Section 423:11 - Rural Airport Capital Revolving Loan FundI. There is hereby established in the office of the state treasurer a fund to be known as the rural airport capital revolving loan fund which shall be kept separate and distinct from all other funds. Moneys in the fund shall be nonlapsing and shall be continually appropriated to the department of transportation, and shall be used to provide loans to enhance and rehabilitate all non-commercial service airports open to the public in municipalities with populations of 14,000 or less. Loans to airports from this fund shall be subject to the approval of the governor and council.II. The operator of the rural airport provided a loan under this section shall furnish assurance to the director of the division of aeronautics, rail, and transit by a signed agreement that the rural airport intends to operate as an airport and will remain open to the public for the life of the capital improvement.III. The operator of the rural airport shall repay any loan made pursuant to this section upon such terms and conditions as are recommended by the department of transportation, director of the division of aeronautics, rail, and transit. The term of the loan shall be no less than 5 years and no longer than 20 years, and shall to the extent possible consistent with this section be determined so as to match the useful life of the improvements funded by the loan. The terms and conditions shall be contained in the binding agreement between the state and the operator of the rural airport and shall be sufficient to fully reimburse the state for the principal and interest payments on that portion of the bonds authorized to fund the loan. All money received through reimbursement shall be deposited by the state treasurer in the rural airport capital revolving loan fund.IV. A lien on the property of the rural airport shall be created in favor of the state in an amount which equals the sum of principal and interest to be repaid by the owner or sponsor of the rural airport. The lien shall be recorded in the registry of deeds of the county or counties in which the property is situated and shall not supersede any pre-existing lien created by a mortgage affecting such property. The lien shall expire only when the loan has been fully repaid.V. To provide funds for the revolving loan fund established pursuant to this section, the state treasurer, as may be requested from time to time by the division of aeronautics, rail, and transit, department of transportation, is authorized to borrow from time to time upon the credit of the state such amounts so that the total state obligation shall at no time exceed $750,000 and for said purposes may issue bonds and notes at such time in the name and on behalf of the state of New Hampshire in accordance with the provisions of RSA 6-A. The department shall request and the treasurer shall issue bonds only for such amounts from time to time as are required for the purposes of this section and provided that the principal and interest payments can be satisfied from sums in the fund established in paragraph I.VI. The payments of principal and interest on the bonds issued under paragraph V shall be made when due from the special fund established by paragraph I.1997, 306:2, eff. Aug. 19, 1997. 2004, 257 : 30 , eff. July 1, 2004.