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, 2026. It mandates the transfer of all assets, debts, obligations, and employees from HEFA to BFA, with BFA assuming all rights and obligations previously held by HEFA. The bill ensures that all existing contracts, leases, and obligations of HEFA will be honored by BFA, preventing any loss of rights or remedies due to the merger. Additionally, it allows for the continued enforcement of HEFA's existing orders, rules, and regulations until they are revised or rescinded by BFA. The bill also amends RSA 162-A by inserting new definitions related to non-profit representatives, educational institutions, education officials, and health care institutions, while updating references to HEFA in existing laws to reflect the consolidation.

Moreover, SB 56 makes significant amendments to the operational framework of the Business Finance Authority, including increasing the board of directors from 14 to 16 members and broadening the definition of "bond" to include various financial instruments. It refines the definitions of "eligible facility" and "project" to allow for a wider range of assets to be financed, and introduces provisions for securing financing through pledges of property and revenues. The bill also modifies the execution of bonds to allow for facsimile signatures and requires approval from the governor and council for financing actions, ensuring they serve a public benefit. Terminology throughout the bill is updated to replace references to HEFA with BFA, and the declaration of policy is revised to emphasize support for educational and healthcare institutions in New Hampshire.

Statutes affected:
Introduced: 162-A:2, 162-A:4, 162-I:2, 162-I:8
As Amended by the Senate: 162-A:2, 162-A:4, 162-I:2, 162-I:7, 162-I:8, 195-D:1, 195-D:2, 195-D:3, 195-E:2, 195-D:4