N.H. Admin. Code § Bfa 403.01

Current through Register No. 50, December 12, 2024

Section Bfa 403.01 - Final Applications

(a) After the terms of a proposed bond issue have been substantially fixed, the user, through bond counsel, shall submit an application for the director's approval of the issuance of bonds for the user's project. The application shall consist of the following items, each of which is described in more detail in Bfa 403.01(b)-(g):

(1) Ten bound application books;

(2) Twenty summary sheets;

(3) Three copies of a notice of a proposed public hearing on the bonds by the governor and council;

(4) Two press packages;

(5) Two copies of the proposed resolution to be adopted by the governor and council immediately after the public hearing, with draft extracts of the minutes of the public hearing attached; and

(6) Thirty copies of the proposed resolution to be adopted by the directors approving the issuance of the bonds.

(b) The application books shall be used by the authority and may be used by the governor and council in considering the bond issue. The application books shall contain sufficient information to enable the authority and the governor and council to make all of the findings with respect to the project and the bonds as required by RSA 162-I:9. Application books shall be bound in a manner that makes it easy to substitute pages in the event corrections or additions are necessary and shall be clearly labeled substantially as follows:

"APPLICATION

Business Finance authority of the State of New Hampshire

(Amount of Bonds) Bonds

(User)

(Location of Project)."

(c) Application books shall contain a cover letter addressed to the governor and council requesting that the governor and council hold a public hearing and adopt a resolution under RSA 162-I:9 and listing the material contained in the application book. This cover letter shall be dated the date the authority is expected to approve the issuance of bonds and shall be prepared for the signature of the executive director or such other officer or employee of the authority as the authority shall direct.

(d) The application book shall also contain the following material, listed in the order in which it shall appear:

(1) The proposed resolution to be adopted by the governor and council under RSA 162-I:9;

(2) A letter from bond counsel describing the transaction;

(3) The items described in Bfa 402.01(a)(1)a. and b. and, if applicable, the items described in Bfa 402.01(a)(2) and (3), may be updated, supplemented, or edited to the extent deemed appropriate by bond counsel.

(4) A commitment letter fitting one of the following categories, which may also include reasonable conditions, such as receipt of satisfactory documentation and legal opinions:

a.A letter from one or more lenders or underwriters agreeing to purchase the bonds;

b.A letter from one or more placement agents agreeing to use their best efforts to place the bonds and expressing the opinion that such placement is likely to be successful; or

c.A letter from a bank, bond insurance company or similar financial entity agreeing to issue a letter of credit, a municipal bond insurance policy, or a similar financial guaranty to pay debt service on the proposed bonds;

(5) Any additional information necessary to enable the directors and the governor and council to make the special findings specified by RSA 162-I:9, II,(a) and, if applicable, the findings under RSA 162-I:9-a or 162-I:9-b for the project;

(6) Drafts of the financing documents and security documents for the proposed issue of bonds;

(7) A copy of the proposed resolution to be adopted by the directors authorizing the issuance of the bonds; and

(8) A summary of the findings required to be made under RSA 162-I:9 for the project and of the evidence contained in the application supporting each required finding; and

(9) If the user is seeking a state guarantee of the bonds under RSA 162-I:9-b, a draft of the letter of credit, bond insurance policy, or similar credit enhancement required by RSA 162-I:9-b, II shall be submitted;

(e) Summary sheets shall summarize the proposed transaction in outline form and shall contain the following information:

(1) The name or names of each user;

(2) The location of the project;

(3) A brief description of the project, including a description of the activities to be carried out at the eligible facility upon its completion and the number of jobs expected to be created or preserved by the operation at the facility;

(4) The principal amount of the bonds;

(5) The interest rate on the bonds;

(6) The repayment terms of the bonds;

(7) The name or names of each initial purchaser of the bonds or each placement agent;

(8) A list of the operative documents for the transaction to which the authority is a party;

(9) A description of the security for the bonds;

(10) Any prepayment or redemption provisions of the bonds;

(11) Whether additional bonds may be issued under the operative documents and whether any such additional bonds are presently contemplated;

(12) What happens if interest on the bonds should become subject to federal income taxes;

(13) The name of the trustee for the bonds, if any;

(14) A description of any special features of the bonds or the transaction of which they are a part;

(15) A description of any previous dealings the authority has had with the user or the project; and

(16) If a state guarantee of the bonds is being sought pursuant to RSA 162-I:9-a or 162-I:9-b, the amount of principal of the bonds to be guaranteed.

(f) Proposed notices of public hearing for the bonds before the governor and council shall state:

(1) The time and place of the public hearing;

(2) The maximum amount of the bonds to be issued;

(3) The names of the user or users;

(4) The location of the project;

(5) The intended purpose of the project; and

(6) That the hearing is being held pursuant to RSA 162-I:9 and, if applicable, RSA 162-I:9-a or 162-I:9-b.

(g) Press packages shall consist of the following items in the order in which they shall appear:

(1) The cover letter addressed to the governor and council contained in the application book;

(2) The Form Bfa-1 for the project;

(3) The letter from bond counsel described in Bfa 403.01(b)(2); and

(4) The proposed resolution to be adopted by the governor and council.

(h) The proposed resolution to be adopted by the governor and council shall include all of the findings required under RSA 162-I:9 and, if applicable, RSA 162-I:9-a or 162-I:9-b for an eligible facility of the type proposed to be financed.

(i) The proposed resolution to be adopted by the authority, in addition to authorizing the execution and delivery of the financing and security documents and the issuance and sale of the proposed bonds, shall:

(1) Make all of the findings required under RSA 162-I:9 and if applicable, RSA 162-I:9-a or 162-I:9-b for an eligible facility of the type proposed to be financed;

(2) Recommend to the governor and council that they make such findings;

(3) Provide specifically that the authority shall not execute the financing and security documents or issue bonds pursuant to the resolution until after the governor and council have made such findings; and

(4) Include an allocation of bond limit subject to such restrictions as the authority shall prescribe pursuant to Bfa 500.

N.H. Admin. Code § Bfa 403.01

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