SB456 (2020) Detail

Relative to the use of capital reserve funds.


SB 456 - AS AMENDED BY THE SENATE

 

03/05/2020   0758s

2020 SESSION

20-2794

06/03

 

SENATE BILL 456

 

AN ACT relative to the use of capital reserve funds.

 

SPONSORS: Sen. Bradley, Dist 3; Rep. Crawford, Carr. 4; Rep. Cordelli, Carr. 4

 

COMMITTEE: Election Law and Municipal Affairs

 

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ANALYSIS

 

This bill permits capital reserve funds of counties, towns, districts, and water departments to be used for financing the cost of leases of equipment.

 

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

03/05/2020   0758s 20-2794

06/03

 

STATE OF NEW HAMPSHIRE

 

In the Year of Our Lord Two Thousand Twenty

 

AN ACT relative to the use of capital reserve funds.

 

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

 

1  Capital Reserve Funds; Expenditures; Lease/Purchase Agreements.  Amend RSA 35:15, III to read as follows:

III.(a)  Notwithstanding the prohibition of debt retirement fund establishment in RSA 33:2, capital reserve funds may be used for multiple payments under a financing agreement for the purpose for which the capital reserve was established, including a lease/purchase agreement.  [If the financing agreement is a lease/purchase agreement the following shall apply:

(1)  The lease/purchase agreement does not contain an "escape clause" or "non-appropriation clause"; and

(2)  The lease/purchase agreement has been ratified by the legislative body by a vote by ballot of 2/3 of all the voters present and voting at an annual or special meeting.]

(b)  If agents have been named according to RSA 35:15, then no further vote is required to disburse funds following the initial vote which ratified the financing agreement.

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

Links

SB456 at GenCourtMobile
SB456 Discussion

Action Dates

Date Body Type
Feb. 5, 2020 Senate Hearing
March 5, 2020 Senate Floor Vote

Bill Text Revisions

SB456 Revision: 8229 Date: March 5, 2020, 12:49 p.m.
SB456 Revision: 7667 Date: Dec. 20, 2019, 11:07 a.m.

Docket

Date Status
Jan. 8, 2020 To Be Introduced 01/08/2020 and Referred to Election Law and Municipal Affairs; SJ 1
Feb. 5, 2020 Hearing: 02/05/2020, Room 102, LOB, 10:00 am; SC 5
March 5, 2020 Committee Report: Ought to Pass with Amendment # 2020-0758s, 03/05/2020; Vote 5-0; CC; SC 9
March 5, 2020 Committee Amendment # 2020-0758s, AA, VV; 03/05/2020; SJ 5
March 5, 2020 Ought to Pass with Amendment 2020-0758s, MA, VV; OT3rdg; 03/05/2020; SJ 5
March 12, 2020 Introduced 03/12/2020 and referred to Municipal and County Government HJ 8 P. 226
June 30, 2020 Vacated and Laid on Table MA VV 06/30/2020 HJ 10 P. 4
Died on Table