Revision: Nov. 6, 2017, 3:15 p.m.
HB 1366 - AS INTRODUCED
2018 SESSION
18-2493
06/01
HOUSE BILL 1366
AN ACT authorizing the town meeting to fund capital reserve funds through the operating budget.
SPONSORS: Rep. Packard, Rock. 5; Rep. L. Ober, Hills. 37; Rep. R. Ober, Hills. 37
COMMITTEE: Municipal and County Government
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ANALYSIS
This bill authorizes a town meeting to fund capital reserve funds through the operating budget.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
18-2493
06/01
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Eighteen
AN ACT authorizing the town meeting to fund capital reserve funds through the operating budget.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Capital Reserve Funds; Payments into Fund. Amend RSA 35:5 to read as follows:
35:5 Payments Into Fund. There may be paid into any such capital reserve fund, except as provided in RSA 35:7, such amounts as may from time to time be raised and appropriated therefor under a special warrant article, from any source other than money given to the town, district, or county for charitable purposes. Such amounts shall be within the limits as provided in RSA 35:8, and any such town, district, or county may also vote to transfer to said fund, under a special warrant article in the case of a town or district, any of its unencumbered surplus funds remaining on hand at the end of any fiscal year. In lieu of the requirement that any amount paid into a capital reserve fund shall be annually raised and appropriated under a special warrant article, the legislative body of the municipality may authorize future payments into the municipality's capital reserve funds through appropriations contained within the operating budget, which authority may be granted for an indefinite period, in which case the warrant article granting such authority shall use the words, "indefinitely, until rescinded" or similar language.
2 Effective Date. This act shall take effect 60 days after its passage.