Revision: Oct. 2, 2025, 3:45 p.m.
Sen. Ward, Dist 8
October 2, 2025
2025-2978s
08/05
Amendment to HB 292
Amend the title of the bill by replacing it with the following:
AN ACT establishing a revolving loan fund for the Claremont school district.
Amend the bill by replacing all after the enacting clause with the following:
1 Statement of Findings. The general court hereby finds that the Claremont school district faces immediate and extraordinary fiscal challenges that may impact its ability to provide an adequate education to its students as required by part II, article 83 of the New Hampshire constitution and RSA 193-E.
2 New Subparagraph; The State and Its Government; State Treasurer; Application of Receipts. Amend RSA 6:12, I(b) by inserting after subparagraph (410) the following new subparagraph:
(411) Moneys deposited in the Claremont school district adequacy revolving loan fund established in RSA 194:63.
3 New Subdivision; Claremont School District; Funding. Amend RSA 194 by inserting after section 61 the following new subdivision:
Claremont School District; Funding
194:62 Declaration of Intent. The intent of this subdivision is to provide a targeted, temporary fiscal stabilization mechanism through the establishment of a Claremont school district adequacy revolving loan fund to assist the district with cash flow in anticipation of adequacy payments.
194:63 Claremont School District Adequacy Revolving Loan Fund. There is hereby established in the department of treasury a fund to be known as the Claremont school district adequacy revolving loan fund, which shall be kept separate and distinct from all other funds. Moneys in the fund shall be nonlapsing and shall be continually appropriated to the treasury, and shall be used to provide loans to the Claremont school district.
194:64 Outstanding Loan Amount. At no time shall the total outstanding amount of loans made under this subdivision exceed 75 percent of total adequacy funding to be distributed to Claremont school district, pursuant to RSA 198:41, in any given year.
194:65 Certification of Disclosure. Notwithstanding any other provision of law to the contrary, the Claremont school district adequacy revolving loan fund shall be considered an allowable use of the education trust fund pursuant to RSA 198:39. Moneys may be appropriated from the education trust fund to the Claremont school district adequacy revolving loan fund, with such funds then being loaned to the Claremont school district. Prior to the Claremont school district drawing upon the adequacy revolving loan fund, the governing body of the Claremont school district shall authorize such use of the fund by an affirmative vote of a majority of its members present and voting. Additionally, prior to drawing any funds from the revolving loan fund, the Claremont school board and superintendent shall file with the department of education a certification disclosing any activity in the preceding 2 fiscal years relative to reimbursement anticipation notes issued pursuant to RSA 198:20-d. The governor is authorized to draw a warrant from the education trust fund to be placed in the Claremont school district adequacy revolving loan fund within a fiscal year not to exceed the sum of the following:
I. Seventy-five percent of total adequacy funding to be distributed to Claremont school district pursuant to RSA 198:41 within the fiscal year of the warrant; and
II. Seventy-five percent of the total adequacy funding estimated by the department of education to be distributed on September 1 of the following fiscal year pursuant RSA 198:41, IV and RSA 198:42, I.
194:66 Loan Terms and Interest. Loans issued from the Claremont school district adequacy revolving loan fund shall bear interest at a rate established by the state treasurer, which shall be based on the state’s current cost of borrowing. A quorum of the Claremont school district's governing body, the commissioner of the department of education, and the state treasurer shall all agree to the terms of the loan. When an adequacy payment is due to be distributed pursuant to RSA 198:42:
I. The portion of the adequacy payment equivalent to the outstanding principal and interest balance of the revolving loan shall first be credited against such balance; and
II. Any remaining adequacy payment shall then be distributed to the Claremont school district.
194:67 Excess Loan Funds and Loan Repayment. On June 30, 2030, any funds in the Claremont school district adequacy revolving loan fund shall automatically transfer to the education trust fund. All funds borrowed from the Claremont school district adequacy revolving loan fund shall be repaid by the Claremont school district no later than June 30, 2030. Notwithstanding any other provision of law, the Claremont school district shall not issue or borrow funds pursuant to RSA 198:20-d prior to July 2, 2030.
4 New Paragraph; Education; Adequate Education; Education Trust Fund; Education Trust Fund Created and Established. Amend RSA 198:39 by inserting after paragraph IV the following new paragraph:
V. Notwithstanding any other provision of law to the contrary, funds under this section may be used for the purpose of funding the Claremont school district adequacy revolving loan fund established in RSA 194:63.
5 Prospective Repeals. The following shall be repealed:
I. RSA 6:12, I(b)(411), relative to moneys received by the Claremont school district adequacy revolving loan fund.
II. RSA 194:62 through RSA 194:67, relative to the Claremont school district adequacy revolving loan fund.
III. RSA 198:39, V, relative to the use of education trust funds for the Claremont school district adequacy revolving loan fund.
I. Section 5 of this act shall take effect July 1, 2030.
II. The remainder of this act shall take effect upon its passage.
2025-2978s
AMENDED ANALYSIS
This bill establishes a revolving loan fund for the Claremont school district.