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1 Capital Reserve Funds of Counties, Towns, Districts, and Water Departments; Expenditures. Amend RSA 35:15, III(a) 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.
2 Effective Date. This act shall take effect 60 days after its passage.
Text to be added highlighted in green.
1 Capital Reserve Funds of Counties, Towns, Districts, and Water Departments; Expenditures. Amend RSA 35:15, III(a) 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. 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.
2 Effective Date. This act shall take effect 60 days after its passage.