HB226 (2015) Detail

Allowing municipalities to borrow from any fund controlled by such municipality under certain conditions.


HB 226 - AS INTRODUCED

2015 SESSION

15-0019

06/05

HOUSE BILL 226

AN ACT allowing municipalities to borrow from any fund controlled by such municipality under certain conditions.

SPONSORS: Rep. J. Belanger, Hills 27; Rep. Edelblut, Hills 38; Sen. Boutin, Dist 16

COMMITTEE: Municipal and County Government

ANALYSIS

This bill permits a municipality to borrow from any fund controlled by such municipality.

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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

15-0019

06/05

STATE OF NEW HAMPSHIRE

In the Year of Our Lord Two Thousand Fifteen

AN ACT allowing municipalities to borrow from any fund controlled by such municipality under certain conditions.

Be it Enacted by the Senate and House of Representatives in General Court convened:

1 New Section; Municipal Budget Law; Borrowing Authorized. Amend RSA 32 by inserting after section 10 the following new section:

32:10-a Borrowing Authorized. By a 2/3 majority vote the legislative body may authorize the governing body to borrow up to 50 percent of any fund over which it has control, provided that the full amount of such loan shall be repaid prior to the time such sum may be necessary to meet the purposes of the fund. The warrant article shall include the source, amount, and terms of the loan and the proposed use of the funds.

2 Effective Date. This act shall take effect 60 days after its passage.

Links

HB226 at GenCourtMobile

Action Dates

Date Body Type

Bill Text Revisions

HB226 Revision: 27688 Date: March 27, 2015, midnight

Docket