Revision: Dec. 20, 2019, 11:07 a.m.
SB 456 - AS INTRODUCED
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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
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 Lease Agreements of Equipment. Amend RSA 33:7-e to read as follows:
33:7-e Lease Agreements of Equipment. The governing body may enter into leases of equipment as required by the municipality. Appropriations to fund lease agreements with nonappropriation clauses may be approved by a simple majority vote of the legislative body. Lease agreements with nonappropriation clauses shall not be treated as debt under RSA 33:4-a. For the purposes of this section, "lease" shall include lease-purchase, sale and lease back, installment sale, or other similar agreement to acquire use or ownership of such equipment as is from time to time required by the municipality. For purposes of this section and RSA 382-A, building or facility improvements related to the installation, purpose, or operation of such equipment shall be deemed to constitute equipment and the costs of such improvements may be financed through lease agreements under this section. For purposes of this section and RSA 35, funds in appropriately designated capital reserve funds may be used for financing all or part of the cost of leases of equipment.
2 Effective Date. This act shall take effect 60 days after its passage.