This bill proposes the consolidation of the New Hampshire Health and Education Facilities Authority (HEFA) into the New Hampshire Business Finance Authority (BFA), effective July 1, 2025. The aim is to streamline operations by merging the similar functions of both authorities, which serve to benefit New Hampshire's citizens and economy. Upon the dissolution of HEFA, all rights, powers, duties, properties, and obligations will be transferred to the BFA, ensuring that existing contracts and liabilities remain intact. The BFA will also maintain the covenants of any outstanding bonds issued by HEFA, thereby protecting bondholders' rights. The bill introduces new definitions related to postsecondary education and healthcare institutions, ensuring a smooth transition for employees from HEFA to BFA without interruption of service or loss of benefits.

Additionally, SB 56 amends the management structure of the BFA by increasing the board of directors from 14 to 16 members and requiring appointments of individuals with expertise in postsecondary education and healthcare, replacing previous requirements for a regional planning commission executive and a local official. The bill expands the definition of "bond" to include various financial obligations and clarifies "eligible facility" to cover a broader range of projects. It modifies the bond execution process to allow facsimile signatures and designates a single authorized board member or executive to execute bonds. Furthermore, it establishes a new approval process requiring the governor and council to confirm that proposed projects serve a public use and benefit before financing can proceed. The bill is set to take effect on July 1, 2025.

Statutes affected:
Introduced: 162-A:2, 162-A:4, 162-I:2, 162-I:8