SB 425-FN - AS INTRODUCED
2000 SESSION
SENATE BILL 425-FN
AN ACT relative to the private activity bond limit.
SPONSORS: Sen. D'Allesandro, Dist 20
This bill permits the New Hampshire Health and Education Facilities Authority to allocate a portion of state ceiling to bonds if the amount of state ceiling available exceeds $150,000,000.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
00-2682
03/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand
AN ACT relative to the private activity bond limit.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Paragraphs; Public Safety and Welfare; Private Activity Bond Limit; Definitions; Health and Education Facilities Authority and Student Loan Bond Added. Amend RSA 162-M:1 by inserting after paragraph VII the following new paragraphs:
VIII. "Health and education facilities authority" means the New Hampshire Health and Education Facilities Authority created by RSA 195-D:4, with the power to issue student loan bonds pursuant to RSA 195-E.
IX. "Student loan bond" means "qualified student loan bond" as defined and described in section 144(b) of the code.
2 Public Safety and Welfare; Private Activity Bond Limit; Allocation, Policy, Cooperation. Amend RSA 162-M:2-4 to read as follows:
162-M:2 Allocation Formula. Pursuant to section 146 of the code, the state hereby establishes for calendar year [1988] 2000 and each calendar year thereafter its formula for allocating the state ceiling among issuers as follows:
I. All of the state ceiling on private activity bonds which may be issued in any calendar year is hereby allocated to the state.
II. The housing finance authority may from time to time assign up to 1/2 of the state ceiling in any calendar year to and among issuers, including itself, for the purpose of (a) allocating such state ceiling to housing bonds or (b) electing under section 25(c)(2)(A)(ii) of the code not to issue a specified amount of qualified mortgage bonds in order to issue, or reserve the right to issue, mortgage credit certificates pursuant to section 25 of the code. The housing finance authority may also from time to time transfer any portion of the state ceiling within its control pursuant to this section to the business finance authority, which may assign any state ceiling so transferred in addition to and as if it were state ceiling described in RSA 162-M:2, III.
III. Except as provided in paragraph VII, the business finance authority may from time to time assign up to 1/2 of the state ceiling in any calendar year to and among issuers, including itself, for the purpose of allocating such state ceiling to (a) private activity bonds other than housing bonds and (b) bonds which would be private activity bonds unless an allocation of state ceiling is made to them. The business finance authority may also from time to time transfer any portion of the state ceiling within its control pursuant to this section to the housing finance authority, which may assign any state ceiling so transferred in addition to and as if it were state ceiling described in RSA 162-M:2, II.
III-a. The housing finance authority, [and] the business finance authority, and, to the extent it has received any state ceiling pursuant to paragraph VII, the health and education facilities authority, prior to assigning the state ceiling in any calendar year, shall consider the relative needs and priorities of the agencies and, by mutual consent, may set aside the proportionate allocation specified in paragraphs II, [and] III, and VII.
IV. Pursuant to section 146(f) of the code, each of the housing finance authority, [and] the business finance authority, and, to the extent it has received any state ceiling pursuant to paragraph VII, the health and education facilities authority, may carry forward any unused portion of the state ceiling within its control pursuant to this section for any carryforward purpose. Any state ceiling so carried forward shall be assigned or transferred by the authority making the carryforward election in addition to and as if it were state ceiling under the control of such authority pursuant to RSA 162-M:2, II, [or] III, or VII, as the case may be.
V. Each assignment of state ceiling made by the housing finance authority, [or] the business finance authority, and, to the extent it has received any state ceiling pursuant to paragraph VII, the health and education facilities authority, shall be in writing, shall be made for a specific bond issue, and shall specify the date on or before which the bonds must be issued in order for the assignment to be effective. No assignment of state ceiling shall become final until the bonds for which the assignment was made are issued, and the amount of final assignment shall be limited to the aggregate face amount of the bonds issued. Transfers of state ceiling between the housing finance authority, [and] the business finance authority, and, to the extent it has received any state ceiling pursuant to paragraph VII, the health and education facilities authority, shall be in writing, but need not be for a specific bond issue. An election to carry forward state ceiling need not be for a specific bond issue.
VI. Notwithstanding anything in this chapter to the contrary, in the event the code no longer authorizes the issuance thereunder of mortgage credit certificates or of any one or more particular types of bonds requiring state ceiling under section 146 of the code as in effect on January 1, 1987, or in the event the code as in effect on such date is amended to permit the issuance of additional types of bonds or other obligations or certificates requiring state ceiling, the governor may by executive order adjust the distribution of state ceiling between the housing finance authority, [and] the business finance, and, to the extent it has received any state ceiling pursuant to paragraph VII, the health and education facilities authority, authority as set forth in RSA 162-M:2, II, [and] III, and VII, provided that no such adjustment shall affect any assignment, allocation, transfer or carryforward made by [either] any such authority prior to the date of such executive order.
VII. Notwithstanding anything in this chapter to the contrary, in the event that in the year 2000 or in any year thereafter the amount of state ceiling available to the state exceeds $150,000,000, then the excess above such amount shall be allocated equally between the housing finance authority and the health and education facilities authority. In such event, the health and education facilities authority may from time to time assign its portion of the state ceiling in any calendar year to and among issuers, including itself, for the purpose of allocating such state ceiling to student loan bonds and, to the extent not so allocated, to bonds which would be private activity bonds unless an allocation of state ceiling is made to them. The health and education facilities authority may also from time to time transfer any portion of the state ceiling subject to its control to the housing finance authority or the business finance authority, each of which may assign any ceiling so transferred in addition to and as if it were state ceiling described in paragraphs II and III. The health and education facilities authority also may receive from the housing finance authority or the business finance authority any portion of the state ceiling subject to their control, and, in such event, the health and education facilities authority shall assign any state ceiling so transferred in addition to and as if it were state ceiling described in this paragraph.
162-M:3 Policy. In making assignments of state ceiling under this chapter, the housing finance authority, [and] the business finance authority, and, to the extent it has received any state ceiling pursuant to RSA 162-M:2, VII, the health and education facilities authority, shall seek to distribute state ceiling as fairly as practicable among state and local issuers and shall take into consideration state and local development plans and policies.
162-M:4 Cooperation. The housing finance authority, [and] the business finance authority, and, to the extent it has received any state ceiling pursuant to RSA 162-M:2, VII, the health and education facilities authority, shall cooperate to carry out the purposes of this chapter and to ensure that the state ceiling is utilized to the fullest extent possible.
3 Effective Date. This act shall take effect 60 days after its passage.
LBAO
00-2682
12/17/99
SB 425-FN - FISCAL NOTE
AN ACT relative to the private activity bond limit.
FISCAL IMPACT:
The Office of Legislative Budget Assistant is unable to complete a fiscal note for this bill as it is awaiting information from an agency.