SB 508-FN-LOCAL – AS AMENDED BY THE HOUSE
03/13/08 0832s
03/13/08 1000s
14May2008… 1652h
2008 SESSION
08/09
SENATE BILL 508-FN-LOCAL
AN ACT relative to municipal deposits and recertifying certain proceedings of the Bath school district.
SPONSORS: Sen. Reynolds, Dist 2; Sen. Burling, Dist 5; Sen. Sgambati, Dist 4; Sen. Gallus, Dist 1; Sen. Kenney, Dist 3; Sen. Hassan, Dist 23; Rep. R. Williams, Merr 11; Rep. P. Preston, Graf 8; Rep. Friedrich, Graf 6; Rep. Aguiar, Graf 6
COMMITTEE: Public and Municipal Affairs
This bill allows town treasurers to make certain deposits weekly.
This bill also ratifies certain proceedings of the Bath school district annual meeting.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
03/13/08 0832s
03/13/08 1000s
14May2008… 1652h
08-2744
08/09
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Eight
AN ACT relative to municipal deposits and recertifying certain proceedings of the Bath school district.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Municipal Deposits. Amend RSA 41:29, VII to read as follows:
VII. The treasurer shall ensure that all moneys remitted shall be deposited at least on a weekly basis, or daily whenever funds remitted from all departments collectively totals [$500]$1,500 or more. Such deposit function may be delegated pursuant to paragraph VI. However, failure to ensure that funds are being deposited on a timely basis as required by this paragraph shall be cause for immediate removal from office pursuant to RSA 41:26-d. In any municipality where there is no bank or other depository institution within the municipality, the treasurer shall make deposits consisting of funds remitted from all departments at least on a weekly basis, or more frequently as directed by the board of selectmen in the investment policy adopted pursuant to RSA 41:9, VII.
2 Bath School District; Annual Meeting; Ratification. All acts, notices and proceedings of the Bath school district relating to warrant article 7 at the March 13, 2008 annual meeting, to raise and appropriate the sum of $42,000 to replace the boiler at Bath Village School, are hereby legalized, ratified, and confirmed.
3 Effective Date. This act shall take effect 60 days after its passage.
LBAO
08-2744
Amended 05/15/08
SB 508 FISCAL NOTE
AN ACT relative to municipal deposits and recertifying certain proceedings of the Bath school district.
FISCAL IMPACT:
The New Hampshire Municipal Association states this bill, as amended by the House (Amendments #2008-1652h), may decrease local revenue and expenditures by an indeterminable amount in FY 2008 and each year thereafter. There will be no fiscal impact on state and county revenue or expenditures.
METHODOLOGY:
The New Hampshire Municipal Association states this bill increases from $500 to $1,500 the amount that shall be deposited daily by municipalities or weekly if there is no bank or other depository institution within the municipality or within 10 miles of the municipality. The bill also limits the power of selectmen to adopt internal control mechanisms. The Association is unable to determine the impact on revenue because it is unknown how many municipalities would meet the criteria. However, for those municipalities that do meet the criteria for weekly deposits, there would be a loss of interest income but a savings in travel costs. The Association states the decrease in revenue or expenditures would be minimal.