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 merger aims to enhance operational efficiency by combining the similar functions of both authorities, with all rights, powers, duties, properties, and obligations of HEFA being transferred to the BFA. This transition will include the assumption of existing contracts and obligations without impairing bondholder rights, and all current HEFA employees will be transferred to the BFA with no loss of benefits. The bill also introduces new definitions related to postsecondary education and healthcare institutions into RSA 162-A, clarifying the roles of entities involved in financing educational and healthcare projects.

Additionally, SB 56 amends the management structure of the BFA by increasing the board of directors from 14 to 16 members, with the governor now appointing 11 members instead of 9. The board will include a postsecondary education or higher education official and a healthcare official, replacing previous requirements for a regional planning commission member and a local official. The definitions of "bond," "eligible facility," and "project" are expanded to encompass a wider range of financial instruments and project types. The bill also simplifies the bond execution process by allowing a single designated person to execute bonds and permitting facsimile signatures, while ensuring that the authority cannot acquire project interests or issue bonds without the governor and council's approval. The act is set to take effect on July 1, 2025.

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