Revision: Jan. 25, 2013, midnight
SB 111 – AS INTRODUCED
2013 SESSION
06/10
SENATE BILL 111
AN ACT permitting municipalities to establish a capital reserve plan for expenditure of capital reserve funds.
SPONSORS: Sen. Bragdon, Dist 11; Rep. Chandley, Hills 22
COMMITTEE: Public and Municipal Affairs
This bill permits municipalities to adopt a capital reserve plan by a supermajority vote.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
13-0964
06/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Thirteen
AN ACT permitting municipalities to establish a capital reserve plan for expenditure of capital reserve funds.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Paragraph; Capital Reserve Plan. Amend RSA 40:13 by inserting after paragraph IX the following new paragraph:
IX-a.(a) At any annual meeting a town may, if approved by 60 percent of the voters present and voting, adopt a capital reserve plan for any single project to be completed within a time and for an amount determined by the legislative body.
(b) The plan may provide for its rescission by a majority vote.
(c) For the remaining years in the determined time except for the last year, or until rescinded, the amount set aside each year for expenditure shall be included in the default budget for the following year.
2 New Subparagraph; Default Budget; Capital Reserve Plan. Amend RSA 40:13, XI by inserting after subparagraph (a)(3) the following new subparagraph:
(4) The amount set aside by a capital reserve plan under paragraph IX-a.
3 Effective Date. This act shall take effect 60 days after its passage.