Bill Text - HB1593 (2018)

Authorizing a school district meeting to adopt an article authorizing the trustees of the trust fund to charge certain expenses against capital reserve funds.


Revision: Nov. 13, 2017, 9:33 a.m.

HB 1593 - AS INTRODUCED

 

 

2018 SESSION

18-2380

06/10

 

HOUSE BILL 1593

 

AN ACT authorizing a school district meeting to adopt an article authorizing the trustees of the trust fund to charge certain expenses against capital reserve funds.

 

SPONSORS: Rep. Hoelzel, Rock. 3; Rep. Matthews, Rock. 3

 

COMMITTEE: Education

 

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ANALYSIS

 

This bill permits a school district meeting to adopt an article authorizing the trustees of the trust fund to charge expenses incurred in employing trust departments of certain financial institutions against capital reserve funds.

 

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

18-2380

06/10

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Eighteen

 

AN ACT authorizing a school district meeting to adopt an article authorizing the trustees of the trust fund to charge certain expenses against capital reserve funds.

 

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

 

1  New Paragraph; Capital Reserve Funds; Professional Banking or Brokerage Assistance.  Amend RSA 35:9-a by inserting after paragraph II the following new paragraph:

III.  The school district meeting may adopt an article authorizing the trustees of trust fund, without further action of the school district meeting, to charge any expenses incurred pursuant to paragraph I against the capital reserve funds involved.  Such authority shall remain in effect until rescinded by a vote of the school district meeting.  No vote by the school district meeting to rescind such authority shall occur within 5 years of the original adoption of such article.  Any professional banking and brokerage fees incurred shall be reported in the annual report of the trustees of trust fund as expenditures out of capital reserve funds.

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