N.H. Admin. Code § Bfa 302.01

Current through Register No. 50, December 12, 2024

Section Bfa 302.01 - Aid to Local Development Organization Program

(a) Applications for a credit enhancement under RSA 162-A:7 shall be made by the local development organization.

(b) Such applications shall provide the following information:

(1) The name and address of local development organization;

(2) A statement of history and mission of local development organization;

(3) A description of form and structure of local development organization;

(4) A statement of support from municipalities served by local development organization;

(5) A financial statement or statements of the local development organization prepared by an independent accountant;

(6) A certification stating compliance by the business or project with the Americans With Disabilities Act and Equal Opportunity Act;

(7) The name and address of business(es) involved in transaction;

(8) The name and address of project(s) involved in the transaction;

(9) The line(s) of business(es) involved in the transaction;

(10) The background on management of business or project and all parties to transaction;

(11) A description of transaction;

(12) An analysis of sources and uses of funds financing each specified purpose of the transaction;

(13) A description of principal factors that make the transaction speculative or one of high risk;

(14) A description of all material legal proceedings affecting business or project;

(15) A statement as to the accounting treatment of transaction;

(16) A disclosure of all persons who shall directly or indirectly receive proceeds of this transaction as compensation for services;

(17) A description of material features of the proposed transaction involving the authority's funds or resources;

(18) A summary of material terms including, but not limited to:

a.Principal amounts;

b.Interest rates;

c.Repayment terms;

d.Covenants;

e.Proposed loan agreements, lease agreements, acquisition agreements, security agreements, and guarantee agreements;

(19) A description of the ability of local development organization to monitor performance of business or project;

(20) An identification of primary and secondary sources of repayment;

(21) A cash flow analysis;

(22) A copy or copies of professional appraisals of collateral;

(23) The appraisal required by Bfa 301.02(f);

(24) An environmental site assessment if real estate is involved;

(25) The financial statements, prepared by an independent accountant, for the business or project for 3 years prior to current year;

(26) A certification by each party to the transaction of the following:

a.The local development organization or business entity is fully organized, validly existing and in good standing under the laws of the State;

b.The local development organization or business entity is not in violation of any term of its articles of incorporation or by-laws;

c.The local development organization or business entity is not in violation of any term of any mortgage, loan agreement, or indenture to which it is a party or by which it is bound; and

d.The local development organization or business entity is not in violation of any term of any other agreement, instrument, judgment, decree, order, statute, rule, or governmental regulation;

(27) A statement identifying the following:

a.The ways the transaction serves a public use and provides a public benefit;

b.The ways the transaction promotes the social welfare and economic prosperity of the area and the general welfare of New Hampshire citizens;

c.The ways the transaction promotes development of business activities, creates or preserves employment opportunities, or protects physical environment; and

d.The ways the transaction supports consistent application of local and regional development plans and policies;

(28) The number of employment positions current, created, preserved and projected;

(29) The number of current full-time employees and part-time employees; and

(30) The estimated wage levels of current and projected jobs.

(c) In the event the requested information cannot be provided, a detailed explanation of the reason why the requested information cannot be provided shall be included in said application.

N.H. Admin. Code § Bfa 302.01

(See Revision Note at chapter heading for Bfa 100) #5719, eff 10-13-93