HB 226 - AS INTRODUCED
2015 SESSION
\t15-0019
\t06/05
HOUSE BILL\t\t226
SPONSORS:\tRep. J. Belanger, Hills 27; Rep. Edelblut, Hills 38; Sen. Boutin, Dist 16
COMMITTEE:\tMunicipal and County Government
\tThis bill permits a municipality to borrow from any fund controlled by such municipality
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Explanation:\tMatter added to current law appears in bold italics.
\t\tMatter removed from current law appears [in brackets and struckthrough.]
\t\tMatter which is either (a) all new or (b) repealed and reenacted appears in regular type.
\t15-0019
\t06/05
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Fifteen
AN ACT\tallowing 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:
\t1 New Section; Municipal Budget Law; Borrowing Authorized. Amend RSA 32 by inserting after section 10 the following new section:
\t32:10-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.
\t2 Effective Date. This act shall take effect 60 days after its passage.