N.H. Rev. Stat. § 204-C:32

Current through the 2024 Legislative Session

Section 204-C:32 - Conditions on Obligations

Any resolution authorizing any notes or bonds or any issue of notes or bonds may contain provisions which shall be part of the contract or contracts with the holders of the notes or bonds, as to:

I.Pledging all or any part of the revenues of the authority to secure the payment of such notes or bonds, or of any issue of notes or bonds, subject to such agreements with noteholders or bondholders as may then exist;

II.Pledging all or any part of the assets of the authority, including obligations and mortgages securing the same, to secure the payment of such notes or bonds, or of any issue of notes or bonds, subject to such agreements with noteholders or bondholders as may then exist;

III.The use and disposition of the gross income from mortgages owned by the authority and the payment of principal of mortgages owned by the authority;

IV.The setting aside of reserves, including, but not limited to, reserve funds as provided in RSA 204-C:40, and the regulation and disposition of such reserves;

V.Limitations on the purpose to which the proceeds of sale of notes or bonds may be applied and pledging such proceeds to secure the payment of the notes or bonds or of any issue of notes or bonds;

VI.Limitations on the issuance of additional notes or bonds; the terms upon which additional notes or bonds may be issued and secured; and the refunding of outstanding or other notes or bonds;

VII.The procedure, if any, by which the terms of any contract with noteholders or bondholders may be amended or abrogated, the amount of notes or bonds the holders of which shall consent to such amendment or abrogation, and the manner in which such consent may be given;

VIII.Limitations on the amount of moneys to be expended by the authority for operating expenses of the authority;

IX.Vesting in a trustee or trustees such property, rights, powers and duties in trust as the authority may determine;

X.Defining the acts or omissions to act which shall constitute a default in the obligations and duties of the authority to the holders of the notes or bonds and providing for the rights and remedies of the holders of the notes or bonds in the event of such default, including as a matter of right the appointment of a receiver; provided, however, that such rights and remedies shall not be inconsistent with the general laws of the state and the other provisions of this chapter; and

XI.Any other matters, of like or different character, which in any way affect the security or protection of the holders of the notes or bonds.

RSA 204-C:32

1981, 466:2, eff. July 1, 1981.