HB 1502 – AS INTRODUCED
2006 SESSION
04/10
HOUSE BILL 1502
AN ACT relative to the use of surplus funds from the education trust fund.
SPONSORS: Rep. Weyler, Rock 8; Rep. W P. Campbell, Straf 3; Rep. Carson, Rock 3; Rep. Balboni, Hills 21; Rep. Boyce, Belk 5
This bill requires that any surplus remaining in the education trust fund at the end of a biennium shall be used in the next biennial budget to fund school choice programs, including charter schools.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
06-2562
04/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Six
AN ACT relative to the use of surplus funds from the education trust fund.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 School Money; Education Trust Fund. Amend the introductory paragraph to RSA 198:39, I to read as follows:
I. The state treasurer shall establish an education trust fund in the treasury. Moneys in such fund shall not be used for any purpose other than to distribute adequate education grants to municipalities’ school districts pursuant to RSA 198:42, [and] to provide low and moderate income homeowners property tax relief under RSA 198:56-198:61, and as otherwise provided in this section. The state treasurer shall deposit into this fund immediately upon receipt:
2 School Money; Education Trust Fund. Amend RSA 198:39, II to read as follows:
II. [The education trust fund shall be nonlapsing.] The state treasurer shall invest that part of the fund which is not needed for immediate distribution in short-term interest-bearing investments. The income from these investments shall be returned to the fund.
3 New Paragraph; School Money; Education Trust Fund. Amend RSA 198:39 by inserting after paragraph II the following new paragraph:
III. Any surplus in the education trust fund, after all financial obligations for the biennium required in this section are satisfied, shall be used in the next biennial budget to fund school choice programs, including charter schools established under RSA 194-B.
4 Effective Date. This act shall take effect 60 days after its passage.