Bill Text - HB172 (2017)

Relative to tax anticipation notes in counties.


Revision: April 20, 2017, 11:32 a.m.

HB 172 - VERSION ADOPTED BY BOTH BODIES

 

 

2017 SESSION

17-0302

10/06

 

HOUSE BILL 172

 

AN ACT relative to tax anticipation notes in counties.

 

SPONSORS: Rep. F. McCarthy, Carr. 2; Rep. Cordelli, Carr. 4; Rep. Chandler, Carr. 1; Rep. Avellani, Carr. 5; Rep. Comeau, Carr. 5; Rep. Buco, Carr. 2; Rep. McConkey, Carr. 3; Rep. S. Schmidt, Carr. 6; Rep. Theberge, Coos 3

 

COMMITTEE: Municipal and County Government

 

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ANALYSIS

 

This bill allows for the issuance of tax anticipation notes by the county treasurer upon order of the commissioners and with the approval of the county convention.

 

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

17-0302

10/06

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Seventeen

 

AN ACT relative to tax anticipation notes in counties.

 

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

 

1  New Section; Counties; Tax Anticipation Notes.  Amend RSA 29 by inserting after section 8-a the following new section:

29:8-b  Tax Anticipation Notes.  The county treasurer, upon order of the commissioners and with the approval of the county convention as required in RSA 29:8, may incur debt in anticipation of the receipt of taxes for the financial year in which the debt is incurred.  Such funds may be used to pay maintenance and operating expenses incurred during the current financial year.  In this section, maintenance and operating expenses shall include all appropriations approved by the county convention for the current financial year.  Tax anticipation notes may be issued therefor to an aggregate principal amount not exceeding 80 percent of the total appropriations approved by the county convention for the preceding financial year.  All notes issued under the authority of this section shall be general obligation and shall be payable not later than the final day of the applicable budget year.

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