RSA 35-A:30 Waiver of Defenses; Rights of Holders.

Upon the sale and issuance of any municipal bonds to the bank by any governmental unit, such governmental unit shall be held and be deemed to have agreed that in the event of the failure of such governmental unit to pay the interest on or the principal of any of such municipal bonds owned or held by the bank as and when due and payable, such governmental unit shall have waived all and any defenses to such nonpayment, and upon such nonpayment and demand upon such governmental unit for payment, if funds are not available in its treasury to pay the same, the governing body of such governmental unit shall forthwith assess a tax upon the assessment roll of the governmental unit, sufficient to pay the same with 12 percent interest thereon, and cause the same to be collected within 60 days, and