§ 204-c-79

204-C:79 Guarantee; Credit of State Pledged. – The full faith and credit of the state is pledged to support and redeem the certificates of guarantee issued by the authority. In furtherance of that pledge, the state treasurer shall advance to the authority from available cash in the treasury or from proceeds of bonds or notes of the state issued pursuant to this subdivision, such amounts as may be requested from time to time by the authority to enable it to perform all guarantee obligations punctually and in accordance with their terms. The authority shall request such advances from time to time as additional amounts are required for such purpose. The treasurer shall, subject to the approval of the governor and council, issue full faith and credit bonds of the state from time to time in amounts equal to advances made under this subdivision, and borrow in anticipation of the proceeds of such bonds. The obligation of the state under the provision of this section shall at no time exceed the amount of $300,000. Source. 1989, 411:3, eff. July 1, 1989.