SB 56 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. This merger will transfer all assets, debts, obligations, and employees from HEFA to BFA, making BFA the successor in interest for all rights and obligations previously held by HEFA. The bill ensures that all existing contracts and obligations of HEFA will be recognized as those of BFA, maintaining compliance with bond covenants and allowing BFA to enforce any rules established by HEFA. Additionally, the bill amends the composition of the BFA's board of directors, increasing the number of directors from 14 to 16 and requiring representation from education, health care, and non-profit sectors.

The bill also introduces a Surplus Land Revitalization Program, allowing the transfer of surplus state-owned property to the BFA for specific uses, and modifies existing laws regarding the authority's ability to lease, sell, or transfer property. Key amendments include a broader definition of "project" to encompass various financial activities, changes to the execution of bonds, and the repeal of RSA 195-D:4, which established the previous authority. Furthermore, the bill updates the citation of the act to the "New Hampshire Health and Education Financing Act" and introduces new definitions related to BFA operations. Overall, SB 56 aims to streamline operations, enhance financing capabilities, and improve representation within the BFA while ensuring the continuity of services and obligations.

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
As Amended by the House: 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, 4:40, 228:31-b, 162-V:2
Version adopted by both bodies: 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, 4:40, 228:31-b, 162-V:2