSA 162-I:9-b": "/laws/162-i#s9-b", "RSA 162-A:1": "/laws/162-a#s1", "RSA 162-A:6": "/laws/162-a#s6", "RSA 162-I:8": "/laws/162-i#s8", "RSA 162-I:9": "/laws/162-i#s9", "RSA 162-I:10": "/laws/162-i#s10", "RSA 162-I:9-a": "/laws/162-i#s9-a", "RSA 162-I:12": "/laws/162-i#s12", "RSA 162-I:16": "/laws/162-i#s16", "RSA 162-J:11": "/laws/162-j", "RSA 233:6": "/laws/233#s1", "RSA 162-I:1": "/laws/162-i#s1", "RSA 162-I:2": "/laws/162-i#s2", "RSA 205": "/laws/205", "RSA 31": "/laws/31", "RSA 162-G:3": "/laws/162-g#s3", "RSA 162-G:15": "/laws/162-g#s15", "RSA 162-G:15-a": "/laws/162-g#s15-a", "RSA 162-G:4": "/laws/162-g#s4", "RSA 162-G:4-a": "/laws/162-g#s4-a", "RSA 310-B": "/laws/310-b", "RSA 162-G:5": "/laws/162-g#s5", "RSA 162-G:8": "/laws/162-g#s8", "RSA 162-G:2": "/laws/162-g#s2", "RSA 162-J:3": "/laws/162-j", "RSA 162-J:16": "/laws/162-j", "RSA 162-J:16-a": "/laws/162-j", "RSA 162-J:4": "/laws/162-j", "RSA 162-J:5": "/laws/162-j", "RSA 162-J:6": "/laws/162-j", "RSA 162-J:9": "/laws/162-j", "RSA 162-J:1": "/laws/162-j", "RSA 162-J": "/laws/162-j"}, "amends": {"RSA 162-I": "/laws/162-i", "RSA 162-I:8": "/laws/162-i#s8", "RSA 162-I:10": "/laws/162-i#s10", "RSA 162-I:12": "/laws/162-i#s12", "RSA 162-I:16": "/laws/162-i#s16", "RSA 162-J:11": "/laws/162-j", "RSA 233:6": "/laws/233#s1", "RSA 162-I:2": "/laws/162-i#s2", "RSA 162-G:3": "/laws/162-g#s3", "RSA 162-G:4": "/laws/162-g#s4", "RSA 162-G:5": "/laws/162-g#s5", "RSA 162-G:8": "/laws/162-g#s8", "RSA 162-G:15-a": "/laws/162-g#s15-a", "RSA 162-J:3": "/laws/162-j", "RSA 162-J:4": "/laws/162-j", "RSA 162-J:5": "/laws/162-j", "RSA 162-J:9": "/laws/162-j", "RSA 162-J": "/laws/162-j", "RSA 162-A": "/laws/162-a", "RSA 162-G:4-a": "/laws/162-g#s4-a", "RSA 162-J:6": "/laws/162-j"}, "changed": ["162-A:1", "162-A:2", "162-A:3", "162-A:4", "162-A:5", "162-A:6", "162-A:7", "162-A:8", "162-A:9", "162-A:10", "162-A:11", "162-A:12", "162-A:13", "162-A:14", "162-A:15", "162-A:16", "162-A:17", "162-A:18", "162-A:19", "162-A:20", "162-A:21", "162-A:22", "162-A:23", "162-A:24", "162-A:25", "162-A:26", "162-G:3", "162-G:4", "162-G:4-a", "162-G:5", "162-G:8", "162-G:15-a", "162-I:1", "162-I:2", "162-I:8", "162-I:9-b", "162-I:10", "162-I:12", "162-I:16", "162-M:1", "162-M:2", "162-M:3", "162-M:4"], "related": [{"g": 2, "o": "1991-1992/SB347", "n": "SB 347-LOCAL", "t": "expanding the role of the Dover Industrial Development Authority.", "y": 1992, "c": "Died", "s": "It contains the text of {b}, a shorter bill."}, {"g": 2, "o": "1991-1992/SB423", "n": "SB 423-FN", "t": "establishing a study committee on financial management of public funds.", "y": 1992, "c": "Died", "s": "It contains the text of {b}, a shorter bill."}]}