Section 162-A:18 Programs for Public Purpose; Required Findings.
I. The authority shall not take any action described in RSA 162-A:7, IV, 162-A:9, III, 162-A:10, IV, or 162-A:12, V, and the governor and council shall not award any guarantee under RSA 162-A:7-a, RSA 162-A:8, RSA 162-A:10, III, RSA 162-A:13, or RSA 162-A:13-a unless the governor and council have made the following findings:
(a) The proposed action will serve a public use and provide a public benefit.
(b) The proposed action is within the policy of, and the authority conferred by, this chapter.
(c) The proposed action will preserve or increase the social welfare or economic prosperity of the state and one or more of its political subdivisions, and will promote the general welfare of the state's citizens.
(d) The proposed action will promote the orderly development of business activities, create or preserve employment opportunities, or protect the physical environment.
(e) The applicable special findings in paragraph II of this section.
II. Before approving any action referred to in paragraph I, the governor and council shall also make the applicable special findings:
(a) If the action is the expenditure of money pursuant to RSA 162-A:7, the governor and council shall find that the expenditure is consistent with local or regional development plans and policies.
(b) If the action is the award or renewal of a state guarantee pursuant to RSA 162-A:7-a, RSA 162-A:8, RSA 162-A:13, or RSA 162-A:13-a, the governor and council shall find that:
(1) The award or renewal of the guarantee will contribute significantly to the success of the financing; and
(2) Reasonable and appropriate measures have been taken to minimize the risk of loss to the state and to ensure that any private benefit from the award of the guarantee will be only incidental to the public purpose served thereby.
(c) If the action is making of a temporary loan pursuant to RSA 162-A:9, the governor and council shall find that:
(1) The loan will be a significant factor in the continued operation, competitiveness, or expansion of the business receiving it;
(2) The business is of social or economic importance to the region or community in which it is located; and
(3) The risk of loss to the authority as a result of making the loan is reasonable under the circumstances.
(d) If the action is the acquisition of loans from local development organizations pursuant to RSA 162-A:10, the governor and council shall find that:
(1) Such acquisition will make available funds for the local or regional promotion, encouragement, or development of business activities in an area where such funds are needed; and
(2) The loans being acquired do not impose an undue risk of loss to the authority.
(e) If the action is the award of a state guarantee pursuant to RSA 162-A:10, III, the governor and council shall find that:
(1) The award of the guarantee is necessary to sell the loans at a reasonable price;
(2) The proposed use of the proceeds of sale by the authority will promote business activities within the state consistent with the purposes of this chapter; and
(3) Reasonable and appropriate measures have been taken to minimize the risk of loss to the state and to ensure that any private benefit from the award of the guarantee shall be only incidental to the public purpose served thereby.
(f) If the action is the establishment of a CAP fund or the execution or amendment of a CAP participation agreement pursuant to RSA 162-A:12, the governor and council shall find that:
(1) The proposed participating state bank or state credit union is qualified to participate under the provision of this chapter;
(2) Appropriate measures have been taken to ensure that the participating state bank or state credit union makes only CAP loans meeting the requirements of RSA 162-A:12, IV;
(3) The proposed CAP participation agreement complies with RSA 162-A:12, III; and
(4) Reasonable precautions have been taken to minimize the risk of loss to the CAP fund.
Source. 1992, 262:3. 1996, 189:9. 2000, 10:2, 3, eff. July 1, 2000.