GOVERNOR AND EXECUTIVE COUNCIL MINUTES

                                                                                State House, Concord, New Hampshire

                                                                                December 11, 2007, 10:00 a.m.

 

The Governor and Executive Council convened at 10:00 a.m. with all members present.

*

The Governor and Executive Council on motion of Councilor Hollingworth, seconded by Councilor Wieczorek, accepted the minutes of November 28, 2007.

*

The Governor and Executive Council, on motion of Councilor Burton, seconded by Councilor Shea approved the appointment of several persons nominated for Civil Commissions from the November 28, 2007 meeting.

*

The Governor placed in nomination the several persons who applied for Civil Commissions.

 

*

The Governor and Council, on motion of Councilor Hollingworth, seconded by Councilor Pignatelli, voted to set the date for a special election for state representative in Rockingham County District No.15 (Hampton).

 

The filing period will begin on December 24, 2007 and end on December 31, 2007.  The primary election will be February 5, 2008.  The special election will be March 11, 2008.

 

 

RESIGNATIONS

The Governor and Council accepted the following resignation

 

Pre-Engineering Technology Advisory Council

Richard W. Ayers, Sanbornton                                                                         Effective:  December 11, 2007

 

CONFIRMATIONS

The Governor and Council confirmed the following:

 

Board of Accountancy

(Certified Public Accountant)

Richard O. Hanson, Bedford                                                                            Effective:  December 11, 2007

Reappointment                                                                                                    Term:  December 2, 2012

 

Amusement Ride Safety Advisory Board

(Operator of permanently placed amusement ride)

Ryan DeMaria, Salem                                                                                        Effective:  December 11, 2007

Succeeding:  Tom Morrow, Salem (deceased)                                               Term:  June 13, 2009

 

Amusement Ride Safety Advisory Board

(Public Member)

Charles W. Roffo, Gilford                                                                                  Effective:  December 11, 2007

Vacancy                                                                                                                Term:  December 11, 2010

 

New Hampshire State Council on the Arts

Randy Armstrong, Barrington                                                                          Effective:  December 11, 2007

Reappointment                                                                                                    Term:  November 23, 2012

 

State Coordinating Council for Community Transportation

Rad C. Nichols, Durham                                                                                    Effective:  December 11, 2007

Vacancy                                                                                                                Term:  Serves at G&C pleasure

 

Director of the Division of Instruction: Department of Education

Nominated by the Commissioner of the Department of Education

Kathleen A. Murphy, Salem                                                                             Effective:  December 11, 2007

Vacancy                                                                                                                Term:  December 11, 2011

Salary:  GG, Step Max - $82,978

 

State Historical Resources Council

(Historic Preservation)

Nancy C. Dutton, Wilmot                                                                                  Effective:  December 11, 2007

Reappointment                                                                                                    Term:  December 10, 2012

 

State Historical Resources Council

(Business)

Jeff Woodburn, Whitefield                                                                                Effective:  December 11, 2007

Succeeding:  Jason Hoch, Littleton                                                                  Term:  December 10, 2012

 

Human Rights Commission

William E. Brennan, Bedford                                                                            Effective:  December 11, 2007

Succeeding Kenneth Brown, Manchester (resigned)                                    Term:  November 1, 2008

 

Judicial Retirement Plan Board of Trustees

(Business Experience – Chair)

Deborah B. Butler, Concord                                                                              Effective:  December 11, 2007

Succeeding: Charles G. Douglas III, Concord                                               Term:  November 19, 2010

 

Juvenile Parole Board

Barbara R. Carpenter, Kensington                                                                  Effective:  December 11, 2007

Succeeding:  Kathryn D. Kachavas, New Boston                                        Term:  July 1, 2012

 

NH Land and Community Heritage Authority: Executive Director

Nominated by the NH Land and Community Heritage Investment Authority Board of Directors

Deborah K. Turcott, New Hampton                                                                Effective:  December 11, 2007

Succeeding:  Rachael Rouillard, Durham (resigned)                                    Term:  December 20, 2010

 

Advisory Committee on Marine Fisheries

(Alternate)

G. Ritchie White, Rye                                                                                         Effective:  December 11, 2007

Reappointment                                                                                                    Term:  December 2, 2010

 

Marital Mediator Certification Board

(Public Member)

David S. Phillips, Amherst                                                                                  Effective:  December 11, 2007

Succeeding:  Donald F. Dickey, West Lebanon (resigned)                          Term:  April 10, 2009

 

State Commission on the Status of Men

Larry Colby, Gilsum                                                                                           Effective:  December 11, 2007

Succeeding:  Alfred Lerandeau, North Swanzey                                           Term:  September 25, 2010

 

State Commission on the Status of Men

Scott A. Garman, Rochester                                                                              Effective:  December 11, 2007

Reappointment                                                                                                    Term:  September 1, 2010

 

State Commission on the Status of Men

Michael J. Geanoulis, New Castle                                                                    Effective:  December 11, 2007

Reappointment                                                                                                    Term:  September 1, 2010

 

State Commission on the Status of Men

Joseph H. Mastromarino, Hampton                                                                Effective:  December 11, 2007

Reappointment                                                                                                    Term:  September 1, 2010

 

Pesticides Control Board

(Public Member)

Anne D. Krantz, Amherst                                                                                  Effective:  December 11, 2007

Reappointment                                                                                                    Term:  November 23, 2010

 

Board of Registration of Podiatrists

David R. Kosofsky, Nashua                                                                             Effective:  December 11, 2007

Reappointment                                                                                                    Term:  December 5, 2012

 

Public Water Access Advisory Board

(Representing Rivers Association)

Brian A. Giles, Durham                                                                                      Effective:  December 16, 2007

Reappointment                                                                                                    Term:  December 16, 2010

 

Chief of Policy and Planning; Department of Safety

Nominated by the Commissioner of the Department of Safety

Kevin P. O’Brien, Concord                                                                                Effective:  December 11, 2007

Vacancy                                                                                                                Term:  Serves at Commissioner’s pleasure

Salary:  GG  Step 3 - $74,781    ($77,400 as of January 2, 2008)

 

Waste Management Council

(Representative of a community which recycles or recovers solid waste)

Nominated by the Northeast Resource Recovery Association

Fuat Ari, Chichester                                                                                            Effective:  December 11, 2007

Succeeding:  Anthony Ilacqua, Littleton                                                        Term:  September 7, 2011

 

NOMINATIONS

The Governor placed into nomination the following:

 

State Committee on Aging

(Belknap County)

Russell A. Armstrong, Gilford                                                                            Effective:  Upon confirmation

Vacancy                                                                                                                Term:  June 24, 2010

 

Community College System Board of Trustees

(General Public)  

Ned Densmore, Franconia                                                                                 Effective:  Upon confirmation

Reappointment                                                                                                    Term:  June 30, 2011

 

Community College System Board of Trustees

(Business and Industry)

Lori B. Hitchcock, Nottingham                                                                        Effective:  Upon confirmation

Succeeding:  Thomas Wilhelmsen, Hollis (resigned)                                     Term:  February 17, 2009

 

Community College System Board of Trustees

(General Public)

Robert L. Mallat, Jr., Keene                                                                              Effective:  Upon confirmation

Reappointment                                                                                                    Term:  June 30, 2011

 

Community Development Finance Authority

(Community Development Organization)

Richard W. Ingram, North Hampton                                                              Effective:  Upon confirmation

Succeeding:  Janice Hill, Concord                                                                    Term:  July 1, 2012

 

Current Use Advisory Board

(Representing assessing official from a town with less than 5,000 population)

Normand G. Bernaiche, Acworth                                                                     Effective:  Upon confirmation

Reappointment                                                                                                    Term:  December 23, 2009

 

Current Use Advisory Board

(Representing assessing official from a town with more than 5,000 population)

Normand R. Pelletier, Hudson                                                                          Effective:  Upon confirmation

Reappointment                                                                                                    Term:  December 23, 2009

 

Board of Licensed Dietitians

Carole A. Palmer, Penacook                                                                             Effective:  Upon confirmation

Succeeding:  Patricia L. Walker, Wolfeboro                                                   Term:  December 6, 2010

 

Energy Planning Advisory Board

Wendell W. Jesseman, Landaff                                                                        Effective:  Upon confirmation

Reappointment                                                                                                    Term:  November 10, 2010

 

Equalization Standards Board

Nominated by the New Hampshire Municipal Association

Kathryn H. Temchack, Canterbury                                                                Effective:  Upon confirmation

Reappointment                                                                                                    Term:  October 10, 2009

 

Commissioner: Department of Health and Human Services

Nicholas A. Toumpas, Rye                                                                                Effective:  Upon confirmation

Vacancy                                                                                                                Term:  4 years from confirmation

Salary:  $109,985

 

New Hampshire Commission for Human Rights

Gayle E. Troy, Dunbarton                                                                                 Effective:  Upon confirmation

Reappointment                                                                                                    Term:  January 1, 2013

 

Judicial Council

(Lay Person)

Alan Seidman, Bedford                                                                                     Effective:  Upon confirmation

Reappointment                                                                                                    Term:  January 1, 2011

 

Medical Review Subcommittee

Nominated by the Board of Medicine

Amy Feitelson, Rye                                                                                             Effective:  Upon confirmation

Succeeding:  James G. Sise, Keene                                                                  Term:  December 3, 2010

 

New England Interstate Water Pollution Control Commission

Nominated by the Commissioner of the Department of Environmental Services

Will Abbott, Holderness                                                                                     Effective:  Upon confirmation

Succeeding Robert A. Cruess, Amherst                                                           Term:  September 30, 2011

 

New England Interstate Water Pollution Control Commission

Nominated by the Commissioner of the Department of Environmental Services

Frederick J. McNeill, Manchester                                                                     Effective:  Upon confirmation

Succeeding:  Frank Thomas, Merrimack                                                        Term:  August 12, 2011

 

New England Interstate Water Pollution Control Commission

Nominated by the Commissioner of the Department of Environmental Services

Nelson L. Thibault, Nottingham                                                                       Effective:  Upon confirmation

Reappointment                                                                                                    Term:  September 30, 2011

 

New England Interstate Water Pollution Control Commission

Nominated by the Commissioner of the Department of Environmental Services

Charles J. Vorosmarty, Newburyport                                                              Effective:  Upon confirmation

Succeeding:  Robert A. Weimar, Meredith                                                     Term:  September 30, 2011

 

Board of Nursing

(RN)

Nora C. Fortin, Stratham                                                                                   Effective:  Upon confirmation

Succeeding:  Kristine A. Day, Alexandria                                                       Term:  May 10, 2010

 

Oil Fund Disbursement Board

(Public Member)

Ronald R. Poirier, Manchester                                                                          Effective:  Upon confirmation

Reappointment                                                                                                    Term:  January 1, 2011

 

 

                                BUSINESS FINANCE AUTHORITY

#1           The Governor and Executive Council on motion of Councilor Burton, seconded by Councilor Shea and further on a roll call vote as follows: Councilor Burton – yes, Councilor Shea – yes, Councilor Hollingworth – yes, Councilor Wieczorek – yes, and Councilor Pignatelli – yes, authorized to hold a Public Hearing with respect to the financing of an industrial facility by the Business Finance Authority for Ice River Springs Claremont, LLC located in Claremont, New Hampshire. Action will Authorized a Resolution under RSA 162-I:9 to determine the financing will serve a public use, provide public benefit and is within the policy and authority of the Act.

 

EXTRACT FROM THE MINUTES OF THE MEETING OF THE

GOVERNOR AND COUNCIL HELD DECEMBER 11, 2007

IN THE COUNCIL CHAMBER, STATE HOUSE, CONCORD

 

*              *              *              *              *              *

                At 10:34 a.m. the Governor announced that the next matter to be considered would be the financing of an industrial facility project by the Business Finance Authority (“Authority”) for Ice River Springs Claremont, LLC and declared that the public hearing on the subject had commenced.  He said that he and the members of the Council had received the written recommendation of the Authority and other documentation and information with respect to the project.  The Governor said that the meeting would then hear anyone wishing to speak on the subject.  Michael Donahue, Senior Credit Officer of the Authority, briefly explained the project and emphasized that the credit of the State was not involved.  The Governor then repeated that the proceedings were a public hearing and asked whether any other person wished to speak; [there being none], Councilor Burton introduced a resolution entitled "A RESOLUTION UNDER RSA 162-I:9 WITH RESPECT TO THE FINANCING OF AN INDUSTRIAL FACILITY BY THE BUSINESS FINANCE AUTHORITY FOR ICE RIVER SPRINGS CLAREMONT, LLC IN CLAREMONT, NEW HAMPSHIRE" and moved its adoption, which was seconded by Councilor Shea.  There being no discussion, the Governor called for a vote on the motion.  Those voting in favor were: The Governor and Councilor Burton, Councilor Shea, Councilor Hollingworth, Councilor Wieczorek, and Councilor Pignatelli;  those abstaining were Councilor (s):  None; and those voting against were Councilor(s):  None.  The Governor declared that the resolution was passed.

 

*              *              *              *              *              *

 

A RESOLUTION UNDER RSA 162-I:9 WITH RESPECT TO THE ISSUANCE OF UP TO $4,500,000 REVENUE BONDS BY THE BUSINESS FINANCE AUTHORITY

OF THE STATE OF NEW HAMPSHIRE TO FINANCE AN INDUSTRIAL FACILITY FOR ICE RIVER SPRINGS CLAREMONT, LLC

 IN CLAREMONT, NEW HAMPSHIRE

 

WHEREAS, the Governor and Council have received from the Business Finance Authority of the State of New Hampshire (the "Authority") its written recommendation that the Governor and Council make certain findings and a determination under RSA 162-I:9 with respect to the financing of an industrial facility for Ice River Springs Claremont, LLC (the "Borrower"), in Claremont, New Hampshire, by the Authority’s issuance of up to $4,500,000 aggregate amount of revenue bonds (the "Bonds") under RSA 162-I:1 et seq. (the "Act"); and

 

WHEREAS, the Governor and Council have received all of the documentation and information with respect to the proposed transaction that they have requested; and

 

WHEREAS, further action by the Authority with respect to the proposed transaction is subject to, and cannot be taken until passage of, this Resolution;

 

NOW, THEREFORE, in consideration of the foregoing, IT IS HEREBY RESOLVED THAT:

 

Section 1.              Findings.  On the basis of the Authority’s recommendation and the documentation and information received by the Governor and Council, and after a public hearing, the Governor and Council find:

 

(a)           Special Findings.

 

(1)           The project to be financed with the proceeds of the Bonds consists of the following:  (i) financing a portion of the land acquisition costs for approximately 25 acres of real property located at 35 Connecticut River Bend Place, Claremont, New Hampshire (the “Property”); (ii) financing the construction of a new approximately 133,000 square foot industrial building to be located on the Property; (iii) financing the acquisition and installation of new equipment to be located at the facility to be constructed on the Property; and (iv) possibly financing issuance costs (collectively, the "Facility" or the "Project").  The Facility is within the definition of "Industrial Facility" in RSA 162-I:2 and may be financed under the Act.

 

(2)           The establishment and operation of the Facility will create or preserve employment opportunities directly or indirectly within the State of New Hampshire (the "State") and will likely be of general benefit to the community as a whole.

 

(b)           General Findings.

 

(1)           The Project and the proposed financing of the Project are feasible.

 

(2)           The Borrower has the skills and financial resources necessary to operate the Facility successfully.

 

(3)           The Loan Agreements and the other documents to be executed in connection with the issuance of the Bonds, including the Escrow Agreements (collectively, the "Financing Documents"), contain provisions so that under no circumstances will the Authority be obligated, directly or indirectly, to pay Project costs, debt service or expenses of operation, maintenance and upkeep of the Facility except from proceeds of the Bonds or from funds received under the Financing Documents, exclusive of funds received under the Financing Documents by the Authority for its own use.

 

(4)           The Financing Documents do not purport to create any debt of the State with respect to the Facility, other than a special obligation of the Authority acting on behalf of the State under the Act.

 

(5)           The proposed financing of the Project by the Authority and the proposed operation and use of the Facility will serve one or more needs and implement one or more purposes set forth in RSA 162-I:1, will preserve or increase the social or economic prosperity of the State and one or more of its political subdivisions, and will promote the general welfare of the State’s citizens.

 

Section 2.              Ultimate Finding and Determination.   The Governor and Council find that the proposed financing, operation and use of the Facility will serve a public use and provide a public benefit and determine that the Authority’s financing of the Project will be within the policy of, and the authority conferred by, the Act.

 

Section 3.              Approval.  The Governor and Council hereby approve the Authority’s taking such further action under the Act with respect to the transaction involving the Facility, the Project and the Bonds as may be required.

 

Section 4.              Effective Date.  This Resolution shall take effect upon its passage.

 

Passed and Agreed to:  December 11, 2007

 

 

#2           The Governor and Executive Council on motion of Councilor Hollingworth, seconded by Councilor Burton and further on a roll call vote as follows: Councilor Burton – yes, Councilor Shea – yes, Councilor Hollingworth – yes, Councilor Wieczorek – yes, and Councilor Pignatelli – yes, authorized to hold a Public Hearing to approve an award of a State Guarantee under RSA 162-A:13-a with respect to a loan from TD Banknorth and Resource Technical Services, Inc. in Dover, New Hampshire. Action will Authorized a Resolution under RSA 162-A:18 to determine the financing will serve a public use, provide public benefit and is within the policy and authority of the Act.

 

EXTRACT FROM THE MINUTES OF THE MEETING OF THE

GOVERNOR AND COUNCIL HELD ON DECEMBER 11, 2007

COUNCIL CHAMBER, CONCORD, NEW HAMPSHIRE

 

*                              *                              *                              *                              *                              *                              *             

                At approximately 10:36 a.m., the Governor announced that the next matter to be considered would be the award of a State guarantee under the Working Capital Line of Credit Guarantee Program of the Business Finance Authority in connection with a loan to be made by Bank of New Hampshire, a division of Banknorth, N.A. to Resource Technical Services, Inc. and declared that the public hearing on the subject had commenced.  He said that he and the members of the Council had received written material from the Authority with respect to the proposed loans and State guarantee.  The Governor then said that the meeting would hear anyone wishing to speak on the subject and introduced Michael Donahue, Senior Credit Officer of the Authority who briefly explained the project. The Governor then repeated that the proceedings were a public hearing and asked whether any other person wished to speak; there being none, Councilor Hollingworth           introduced a resolution entitled "A RESOLUTION UNDER RSA 162-A:18 AWARDING A STATE GUARANTEE UNDER RSA 162-A:13  WITH RESPECT TO A LOAN FROM  BANK OF NEW HAMPSHIRE TO  RESOURCE TECHNICAL SERVICES, INC." and moved its adoption, which was seconded by Councilor Burton.  There being no discussion, the Governor called for a vote on the motion.  Those voting in favor were: The Governor and Councilor Burton, Councilor Shea, Councilor Hollingworth, Councilor Wieczorek, and Councilor Pignatelli;  those abstaining were Councilor (s):  None; and those voting against were Councilor(s):  None.  The Governor declared that the resolution was passed.

 

*                              *                              *                              *                              *                              *                              *

 

A RESOLUTION UNDER RSA 162-A:18 AWARDING A STATE

GUARANTEE UNDER RSA 162-A:13-a WITH RESPECT TO A

LOAN FROM TD BANKNORTH TO

 RESOURCE TECHNICAL SERVICES, INC.

 

                WHEREAS, the Governor and Council (the "Governor and Council") of the State of New Hampshire (the "State") have received from the Business Finance Authority of the State of New Hampshire (the "Authority") its written recommendation that the Governor and Council make certain findings and determinations pursuant to RSA 162-A:18 with respect to the award of a guarantee of the Authority in an amount equal to seventy-five percent (75%) of the principal amount of a loan up to $400,000 from TD Banknorth to Resource Technical Services, Inc. pursuant to RSA 162-A:13-a (the Working Capital Loan Guarantee Program or the "WAG Program");

 

                WHEREAS, the proposed guarantee would require the pledge of the full faith and credit of the Authority in an amount not to exceed seventy-five percent (75%) of the proposed financing;

 

                WHEREAS, pursuant to the provisions of RSA Chapter 162-A, the Governor and Council is authorized to approve the recommendation of the Authority and to award the recommended guarantee upon the making of specific findings after public hearing;

 

                WHEREAS, the Governor and Council have received all the documentation and information with respect to the proposed award of the Authority's guarantee which they have requested; and

 

                WHEREAS, further action by the Authority with respect to the proposed transaction is subject to the passage of this resolution and cannot be taken until after its passage;

 

                NOW, THEREFORE, IT IS HEREBY RESOLVED THAT:

 

                1.             Findings and Determinations.  On the basis of the documentation and information received by the Governor and Council, and after a public hearing, the Governor and Council find:      

 

                                (a)           Special Findings.

 

                                                (i)            The award of the guarantee as proposed will contribute significantly to the success of the financing.

 

                                                (ii)           Reasonable and appropriate measures have been taken to minimize the risk of loss to the Authority and to ensure that any private benefit from the award of the guarantee will be only incidental to the public purpose served thereby.

 

                                (b)           General Findings.

 

                                                (i)            The award of the guarantee as proposed will serve a public use and provide a public benefit.

 

                                                (ii)           The award of the guarantee as proposed is within the policy of, and the authority conferred by RSA Chapter 162-A.

 

                                                (iii)          The award of the guarantee as proposed will preserve or increase the social welfare or economic prosperity of the state and one or more of its political subdivisions, and will promote the general welfare of the state's citizens.

 

                                                (iv)          The award of the guarantee as proposed will promote the orderly development of business activities, create or preserve employment opportunities, or protect the physical environment.

 

                2.             Approval.  The Governor and Council approve the Authority's taking such further action under the Act with respect to the award of the guarantee as may be required and authorize the Authority to take such further action with respect to such proposed execution as is necessary and appropriate to carry out the proposed transaction.

 

                3.             Effective Date.  This resolution shall take effect upon its passage.

 

Passed and Agreed to December 11, 2007.

 

               

 

#3           The Governor and Executive Council on motion of Councilor Shea, seconded by Councilor Burton and further on a roll call vote as follows: Councilor Burton – yes, Councilor Shea – yes, Councilor Hollingworth – yes, Councilor Wieczorek – yes, and Councilor Pignatelli – yes, authorized to hold a Public Hearing to approve an award of a State Guarantee under RSA 162-A:13 with respect to a loan from Centrix Bank & Trust and New Hampshire Precision Metal Fabricators, Inc. in Londonderry, New Hampshire. Action will Authorized a Resolution under RSA 162-A:18 to determine the financing will serve a public use, provide public benefit and is within the policy and authority of the Act.

 

EXTRACT FROM THE MINUTES OF THE MEETING OF THE

GOVERNOR AND COUNCIL HELD ON DECEMBER 11, 2007

COUNCIL CHAMBER, CONCORD, NEW HAMPSHIRE

 

*                              *                              *                              *                              *                              *                              *             

 

                At approximately 10:38 a.m., the Governor announced that the next matter to be considered would be the award of a State guarantee under the Guaranteed Asset Program of the Business Finance Authority in connection with a loan to be made by Centrix Bank & Trust to New Hampshire Precision Metal Fabricators, Inc., and declared that the public hearing on the subject had commenced.  She said that he and the members of the Council had received written material from the Authority with respect to the proposed loans and State guarantee.  The Governor then said that the meeting would hear anyone wishing to speak on the subject and introduced Michael B. Donahue, Senior Credit Officer of the Authority who briefly explained the project and introduced and Brian Lavoie, Vice President of Centrix Bank & Trust. The Governor then repeated that the proceedings were a public hearing and asked whether any other person wished to speak; there being none, Councilor Shea introduced a resolution entitled "A RESOLUTION UNDER RSA 162-A:18 AWARDING A STATE GUARANTEE UNDER RSA 162-A:13  WITH RESPECT TO A LOAN FROM CENTRIX BANK & TRUST TO NEW HAMPSHIRE PRECISION METAL FABRICATORS, INC." and moved its adoption, which was seconded by Councilor Burton.  There being no discussion, the Governor called for a vote on the motion.  Those voting in favor were: The Governor and Councilor Burton, Councilor Shea, Councilor Hollingworth, Councilor Wieczorek, and Councilor Pignatelli;  those abstaining were Councilor (s):  None; and those voting against were Councilor(s):  None.  The Governor declared that the resolution was passed.

 

*                              *                              *                              *                              *                              *                              *

 

 

A RESOLUTION UNDER RSA 162-A:18 AWARDING A STATE

GUARANTEE UNDER RSA 162-A:13 WITH RESPECT TO A

LOAN FROM  CENTRIX BANK & TRUST TO

NEW HAMPSHIRE PRECISION METAL FABRICATORS, INC.

 

                WHEREAS, the Governor and Council (the "Governor and Council") of the State of New Hampshire (the "State") have received from the Business Finance Authority of the State of New Hampshire (the "Authority") its written recommendation that the Governor and Council make certain findings and determinations pursuant to RSA 162-A:18 with respect to the award of a guarantee of the Authority in an amount equal to seventy-five percent (75%) of the principal amount of a loan up to $2,000,000 from Centrix Bank & Trust to New Hampshire Precision Metal Fabricators, Inc., pursuant to RSA 162-A:13 (the Guaranteed Asset Program or the "GAP Program");

 

                WHEREAS, the proposed guarantee would require the pledge of the full faith and credit of the Authority in an amount not to exceed seventy-five percent (75%) of the proposed financing;

 

                WHEREAS, pursuant to the provisions of RSA Chapter 162-A, the Governor and Council is authorized to approve the recommendation of the Authority and to award the recommended guarantee upon the making of specific findings after public hearing;

 

                WHEREAS, the Governor and Council have received all the documentation and information with respect to the proposed award of the Authority's guarantee which they have requested; and

 

                WHEREAS, further action by the Authority with respect to the proposed transaction is subject to the passage of this resolution and cannot be taken until after its passage;

 

                NOW, THEREFORE, IT IS HEREBY RESOLVED THAT:

 

                1.             Findings and Determinations.  On the basis of the documentation and information received by the Governor and Council, and after a public hearing, the Governor and Council find:

 

                                (a)           Special Findings.

 

                                                (i)            The award of the guarantee as proposed will contribute significantly to the success of the financing.