CHAPTER 71
HB 198 – FINAL VERSION
2011 SESSION
10/05
HOUSE BILL 198
AN ACT relative to the investment options for county funds.
SPONSORS: Rep. F. Rice, Rock 15; Rep. Weyler, Rock 8; Rep. Nevins, Rock 15; Rep. Sheffert, Rock 15; Rep. K. Sullivan, Rock 15; Sen. Stiles, Dist 24; Sen. Morse, Dist 22
COMMITTEE: Municipal and County Government
This bill allows county treasurers the additional option of investing excess county funds in units of pooled money market funds which invest solely in obligations of the United States Treasury.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
11-0667
10/05
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Eleven
AN ACT relative to the investment options for county funds.
Be it Enacted by the Senate and House of Representatives in General Court convened:
71:1 County Treasurer; Excess Funds; Investment. Amend RSA 29:3 to read as follows:
29:3 Excess Funds. Whenever the county treasurer has in custody an excess of funds which are not immediately needed for the purpose of expenditure the county treasurer may, with the approval of the county commissioners and county executive committee and upon such terms as shall be approved by the county commissioners, invest the same in participation units in the public deposit investment pool established pursuant to RSA 383:22, or in units of pooled money market mutual funds which invest solely in obligations of the United States Treasury, or in obligations fully guaranteed as to principal and interest by the United States government. The obligations may be held directly or in the form of securities of or other interests in any open-end or closed-end management-type investment company or investment trust registered under 15 U.S.C. section 80a-1 et seq., if the portfolio of the investment company or investment trust is limited to such obligations and repurchase agreements fully collateralized by such obligations. Any person who directly or indirectly receives any such funds or moneys for deposit or for investment in securities of any kind shall, prior to acceptance of such funds, make available at the time of such deposit or investment, an option to have such funds secured by collateral having a value at least equal to the amount of such funds. Such collateral shall be segregated for the exclusive benefit of the county. Only securities defined by the bank commissioner in rules adopted pursuant to RSA 386:57 shall be eligible to be pledged as collateral. At least yearly, the county treasurer, with the approval of the county commissioners, shall review and adopt an investment policy for the investment of public funds in conformance with the provisions of applicable statutes.
71:2 Effective Date. This act shall take effect 60 days after its passage.
Approved: May 16, 2011
Effective Date: July 15, 2011