CHAPTER 151
HB 813-FN – FINAL VERSION
2007 SESSION
08/10
HOUSE BILL 813-FN
AN ACT expanding the definition of income of the land conservation investment program monitoring endowment.
SPONSORS: Rep. Spang, Straf 7; Rep. Hamm, Merr 4; Rep. Hager, Merr 12; Sen. Fuller Clark, Dist 24; Sen. Burling, Dist 5
COMMITTEE: Resources, Recreation and Development
This bill clarifies the use of income in the land conservation investment program monitoring endowment.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
07-0672
08/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Seven
AN ACT expanding the definition of income of the land conservation investment program monitoring endowment.
Be it Enacted by the Senate and House of Representatives in General Court convened:
151:1 Land Conservation Investment Program; Monitoring Endowment. Amend RSA 162-C:8, I-III to read as follows:
I. The monitoring endowment established by the board of directors pursuant to former RSA 221-A:5, III shall be maintained in perpetuity and [any interest generated thereon] shall be utilized by the council only for the purposes of monitoring and enforcing the property rights of persons with ownership interests in property acquired through the former land conservation investment program. Additional contributions to the endowment pursuant to RSA 227-M:12, I[, and any interest generated thereon,] shall be accounted for separately and shall be utilized only for the purposes of RSA 227-M:12, II. Additional gifts, donations, and grants to the endowment may be utilized for monitoring and enforcing other land conservation interests that may be acquired by the state of New Hampshire.
II. The principal of the endowment shall be managed by the state treasurer for the sole purpose of providing [interest earnings] a perpetual source of income, as defined by the state treasurer, for the purposes set forth in this subdivision and RSA 227-M:12[, and expenditures from the endowment for those purposes shall be limited to the interest earned thereon].
III. Any [interest] income earned on the endowment principal which is not used for the purposes set forth in this subdivision and RSA 227-M:12 within the fiscal year in which it is earned shall be nonlapsing. The state treasurer is authorized to accept gifts, donations, and grants, including federal gifts, donations, and grants, for the purposes set forth in this chapter, and such gifts, donations and grants shall be added to the principal amount.
151:2 Effective Date. This act shall take effect 60 days after its passage.
Approved: June 18, 2007
Effective: August 17, 2007