Text to be removed highlighted in red.
1 New Subdivision; Credit Facility for Local Investments. Amend RSA 6 by inserting after section 43 the following new subdivision:
Credit Facility for Local Investments
6:44 Credit Facility for Local Investments.
I. The state treasurer shall have the authority to establish a credit facility for local investments of up to 10 percent of the state's average cash balance on terms acceptable to the treasurer and consistent with prudent investment principles and guidelines pursuant to RSA 6:8 and the Uniform Prudent Investor Act, RSA 564-B. article 9.
II. The amount authorized in paragraph I shall include all credit facilities authorized by the general court and established by the treasurer, and the renewal or replacement of those credit facilities.
6:45 Treasurer's Local Investment Advisory Committee.
I. There is established a treasurer's local investment advisory committee is established to advise the treasurer on funding priorities and address other mechanisms to increase local investment.
II. The advisory committee shall be composed of 5 members as follows:
(a) The state treasurer, or designee.
(b) The executive director of the community development finance authority, or designee.
(c) A member representing the New Hampshire Higher Education Assistance Foundation, appointed by the foundation.
(d) The executive director of the New Hampshire housing finance authority, or designee.
(e) The director of the municipal bond bank, or designee.
III. The state treasurer shall be the chairperson of the advisory committee and shall appoint a vice chairperson and secretary.
IV. The advisory committee shall:
(a) Meet regularly to review and make recommendations to the state treasurer on funding priorities and using other mechanisms to increase local investment in the state of New Hampshire.
(b) Invite regularly state organizations, citizens' groups, and members of the public to advisory committee meetings to present information on needs for local investment, capital gaps, and proposals for financing.
(c) Consult with constituents and review feedback on changes and needs in the local and state investment and financing environments.
V.(a) Meetings of the advisory committee shall occur at the call of the treasurer.
(b) A majority of the members of the advisory committee who are physically present at the same location or available electronically shall constitute a quorum, and a member may participate and vote electronically.
(c) To be effective, action of the advisory committee shall be taken by majority vote of the members at a meeting in which a quorum is present.
V. On or before January 15, the advisory committee annually shall submit a report to the house and senate standing committees with jurisdiction over appropriations, economic development, housing, finance, commerce, and ways and means. The report shall include the following:
(a) The amount of the subsidies associated with lending through each credit facility authorized by the general court and established by the treasurer.
(b) A description of the advisory committee's activities.
(c) Any information gathered by the advisory committee on the state's unmet capital needs, and other opportunities for state support for local investment and the community.
2 Effective Date. This act shall take effect 60 days after its passage.
Text to be added highlighted in green.
1 New Subdivision; Credit Facility for Local Investments. Amend RSA 6 by inserting after section 43 the following new subdivision:
Credit Facility for Local Investments
6:44 Credit Facility for Local Investments.
I. The state treasurer shall have the authority to establish a credit facility for local investments of up to 10 percent of the state's average cash balance on terms acceptable to the treasurer and consistent with prudent investment principles and guidelines pursuant to RSA 6:8 and the Uniform Prudent Investor Act, RSA 564-B. article 9.
II. The amount authorized in paragraph I shall include all credit facilities authorized by the general court and established by the treasurer, and the renewal or replacement of those credit facilities.
6:45 Treasurer's Local Investment Advisory Committee.
I. There is established a treasurer's local investment advisory committee is established to advise the treasurer on funding priorities and address other mechanisms to increase local investment.
II. The advisory committee shall be composed of 5 members as follows:
(a) The state treasurer, or designee.
(b) The executive director of the community development finance authority, or designee.
(c) A member representing the New Hampshire Higher Education Assistance Foundation, appointed by the foundation.
(d) The executive director of the New Hampshire housing finance authority, or designee.
(e) The director of the municipal bond bank, or designee.
III. The state treasurer shall be the chairperson of the advisory committee and shall appoint a vice chairperson and secretary.
IV. The advisory committee shall:
(a) Meet regularly to review and make recommendations to the state treasurer on funding priorities and using other mechanisms to increase local investment in the state of New Hampshire.
(b) Invite regularly state organizations, citizens' groups, and members of the public to advisory committee meetings to present information on needs for local investment, capital gaps, and proposals for financing.
(c) Consult with constituents and review feedback on changes and needs in the local and state investment and financing environments.
V.(a) Meetings of the advisory committee shall occur at the call of the treasurer.
(b) A majority of the members of the advisory committee who are physically present at the same location or available electronically shall constitute a quorum, and a member may participate and vote electronically.
(c) To be effective, action of the advisory committee shall be taken by majority vote of the members at a meeting in which a quorum is present.
V. On or before January 15, the advisory committee annually shall submit a report to the house and senate standing committees with jurisdiction over appropriations, economic development, housing, finance, commerce, and ways and means. The report shall include the following:
(a) The amount of the subsidies associated with lending through each credit facility authorized by the general court and established by the treasurer.
(b) A description of the advisory committee's activities.
(c) Any information gathered by the advisory committee on the state's unmet capital needs, and other opportunities for state support for local investment and the community.
2 Effective Date. This act shall take effect 60 days after its passage.