Revision: May 25, 2018, 11:30 a.m.
CHAPTER 53
SB 471 - FINAL VERSION
02/01/2018 0261s
2018 SESSION
18-2934
08/05
SENATE BILL 471
AN ACT relative to the authority of municipalities to address potential natural threats.
SPONSORS: Sen. Giuda, Dist 2; Sen. Carson, Dist 14; Sen. French, Dist 7; Sen. Fuller Clark, Dist 21; Sen. Gannon, Dist 23; Sen. Gray, Dist 6; Sen. Reagan, Dist 17; Sen. Ward, Dist 8; Sen. Watters, Dist 4; Rep. Hinch, Hills. 21; Rep. L. Ober, Hills. 37; Rep. Ladd, Graf. 4
COMMITTEE: Finance
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ANALYSIS
This bill creates a procedure for issuing exceptional disaster relief loans.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
02/01/2018 0261s 18-2934
08/05
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Eighteen
AN ACT relative to the authority of municipalities to address potential natural threats.
Be it Enacted by the Senate and House of Representatives in General Court convened:
53:1 New Section; Exceptional Disaster Relief Loan. Amend RSA 21-P by inserting after section 37-b the following new section:
21-P:37-c Exceptional Disaster Relief Loans.
I. In this section, an "exceptional disaster relief loan" means a temporary loan from the state treasury to assist communities experiencing exceptional costs due to natural disasters.
II.(a) When the President of the United States declares an area a federal disaster area and a municipality has applied for federal emergency assistance from the Federal Emergency Management Administration (FEMA), the governor, with the approval of the executive council, may approve a loan in the amount up to the anticipated assistance from FEMA from funds not otherwise appropriated.
(b) In order to be eligible for an exceptional disaster relief loan, the per-occurance cost of a municipality's critical disaster relief project or projects shall equal or exceed 25 percent of the amount raised by local property taxes in the municipality's last annual budget.
III. A municipality shall not receive more than one exceptional disaster relief loan per declared federal disaster.
IV. A municipality shall not be obligated for more than 2 exceptional disaster relief loans.
V. A municipality receiving an exceptional disaster relief loan shall remit the anticipated assistance from FEMA to the state treasurer within 15 days of receipt.
VI. If the state treasury provides advance funding to a municipality that has applied for and is waiting for FEMA disaster relief funding, the interest rate to be assessed on such advance funding shall be no greater than the prevailing rate at which the state treasury is able to invest its commingled cash.
VII. If the amount of FEMA assistance a municipality receives is less than the exceptional disaster relief loan, the state treasurer, with the advice and consent of governor and council, shall negotiate terms of repayment of the difference. If the municipality and the state treasurer are unable to reach an agreement, the department of revenue administration shall include the amount in the amount apportioned for setting property tax rates.
VIII. The director of homeland security and emergency management shall administer the exceptional disaster relief loan program.
53:53:2 Effective Date. This act shall take effect 60 days after its passage.
Approved: May 15, 2018
Effective Date: July 14, 2018