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Loan Programs

The NH Municipal Bond Bank combines all approved borrowers into a single pooled bond issue. To be eligible to participate in our pooled bond issue, each applicant must obtain voter approval as required by NH State Statutes, legal opinion from an approved bond counsel firm, and three years of financial audits completed by an independent CPA firm. Historically, the Bond Bank issues its bonds to make loans to local governments twice each year, in January and July, with more frequent issues if community demand exists.

Communities interested in obtaining a loan from the Bond Bank work together with the Bond Bank team to complete a loan application. The application requests basic financial information on the proposed loan, including the purpose of the loan, total project cost, funding sources and project status. In addition, the application requests financial background information similar to that provided by a community for an annual report, including governmental employment, tax rate, levy and assessments, tax collection history, and a schedule of existing debt. Audited financial statements by a CPA firm are required of all borrowers.

Bond Bank Application

To discuss submitting an application please contact Tammy St. Gelais or Jill McNeil or call (603) 271-2595.
Download a  Sample Application

Estimated Debt Schedules

The Bond Bank will gladly provide estimated debt schedules. We can provide debt schedules using estimated interest rates for periods of any number of years up to 30. Please keep in mind that bonds should only be issued for periods longer than 20 years when the amount of the loan is substantial (please call us to discuss this further). We can provide level principal schedules (principal payments are equal every year usually resulting in the lowest interest rate.  Generally results in higher impact on the tax rate in early years) and level debt schedules (total principal plus interest are equal every year usually resulting in a higher interest cost.  Results in constant impact on the tax rate throughout the term). We will provide you with debt schedules for multiple time periods and dollar amounts. Our debt schedules show estimated tax rate impacts where applicable. Although we can usually provide a quicker turn-around time, please request debt schedules 24 hours before you need them. The best way to request debt schedules is to call or e-mail us.

Sample Level Principal Payment Schedule

Sample Level Debt Payment Schedule

Bond Anticipation Notes

Bond Anticipation Notes (BANs) are temporary debt issued when a community needs to finance a project in advance of the Bond Bank’s next scheduled sale. BANs are also issued when a community needs financing for a project in stages, but wants to issue the permanent financing once.

BANs are generally issued for periods up to one year and are renewable. The Bond Bank will assist the communities by soliciting bids on their behalf from several local New Hampshire Banks.

There is no Bond Bank fee for services on BANs, provided the permanent financing is issued through the Bond Bank.

Approved Bond Counsel Firms

DEVINE MILLIMET
Victory Park
111 Amherst Street
Manchester, NH 03101

Renelle L’Huillier
Phone/E-mail: (603) 410-1709, [email protected]

DRUMMOND WOODSUM
84 Marginal Way, Suite 600
Portland, ME 04101

Greg Im
Phone/E-mail: (207)253-0592, [email protected]

670 N. Commercial Street, Suite 207
Manchester, NH 03101

Steven M. Whitley
Phone/Email: (603)792-7434. [email protected]

GRAVEL & SHEA PC

76 St. Paul Street, 7th Floor
Burlington, Vermont 05402

LOCKE LORD LLP
111 Huntington Avenue
At Prudential Center
Boston, MA 02199-7613

Richard Manley, Jr.
Phone/E-mail: (617) 239-0384, [email protected]

Kara Adams
Phone/E-mail: (617)239-0387, [email protected]

PIERCE ATWOOD LLP
One New Hampshire Avenue, Suite 350 | Portsmouth, NH 03801

James Saffian, Esq.
Phone/E-mail: (603)433-6300, [email protected]

PRETI FLAHERTY
P.O. Box 1318 | Concord, NH 03302-1318
Office Address:
57 North Main Street | Concord, NH 03302-1318

James C. Pitney, Jr. | Attorney
Phone/E-mail: (603)410-1549, [email protected]

Mark Puffer | Attorney
Phone/E-mail: (603)410-1500, [email protected]

History of Municipal Interest Rates

NHMBB LOAN RATES – TIC NON-GUARANTEED INTEREST RATES

DATE SERIES AMOUNT 5 YEAR RATE 10 YEAR RATE 15 YEAR RATE 20 YEAR RATE 25 YEAR RATE 30 YEAR RATE
2024 July 2024D $3,099,030 N/A  5.09% N/A N/A N/A N/A
2024 July 2024C $113,375,000 3.25% 3.19% 3.46% 3.75% 3.92% N/A
2024 May 2024B $12,372,000 3.06% N/A N/A N/A N/A N/A
2024 January 2024A $21,905,165 2.89% 2.72% 3.09% 3.40% N/A N/A
2023 July 2023B $100,150,000 3.26% 2.99% 3.35% 3.65% N/A 4.09%
2023 January 2023A $6,760,000 2.85% 2.71% N/A 3.44% N/A N/A
2022 October 2022D $20,000,000 N/A N/A N/A N/A 4.71% N/A
2022 June 2022C $125,055,000  2.36% 2.64% 3.10% 3.38% 3.66% 3.81%
2022 January 2022A $54,610,000 1.26% 1.41% N/A 2.09% 2.34% 2.36%
2021 August
2021D
$10,320,000
N/A
1.85%
N/A
2.35%
 N/A
N/A
2021 August
2021C
$117,115,000
0.75%
0.96%
1.48%
1.74%
  2.01%
1.98%
2021 May
2021B
$30,420,000
N/A
0.91%
1.42%
1.69%
 N/A
N/A
2021 January
2021A
$32,150,000
0.74%
0.81%
1.32%
1.58%
 1.76%
1.76%
2020 July
2020C
$7,827,000
N/A
N/A
N/A
2.04%
 N/A
N/A
2020 July
2020B
$85,615,000
0.57%
0.86%
1.37%
1.67%
 1.97%
N/A
2020 January
2020A
$38,765,000
N/A
1.47%
1.83%
2.15%
 N/A
N/A
2019 June
2019B
$9,710,000
1.49%
1.62%
2.13%
2.60%
 2.70%
N/A
2019 January
2019A
$19,210,000
2.07%
2.22%
2.70%
3.05%
 N/A
N/A
2018 June
2018B
$55,475,000
2.22%
2.57%
2.93%
3.24%
 3.55%
N/A
2018 January
2018A
$11,880,000
2.00%
2.16%
N/A
2.86%
  N/A
N/A
2017 June
2017B
$120,120,000
N/A
1.76%
2.34%
2.67%
 N/A
3.33%
2016 June
2016B
$46,420,000
1.58%
1.73%
2.16%
2.50%
 N/A
2.86%
2016 February
2016A
$5,498,000
N/A
2.07%
2.11%
2.45%
 N/A
N/A
2015 June
2015C
$6,245,000
2.18%
2.54%
N/A
3.15%
 N/A
N/A
2014 December 2014B
$20,175,000
1.19%
2.04%
N/A
3.03%
 N/A
N/A
2014 June 2014A
$65,258,000
1.47%
2.49%
2.80%
3.48%
 N/A
N/A

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