Text to be removed highlighted in red.
1 New Section; Capital Reserve Fund; Towns with Municipal Budget Committee. Amend RSA 35 by inserting after section 35:1-c the following new section:
35:1-d Capital Reserve Fund in Towns with a Municipal Budget Committee. The governing body of a town or school district with an elected municipal budget committee may establish a capital reserve fund with amounts raised by grants or gifts, or allocated by a warrant article, to be expended only by a 2/3 vote of the municipal budget committee.
2 New Paragraph; Municipal Budget Law; Duties and Authority of the Budget Committee. Amend RSA 32:16 by inserting after paragraph IV the following new paragraph:
V. In the case of an elected budget committee, to oversee a capital reserve fund established under RSA 35:1-d and, upon request of the town or school district, expend the funds, by a 2/3 vote, and set the conditions under which the funds are expended.
3 Effective Date. This act shall take effect 60 days after its passage.
Text to be added highlighted in green.
1 New Section; Capital Reserve Fund; Towns with Municipal Budget Committee. Amend RSA 35 by inserting after section 35:1-c the following new section:
35:1-d Capital Reserve Fund in Towns with a Municipal Budget Committee. The governing body of a town or school district with an elected municipal budget committee may establish a capital reserve fund with amounts raised by grants or gifts, or allocated by a warrant article, to be expended only by a 2/3 vote of the municipal budget committee.
2 New Paragraph; Municipal Budget Law; Duties and Authority of the Budget Committee. Amend RSA 32:16 by inserting after paragraph IV the following new paragraph:
V. In the case of an elected budget committee, to oversee a capital reserve fund established under RSA 35:1-d and, upon request of the town or school district, expend the funds, by a 2/3 vote, and set the conditions under which the funds are expended.
3 Effective Date. This act shall take effect 60 days after its passage.