any entity that does not qualify for membership in the Corporation or that would adversely affect
the tax status of the Corporation.
SECTION 5. Project Committees. There will be a Project Committee for each Project consisting
of one Director or alternate from each participating Member, which shal! adopt procedures for the
committee to follow as deemed appropriate for the Project.
ARTICLE XI
BONDS AND NOTES
The Corporation shall have the power to facilitate for Projects or directly issue, sell, and deliver
bonds in accordance with the provisions of NH RSA 33-B, RSA 53-E, RSA 53-F, and RSA 374-
D, for the purpose of acquiring, financing, performing or constructing one or more Projects and to
issue notes for the purpose of financing one or more Study Projects and for the purpose of
providing temporary financing of costs of development, construction or acquisition of one or more
Projects. The terms and conditions of the issuance of any such bonds or notes shal! be set forth in
such resolution, indenture, or other instrument, as required by law and as approved by the Board,
provided that any such bond or note issuance is approved by participating Members’ goveming
and legislative bodies as required by statute and all such debts, liabilities and obligations shall be
non-recourse to any and all of the Members except as expressly agreed to by such Members
through a Member’s Cost Sharing Agreement or Project Contract or by the terms of legislative
body approvals required by statute.
ARTICLE XII
LIMITATION ON LIABILITY OF MEMBERS
No debt, liability, or obligation of the Corporation shall be a debt, liability, or obligation of any
Member unless otherwise specified and agreed to by individual Members under a Cost Sharing
Agreement or Project Contract under this Agreement.
ARTICLE XIII
ACCOUNTS AND REPORTS
SECTION 1. Establishment and Administration of Funds. The Corporation is responsible for
the strict accountability of all funds and reports of all receipts and disbursements, The Board is
authorized to select such depositories as it shall deem proper for the funds of the Corporation and
will comply with every provision of law relating to the establishment and administration of funds,
provided that all funds of the Corporation shall be held in separate accounts in the name of the
Corporation. The Corporation shall establish and maintain such funds and accounts as may be
required by good accounting practice or by any provision of any resolution, indenture or other
instrument of the Corporation securing its bonds or notes, except insofar as such powers, duties
and responsibilities are assigned to a trustee appointed pursuant to such resolution, indenture or
other instrument. The books and records of the Corporation shal] be open to inspection at all
reasonable times to each Member and its representatives. All the books, records, accounts and
files referred to in this Article XIII shall be open to the inspection of holders of bonds or notes of
the Corporation to the extent and in the manner provided in the resolution, indenture or other
instrument providing for the issuance of such bonds or notes.
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