Revision: Jan. 12, 2009, midnight
HB 239-LOCAL – AS INTRODUCED
2009 SESSION
06/10
HOUSE BILL 239-LOCAL
AN ACT relative to establishing a municipal bond rescission process.
SPONSORS: Rep. Laliberte, Graf 10; Rep. Patten, Carr 4
COMMITTEE: Municipal and County Government
This bill establishes a municipal bond rescission process for bonds and notes in excess of $100,000.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
09-0742
06/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Nine
AN ACT relative to establishing a municipal bond rescission process.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Section; Procedures to Limit or Rescind Bonding Authority for Bonds or Notes in Excess of $100,000. Amend RSA 33 by inserting after section 8-e the following new section:
33:8-f Procedures to Limit or Rescind Bonding Authority for Bonds or Notes in Excess of $100,000.
I. In any vote to approve bonding authority for any proposed municipal bond or note issued in excess of $100,000, a town may limit the length of time the bond authorization remains valid. If, after the expiration of any such period, no bond or note has been issued, the bonding authority shall be rescinded.
II. A town may vote at an annual meeting to rescind an authorized but unissued bond or note issued in excess of $100,000 following the procedures set forth in RSA 33:8-a, provided that:
(a) A vote to rescind shall not take place less than 5 years after the vote to authorize the bond or note;
(b) The vote to rescind must pass by the same majority required, at the time of the rescission vote, to adopt a bond or note; and
(c) Notwithstanding RSA 33:8-a, II, a warrant article proposing the rescission of a bond or note need not be acted upon prior to other business.
2 Effective Date. This act shall take effect January 1, 2010.