N.H. Rev. Stat. § 374-E:9

Current through Chapter 381 of the 2024 Legislative Session

Section 374-E:9 - Terms of Agreement With Holders of Securities

In any resolution of the bond bank authorizing or relating to the issuance of any bonds or notes of the division under this chapter, the bond bank, in order to secure the payment of such bonds or notes and in addition to other powers granted to it under this chapter, shall have power by provisions in such resolution which shall constitute covenants by the division and contracts with the holders of such bonds or notes:

I.To pledge to any payment or purpose all or any part of the division's revenues to which its right then exists or may thereafter come into existence, and the moneys derived from such revenues, and the proceeds of any bonds or notes issued under this chapter;

II.To covenant against pledging all or any part of the division's revenues, or against permitting or suffering any lien on such revenues or its property;

III.To covenant as to the use and disposition of any payments of principal or interest received by the division on municipal small scale power facility bonds or other investments held by the division;

IV.To covenant as to the establishment of, the making of provision for, and the regulation and disposition of reserves or sinking funds;

V.To covenant with respect to or against limitations on any right to sell or otherwise dispose of any property of any kind;

VI.To covenant as to any bonds and notes to be issued under this chapter and the limitations on and the terms and conditions of such bonds and notes, and as to the custody, application, and disposition of the proceeds of such bonds and notes;

VII.To covenant as to the issuance of additional bonds or notes of the division or as to limitations on the issuance of additional bonds or notes and incurring of other debts of the division;

VIII.To covenant as to the payment of the principal of or interest on the bonds or notes issued under this chapter, the sources and methods of such payment, the rank of priority of any such bonds or notes with respect to any lien or security, or the acceleration of the maturity of any such bonds or notes;

IX.To provide for the replacement of lost, stolen, destroyed, or mutilated bonds or notes issued under this chapter;

X.To covenant against extending the time for the payment of bonds or notes issued under this chapter or interest on such bonds or notes;

XI.To covenant as to the redemption of bonds or notes issued under this chapter and privileges of their exchange for other bonds or notes of the division;

XII.To covenant as to any charges to be established and charged by the division, the amount to be raised by the division each year or other period of time by charges or other revenues, and the use and disposition to be made of such charges or revenues;

XIII.To covenant to create or to authorize the creation of special funds or moneys to be held in pledge or otherwise for operating expenses, payment or redemption of bonds or notes of the division, reserves established under this chapter, or other purposes of the division and as to the use and disposition of the moneys held in such funds;

XIV.To establish the procedure, if any, by which the terms of any contract or covenant with or for the benefit of the holder of bonds or notes of the division may be amended or abrogated, the amount of such bonds or notes the holders of which must consent to such amendment or abrogation, and the manner in which such consent may be given;

XV.To covenant as to the custody of, the safekeeping of, and the insurance to be carried on any of the division's properties or investments, and the use and disposition of insurance moneys;

XVI.To covenant as to the time or manner of enforcement, or restraint from enforcement, of any rights of the division arising because of or about nonpayment of any principal or interest of any municipal small scale power facility bonds;

XVII.To provide for the rights, liabilities, powers, and duties arising upon the breach of any covenant, condition, or obligation and to prescribe the events of default and the terms and conditions upon which any or all of the bonds, notes, or other obligations of the division shall become or may be declared due and payable before maturity and the terms and conditions upon which any such declaration and its consequences may be waived;

XVIII.To vest in a trustee or trustees within or without the state such property, rights, powers, and duties in trust as it may determine, which may include any or all of the rights, powers, and duties of any trustee appointed by the holders of any bonds or notes issued under this chapter and to limit or abrogate the right of the holders of any bonds or notes of the division to appoint a trustee under this chapter or limit the rights, powers and duties of such trustee;

XIX.To pay the costs of expenses incident to the enforcement of the bonds or notes issued under this chapter or of such resolution, or of any covenant or agreement of the division with the holders of such bonds or notes;

XX.To agree with any corporate trustee, which may be any trust company or bank having the powers of a trust company within or without the state, as to the pledging or assigning of any revenues or funds to which or in which the division has any rights or interest; such agreement may further provide for such other rights and remedies exercisable by the trustee as may be proper for the protection of the holders of any bonds or notes of the division and not otherwise in violation of law, and for the restriction of the rights of any individual holder of bonds or notes issued under this chapter;

XXI.To appoint and to provide for the duties and obligations of paying agent or agents, or such other fiduciaries as such resolution may provide within or without the state;

XXII.To limit the rights of the holders of any bonds or notes issued under this chapter to enforce any pledge or covenant securing such bonds or notes; and

XXIII.To make covenants other than and in addition to the covenants expressly authorized in this section, of like or different character, and to make such covenants to do or refrain from doing such acts and things as may be necessary, or convenient and desirable, in order better to secure bonds or notes issued under this chapter or which, in the absolute discretion of the bond bank, will tend to make such bonds or notes more marketable, notwithstanding that such covenants, acts, or things may not be listed in this section.

RSA 374-E:9

1981, 545:7, eff. Aug. 29, 1981.