HB 540-LOCAL - AS INTRODUCED

 

 

2019 SESSION

19-0382

10/03

 

HOUSE BILL 540-LOCAL

 

AN ACT relative to the issuance of bonds by the county for redevelopment districts in unincorporated places.

 

SPONSORS: Rep. Tucker, Coos 5; Rep. Noel, Coos 3

 

COMMITTEE: Municipal and County Government

 

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ANALYSIS

 

This bill permits the establishment by the county of an assessment district for redevelopment in an unincorporated place.

 

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Explanation: Matter added to current law appears in bold italics.

Matter removed from current law appears [in brackets and struckthrough.]

Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

19-0382

10/03

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Nineteen

 

AN ACT relative to the issuance of bonds by the county for redevelopment districts in unincorporated places.

 

Be it Enacted by the Senate and House of Representatives in General Court convened:

 

1  Assessment for Development in Unincorporated Places.  RSA 162-I:15-a is repealed and reenacted to read as follows:

162-I:15-a  Assessment District in Unincorporated Places and Assessment District Bonds.  In an unincorporated place, the county commissioners, with the approval of the county delegation, may:  (i) separately from, and in addition to, bonds guaranteed pursuant to RSA 162-I:9-a, authorize the issuance of bonds by the county, the source for repayment of which shall be limited to assessment revenues generated by assessment districts created under this section, and shall not be a general obligation of the county; and (ii) establish redevelopment districts to ensure that assessment revenues generated hereunder from projects are sufficient to repay such bonds.  The boundaries of the redevelopment district shall be configured so that it includes, but is not limited to, all of the property available to be developed, redeveloped, or revitalized through the issuance of such bonds, or otherwise benefiting from the improvements financed, in whole or in part, with the proceeds of any bonds guaranteed pursuant to RSA 162-I:9-a together with any bonds issued by the county hereunder.  Every owner of each lot or parcel located within the redevelopment district shall be subject to an assessment.  The amount of the assessment shall be sufficient to provide for repayment of the debt service related to the bond.  The terms of any bonds to be issued by the county, and the amount of the assessment, payment terms, and method for collection shall be established in a financing plan prepared by the bond recipient, approved by the commissioner of the department of revenue administration, and adopted by the county commissioners.  The financing plan shall include the delegation of collection responsibilities to the county.  The county commissioners may enter into such agreements as they deem necessary to ensure repayment under this chapter and to implement the financing plan and including without limitation such terms and conditions as is deemed necessary to provide for the segregation and pledge of the assessments to secure repayment of the bonds.  The assessment shall be used solely to pay debt service related to the bond.  The incremental increase in value of any project located in a redevelopment district shall be exempt from all property taxes and shall not be considered in the apportionment of county taxes to the unincorporated place, for so long as any bonds (i) issued under this section or (ii) guaranteed pursuant to RSA 162-I:9-a, I remain outstanding.  The equalization and apportionment provisions of RSA 21-J shall be applied in a manner consistent with the foregoing sentence.  Any unpaid assessment under this chapter shall constitute a lien pursuant to RSA 80 on the assessed property.  Collection and enforcement of assessments under this section shall be in accordance with RSA 80.  The county commissioners may negotiate a payment in lieu of taxes agreement with the project developer or developers in the reassessment district who shall also pay all fees for an independent bond counsel.  In order to establish a redevelopment district, issue bonds, and adopt a financing plan hereunder, the county commissioners must find that such actions will likely create, revive, or preserve employment opportunities or increase the social or economic prosperity of the county, any of which would be in the public interest.  The county commissioners may negotiate with the project developer or developers to establish collection and other fees to cover these costs.  Under no circumstances shall the county or the unincorporated place, as issuer of a bond under this section, have any obligation of any kind to repay any of the principal or interest of the bond.

2  Effective Date.  This act shall take effect upon its passage.