New Hampshire § 374-E-2 - Section 374-E:2 Declaration of Purpose.

§ 374-E-2. Section 374-E:2 Declaration of Purpose.

It is hereby declared to be in the public interest and to be the policy of the state to foster and to promote, by all reasonable means, the provision of adequate markets and facilities for the borrowing of money by municipalities for the financing of small scale power facilities from proceeds of bonds or notes issued by such municipalities, and to assist such municipalities in fulfilling their needs for such purposes by creation of indebtedness and to the extent possible to encourage continued investor interest in the bonds or notes of such municipalities as sound and preferred securities for investment. It is in the public interest and it is the policy of the state to encourage its municipalities to pursue their independent development of electric power and the financing of small scale power facilities for the production of electric power and to assist them by making funds available at reduced interest costs for orderly financing of such facilities, particularly for those municipalities not otherwise readily able to borrow for such purposes at reasonable rates of interest. It is further declared that credit and municipal bond market conditions require the exercise of the powers of the state in the interest of its municipalities to further and implement such policies by authorizing the New Hampshire municipal bond bank, established under RSA 35-A, to create a separate division having full powers to borrow money and to issue its bonds and notes to make funds available at reduced rates and on more favorable terms for borrowing by such municipalities through the purchase by such division of the municipal small scale power facility bonds and notes of such municipalities in fully marketable form and by granting broad powers to such division to accomplish and to carry out these policies of the state which are in the public interest of the state and of its taxpayers and residents.