reglab/statecodes huggingface dataset:
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 34 - Capital Reserve Funds for Cities › Section 34:6 - Trustees of Funds.

34:6 Trustees of Funds. –
The trustees of trust funds of the city shall have custody of all capital reserves. Said trustees shall give bond in such amount and in such form as the city council or board of aldermen shall prescribe, and any trustee who shall make payment of income or principal from any such capital reserve fund before the approval of his bond in writing by the city council or board of aldermen shall be personally liable to the city for any loss resulting from such payment, to be recovered by the city at the suit of any citizen. The expenses of said trustees in said capacity and the expense of their bonds shall be charged as incidental city charges.
Source.
1949, 181:6, eff. May 3, 1949.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 34 - Capital Reserve Funds for Cities › Section 34:7 - Payments From Surplus.

34:7 Payments From Surplus. –
Whenever the city councils have voted in accordance with RSA 34:3 to transfer any accumulated surplus to the capital reserve fund, the city clerk shall forward immediately to the city treasurer a certified copy of said vote; and the city treasurer on receipt of said copy shall transfer immediately to the trustees of trust funds of said city the amount specified in said vote.
Source.
1949, 181:7, eff. May 3, 1949.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 34 - Capital Reserve Funds for Cities › Section 34:8 - Transfer of Sums Appropriated.

34:8 Transfer of Sums Appropriated. –
Whenever the city councils legally vote to raise and appropriate any sum for the capital reserve fund, the same duties shall devolve upon the city clerk and city treasurer, as specified in RSA 34:7, except that said sum must be transferred on or before the end of the fiscal year in which said vote is made.
Source.
1949, 181:8, eff. May 3, 1949.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 34 - Capital Reserve Funds for Cities › Section 34:9 - Penalty for Failure to Perform.

34:9 Penalty for Failure to Perform. –
Any of the above officers who shall fail to perform the duties above set forth shall be guilty of a violation for every week said failure shall continue.
Source.
1949, 181:9. RSA 34:9. 1973, 531:8, eff. at 11:59 P.M., Oct. 31, 1973.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 34 - Capital Reserve Funds for Cities › Section 34:10 - Expenditures.

34:10 Expenditures. –
I. The trustees of trust funds holding said capital reserve funds in trust, as hereinbefore provided, shall hold the same until such time as the city councils shall name agents of the city to carry out the objects designated by the city councils as prescribed by RSA 34:2. Expenditures from said capital reserve funds shall be made only for or in connection with the purposes for which said fund was established, or as amended as provided by RSA 34:11.
II. 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 lease purchase agreement may not contain an "escape clause" or a "non-appropriation clause."
Source.
1949, 181:10, eff. May 3, 1949. 2007, 178:2, eff. Aug. 17, 2007.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 34 - Capital Reserve Funds for Cities › Section 34:11 - Change of Purpose.

34:11 Change of Purpose. –
After the purpose for which a capital reserve fund is established has been determined, no change shall be made in the purpose for which said fund may be expended unless and until such change has been authorized by a favorable vote of 3/4 of all members of the city councils or board of aldermen, for a specific capital improvement or specific item or type of equipment and such change shall be made only after a public hearing held pursuant to notice as provided in RSA 34:2.
Source.
1949, 181:11, eff. May 3, 1949.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 34 - Capital Reserve Funds for Cities › Section 34:11-a - Discontinuing Fund.

34:11-a Discontinuing Fund. –
The authority granted by RSA 34:1 may be discontinued by the city council only after a public hearing. The public notice of such hearing shall include a statement distinctly stating the reasons for which such reserve is to be discontinued. If such fund is discontinued, the trustees of trust funds holding the account for such fund shall pay all the moneys in such fund if any, to the city treasury as applicable.
Source.
1995, 137:2, eff. May 24, 1995.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 34 - Capital Reserve Funds for Cities › Section 34:12 - Audit; Records.

34:12 Audit;  Records. –
The accounts of the trustees of trust funds holding the capital reserve funds shall be audited annually by the city auditor, the securities shall be exhibited to said auditor, and said auditor shall certify the facts found by the audit and the list of all securities held. Said trustees holding said funds shall keep a record of all such capital reserve funds in a record book, which shall be open to public inspection.
Source.
1949, 181:12, eff. May 3, 1949.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 34 - Capital Reserve Funds for Cities › Section 34:13 - Disbursements.

34:13 Disbursements. –
No person holding in custody such capital reserve fund shall make any payment of income or principal or authorize the same to be done except in accordance with the provisions hereof. Whoever violates the provisions of this section shall be guilty of a misdemeanor if a natural person, or guilty of a felony if any other person.
Source.
1949, 181:13. RSA 34:13. 1973, 529:4, eff. at 11:59 P.M., Oct. 31, 1973.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 34 - Capital Reserve Funds for Cities › Section 34:14 - Definition.

34:14 Definition. –
Where the words "trustees of trust funds" are used herein they shall be construed to mean the board in any city which is charged, by the city charter, with duties of town trustees of trust funds.
Source.
1949, 181:14, eff. May 3, 1949.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 34 - Capital Reserve Funds for Cities › Section 34:15 - Application of Chapter.

34:15 Application of Chapter. –
The provisions of any city charter inconsistent with the provisions hereof are hereby repealed to the extent of such inconsistency.
Source.
1949, 181:15, eff. May 3, 1949.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 34 - Capital Reserve Funds for Cities › Section 34:16 - Professional Banking or Brokerage Assistance.

34:16 Professional Banking or Brokerage Assistance. –
I. Any trustee or trustees of trust funds having custody of capital reserve funds authorized by this chapter may contract with the trust department or departments of a bank, a brokerage firm, a portfolio management department, or investment advisor in the same manner and for the same purposes as described in RSA 31:38-a, III. They may also place securities in the nominee name of a trust department or departments of a bank a brokerage firm, a portfolio management department, or investment advisor to facilitate transfers for such securities. Capital reserve fund records maintained by any bank, brokerage firm, portfolio management department, or investment advisor shall be available at all times for examination by local auditors, by independent accountants or auditors retained by a municipality, or by the auditors of the department of revenue administration; and such records shall be municipal records and property. In employing such trust departments of banks, brokerage firms, portfolio management departments, or investment advisors, the trustees may enter into contracts or agreements delegating the management of such capital reserve funds to those departments or brokerage firms subject to investment guidelines adopted by the trustees under applicable statutes and subject to at least quarterly review and approval of such management by the trustees. For purposes of this section, the terms "bank," "brokerage firm," "portfolio management department," and "investment advisor" shall have the definitions set forth in RSA 31:38-a.
II. The governing body may authorize the trustees of trust funds to charge any expenses incurred pursuant to paragraph I against the capital reserve funds involved, and such authority shall remain in effect until rescinded by the governing body. No vote by the governing body to rescind such authority shall occur within 5 years of the original adoption of such article. Any professional banking and brokerage fees incurred shall be reported in the annual report of the trustees of trust funds as expenditures out of capital reserve funds.
Source.
2014, 32:4, eff. July 26, 2014.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 35 - Capital Reserve Funds of Counties, Towns, Districts, and Water Departments › Section 35:1 - Establishment of Reserves Authorized.

35:1 Establishment of Reserves Authorized. –
Any town, school district, village district, or county, as provided by RSA 35:3 may raise and appropriate money for the establishment of a capital reserve fund for the financing of all or part of the cost of:
I. The construction, reconstruction or acquisition of a specific capital improvement, or the acquisition of a specific item or specific items of equipment; or
II. The construction, reconstruction, or acquisition of a type of capital improvement or the acquisition of a type of equipment; or
III. A reappraisal by appraisers of the department of revenue administration or such other appraisers, appraisal firms or corporations approved by the commissioner of revenue administration, of the real estate in such town for tax assessment purposes; or
III-a. The acquisition of land; or
IV. The acquisition of a tax map of said town; or
V. Extraordinary legal fees and expenses related to present or foreseeable litigation involving the town or its officers and employees; or
VI. Municipal and regional transportation improvement projects including engineering, right-of-way acquisition and construction costs of transportation facilities, and for operating and capital costs for public transportation.
Source.
1943, 160:1. RSA 35:1. 1973, 51:2. 1983, 42:2. 1985, 285:2, eff. Aug. 10, 1985. 1998, 4:3, eff. May 17, 1998.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 35 - Capital Reserve Funds of Counties, Towns, Districts, and Water Departments › Section 35:1-a - Reserve Fund in Anticipation of New Fiscal Year.

35:1-a Reserve Fund in Anticipation of New Fiscal Year. –
Any county, city or town may establish a reserve fund in anticipation of the optional fiscal year pursuant to RSA 31:94-a through 94-d.
Source.
1973, 96:1, eff. June 23, 1973.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 35 - Capital Reserve Funds of Counties, Towns, Districts, and Water Departments › Section 35:1-b - Reserve Fund for Education of Persons with Disabilities.

35:1-b Reserve Fund for Education of Persons with Disabilities. –
Any school district may establish a reserve fund under RSA 35:1 to meet the expenses of educating children with disabilities.
Source.
1983, 106:1. 1990, 140:2, III, X, eff. June 18, 1990. 2008, 274:31, eff. July 1, 2008.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 35 - Capital Reserve Funds of Counties, Towns, Districts, and Water Departments › Section 35:1-c - Non-Capital Reserve Funds Authorized.

35:1-c Non-Capital Reserve Funds Authorized. –
Any town, school district, county, or village district may establish a reserve fund for the maintenance and operation of a specific public facility or type of facility, a specific item or type of equipment, or for any other distinctly-stated, specific public purpose that is not foreign to its institution or incompatible with the objects of its organization. Such funds shall be subject to all provisions and limitations of this chapter as are applicable to capital reserve funds. The legal validity of such a fund properly established shall not be affected by its designation as a "trust," "reserve," "capital reserve," or any other designation.
Source.
1995, 20:6, eff. June 11, 1995.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 35 - Capital Reserve Funds of Counties, Towns, Districts, and Water Departments › Section 35:2 - Custody of School District Reserves.

35:2 Custody of School District Reserves. –
Whenever any capital reserve of a school district is established the same shall be held in custody by the trustees of trust funds of the town wherein the school district lies or, in case of school district embracing 2 or more towns, by the trustees of trust funds of that town which the voters of the school district may elect.
Source.
1947, 8:2, eff. Feb. 26, 1947.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 35 - Capital Reserve Funds of Counties, Towns, Districts, and Water Departments › Section 35:3 - Meetings.

35:3 Meetings. –
Except as provided in RSA 35:7, the authority granted by RSA 35:1 shall be exercised only by a majority vote of the legal voters present and voting at an annual or special meeting in the case of a town, school district, or village district. The warrant for a town, school district, or village district meeting, to consider the establishment or discontinuance of such a reserve, shall include an article distinctly stating the purposes for which such reserve is to be established or was established as appropriate. In the case of a county, the authority granted in RSA 35:1 shall be exercised by a majority vote of the county delegation after a public hearing on the budget as required by RSA 24:23, RSA 24:13-c, IV, or RSA 24:14-a. The public notice of such hearing shall include a statement distinctly stating the purpose for which such reserve is to be established.
Source.
1943, 160:2. RSA 35:3. 1977, 287:2. 1991, 167:1, eff. July 26, 1991.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 35 - Capital Reserve Funds of Counties, Towns, Districts, and Water Departments › Section 35:4 - Exception.

35:4 Exception. –
The authority hereby granted shall not be exercised by any city, except as may be necessary in connection with the authority granted by RSA 35:7.
Source.
1943, 160:3, eff. May 5, 1943.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 35 - Capital Reserve Funds of Counties, Towns, Districts, and Water Departments › Section 35:5 - Payments Into Fund.

35:5 Payments Into Fund. –
There may be paid into any such capital reserve fund, except as provided in RSA 35:7, such amounts as may from time to time be raised and appropriated therefor under a special warrant article, from any source other than money given to the town, district, or county for charitable purposes. Such amounts shall be within the limits as provided in RSA 35:8, and any such town, district, or county may also vote to transfer to said fund, under a special warrant article in the case of a town or district, any of its unencumbered surplus funds remaining on hand at the end of any fiscal year.
Source.
1943, 160:4, eff. May 5, 1943. 2000, 224:4, eff. July 31, 2000. 2017, 127:1, eff. Aug. 15, 2017.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 35 - Capital Reserve Funds of Counties, Towns, Districts, and Water Departments › Section 35:6 - Funds Received in Eminent Domain Proceedings.

35:6 Funds Received in Eminent Domain Proceedings. –
Any town, school district, village district or county which may receive funds from the United States or any agency thereof in eminent domain proceedings for the taking of its property or other public facilities or in settlement for such taking or of claims for damages to its property or other public facilities, may vote to use said funds, under a proper article in the warrant in the case of a town, school district or village district or by vote of the county delegation in the case of a county, to establish a capital reserve fund under this chapter. Funds so received shall not be subject to restriction as to investments prescribed in RSA 35:9 and may be invested in the same manner as trust funds under RSA 31:25. Funds so received may, if so voted, be used to retire existing indebtedness as well as for the purposes specified in RSA 35:1. In cases in which the United States or any agency thereof shall acquire a flowage easement in highways or bridges under the jurisdiction of a town, the town, if it votes to establish a capital reserve fund out of the funds received therefor from the United States or any agency thereof, may use such fund not only for capital improvements and capital expenditures as provided in RSA 35:1, but also for the maintenance, repair and reconstruction of the particular highways and bridges in which easements have been acquired or of such highways and bridges as may be provided in substitution therefor.
Source.
1947, 91:1. 1951, 106:1, eff. May 11, 1951.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 35 - Capital Reserve Funds of Counties, Towns, Districts, and Water Departments › Section 35:7 - Water Departments.

35:7 Water Departments. –
Any water works or sewer department of a city or town, organized by general law or special act of the legislature and financed principally by water or sewer rentals, may, by unanimous vote of the body charged with the administration thereof, whether the local governing body, water board, or a board of water or sewer commissioners, establish a capital reserve fund for said department for the purposes as provided in RSA 35:1. Such reserve shall be established only from surplus from water or sewer rentals and no part thereof shall be made from appropriations by said city or town.
Source.
1943, 160:5. 1994, 95:1, eff. July 8, 1994.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 35 - Capital Reserve Funds of Counties, Towns, Districts, and Water Departments › Section 35:8 - Limitations on Appropriations.

35:8 Limitations on Appropriations. –
No town, school district, or village district shall raise and appropriate in any one year for such reserve an amount in excess of 1/2 of one percent of the last base valuation for debt limit computed pursuant to RSA 33:4-b of said town or district; no county shall raise and appropriate for such reserve an amount in excess of 1/50 of one percent of the last base valuation for debt limit computed pursuant to RSA 33:4.
Source.
1943, 160:6. 1945, 35:2. RSA 35:8. 1993, 176:6, eff. Aug. 8, 1993. 2016, 114:1, eff. July 19, 2016.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 35 - Capital Reserve Funds of Counties, Towns, Districts, and Water Departments › Section 35:9 - Investment.

35:9 Investment. –
Each capital reserve fund shall be maintained separately on the books of the town. The assets of such funds may be pooled in order to invest in a broader range of investments to maximize growth and mitigate risk. Said capital reserve funds shall be invested only in deposits in any federally insured bank authorized to accept deposits under RSA 6:8, I and I-a, or in bonds or notes of this state, in such stocks and bonds as are legal for investment by banks chartered by this state to engage in a banking business, or in participation units in the public deposit investment pool established pursuant to RSA 6:45, or in obligations with principal and interest fully guaranteed by the United States government. The obligations may be held directly or in the form of securities of or other interests in any open-end or closed-end management-type investment company or investment trust registered under 15 U.S.C. section 80a-1 et seq., if the portfolio of the investment company or investment trust is limited to such obligations and repurchase agreements fully collateralized by such obligations. When so invested the trustees hereinafter named shall not be liable for the loss thereof. Any interest earned or capital gains realized on the moneys so invested shall accrue to and become a part of the individual funds on a pro rata basis. Deposits in federally or state-chartered banks shall be made in the name of the town, district, or county which holds the same as a reserve, and it shall appear upon the books thereof that the same is a capital reserve fund. Any person who directly or indirectly receives any such capital reserve funds for deposit or for investment in securities of any kind shall, prior to acceptance of such funds, make available at the time of such deposit or investment an option to have such funds secured by collateral having a value at least equal to the amount of such funds. Such collateral shall be segregated for the exclusive benefit of the town, school district, village district, or county depositing or investing such funds. Only securities defined by the bank commissioner as provided by rules adopted pursuant to RSA 383-B:3-301(e) shall be eligible to be pledged as collateral. The trustees shall formally adopt an investment policy for all investments made by them or by their agents for any trust funds in their custody in conformance with the provisions of applicable statutes. The trustees shall review and confirm the investment policy at least annually. A copy of the investment policy shall be filed with the attorney general.
Source.
1943, 160:7. RSA 35:9. 1961, 136:8. 1991, 268:7; 383:4. 1995, 20:7, eff. June 11, 1995. 1996, 209:9, eff. Aug. 9, 1996. 2001, 54:6, eff. Jan. 1, 2002. 2007, 164:3, eff. Aug. 17, 2007. 2010, 52:1, eff. July 17, 2010. 2015, 272:42, eff. Oct. 1, 2015. 2021, 65:13, eff. Aug. 3, 2021. 2023, 36:2, eff. July 16, 2023.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 35 - Capital Reserve Funds of Counties, Towns, Districts, and Water Departments › Section 35:10 - Trustees of Funds.

35:10 Trustees of Funds. –
The trustees of trust funds of a town or city shall have custody of any capital reserve of a town, district or water departments therein, the trustees of trust funds as provided in RSA 35:2 shall have custody of such capital reserve of a school district, and the county treasurer of a county shall have custody of any capital reserve of his county. Said trustees or treasurer shall give bond in such amount and in such form as the commissioner of revenue administration shall prescribe, and any such trustee or treasurer who shall make any payment of income or principal from any such capital reserve fund before the approval of his bond in writing by the commissioner of revenue administration shall be personally liable to the town, district, department or county for any loss resulting from such payment, to be recovered for the town, district, department or county at the suit of any citizen. The expenses of said trustees or treasurer in said capacity and the expense of their bonds shall be charged as incidental town, district, department or county charges.
Source.
1943, 160:8. RSA 35:10. 1973, 544:8, eff. Sept. 1, 1973.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 35 - Capital Reserve Funds of Counties, Towns, Districts, and Water Departments › Section 35:11 - Payments from Surplus.

35:11 Payments from Surplus. –
Whenever any town shall have voted to transfer any accumulated surplus to the capital reserve fund, the town clerk shall forward to the board of selectmen and to the town treasurer, within 10 days of the adoption of such vote, a certified copy of the same. The selectmen shall then draw an order on the town treasurer for the amount of surplus set forth in said vote. The town treasurer shall on receipt of the order immediately transfer to the trustees of trust funds of the town the amount specified in the order, or in the case of an optional fiscal year town, within 10 days of the determination of surplus following the close of the fiscal year.
Source.
1947, 91:2, par. 8a. RSA 35:11. 1993, 176:7, eff. Aug. 8, 1993.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 35 - Capital Reserve Funds of Counties, Towns, Districts, and Water Departments › Section 35:12 - Appropriation.

35:12 Appropriation. –
Whenever the vote of the town is to appropriate any sum for the capital reserve fund pursuant to RSA 35:5, the same duties shall devolve upon the town clerk, selectmen, and town treasurer, as specified in RSA 35:11, except that the order must be drawn, and the sum transferred on or before December 15 following the vote, or, in the case of an optional fiscal year town, after July 1, but no later than June 15, of the fiscal year for which the sum was appropriated.
Source.
1947, 91:2, par. 8b. RSA 35:12. 1993, 176:8, eff. Aug. 8, 1993. 2000, 224:5, eff. July 31, 2000. 2014, 32:3, eff. July 26, 2014. 2017, 127:2, eff. Aug. 15, 2017.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 35 - Capital Reserve Funds of Counties, Towns, Districts, and Water Departments › Section 35:13 - School or Village District.

35:13 School or Village District. –
When a capital reserve fund is established by a school or village district, the same duties shall devolve upon the clerk of the school or village district, the members of the school board or the commissioners of the village district, the treasurer of the school district or the treasurer of the village district, as are prescribed in RSA 35:11 and 35:12 for the corresponding town officers.
Source.
1947, 91:2, par. 8c, eff. April 15, 1947.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 35 - Capital Reserve Funds of Counties, Towns, Districts, and Water Departments › Section 35:14 - Penalty.

35:14 Penalty. –
Any of the above officers failing to perform the duties above set forth, shall be guilty of a violation for every week said failure shall continue.
Source.
1947, 91:2, par. 8d. RSA 35:14. 1973, 531:9, eff. Oct. 31, 1973, at 11:59 p.m.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 35 - Capital Reserve Funds of Counties, Towns, Districts, and Water Departments › Section 35:15 - Expenditures.

35:15 Expenditures. –
I. Persons holding said capital reserve funds in trust, as provided in this chapter, shall hold the same until such time as the town, district or county shall have voted to withdraw funds from such capital reserve fund or shall have named agents of the town, district or county to carry out the objects designated by the town, district or county, in the manner prescribed by RSA 35:3.
II. Expenditures from any fund established for the acquisition of land pursuant to RSA 35:1 shall be made only as authorized:
(a) By a majority vote of the legal voters present and voting at an annual or special meeting, in the case of a town, school district or village district, or by majority vote of the county delegation, in the case of a county, or
(b) By the selectmen, appointed as agents pursuant to RSA 41:14-a, provided that the selectmen shall not have authority to expend any sum in excess of the amount contained in any capital reserve account created for the purchase of land other than any grant moneys which may be received.
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.
(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.
IV. In the case of a water works or sewer department, as provided in RSA 35:7, the governing body, water board, or the water or sewer commissioners if any, shall determine when expenditures from said reserve shall be made.
V. In all cases, expenditures from a capital reserve fund shall be made only for or in connection with the purposes for which said fund was established or as amended as provided in RSA 35:16.
Source.
1943, 160:9. RSA 35:15. 1985, 285:3. 1991, 167:2. 1994, 95:2, eff. July 8, 1994. 1998, 43:1, eff. July 4, 1998. 2001, 187:1, eff. Sept. 3, 2001. 2007, 178:3, eff. Aug. 17, 2007. 2021, 105:2, Pt. III, Sec. 1, eff. Aug. 30, 2021.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 35 - Capital Reserve Funds of Counties, Towns, Districts, and Water Departments › Section 35:16 - Change of Purpose.

35:16 Change of Purpose. –
After the purpose for which a capital reserve fund is established has been determined, no change shall be made in the purpose for which said fund may be expended unless and until such change has been authorized by a vote of 2/3 of all the voters present and voting at an annual town or district meeting, in the case of a town or district, or by vote of 2/3 of the entire membership of a county delegation, in case of a county, or by unanimous vote of the water board or commissioners of the water department, in the case of a water works department, as provided in RSA 35:7.
Source.
1943, 160:10, eff. May 5, 1943.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 35 - Capital Reserve Funds of Counties, Towns, Districts, and Water Departments › Section 35:16-a - Discontinuing Fund.

35:16-a Discontinuing Fund. –
Any town, school district, village district or county which has established a capital reserve fund pursuant to the provisions of this chapter may, as provided by RSA 35:3, vote to discontinue such capital reserve fund. If such fund is discontinued, the trustees of the trust fund holding the account for said fund shall pay all the monies in such fund to the town, district or county treasury as applicable.
Source.
1977, 287:1, eff. Aug. 26, 1977.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 35 - Capital Reserve Funds of Counties, Towns, Districts, and Water Departments › Section 35:17 - Audit; Records.

35:17 Audit;  Records. –
The accounts of the persons holding capital reserve funds shall be audited annually by the auditor of the town, in the case of a town, district, or water works department, or by the commissioner of revenue administration, in the case of a county, the securities shall be exhibited to said auditor or commissioner, and said auditor or commissioner shall certify the facts found by the audit and the list of all securities held. Said persons holding said funds shall keep a record of all such capital reserve funds in a record book, which shall be open to the inspection of all persons of their town, district, or county respectively.
Source.
1943, 160:11. RSA 35:17. 1973, 544:8, eff. Sept. 1, 1973.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 35 - Capital Reserve Funds of Counties, Towns, Districts, and Water Departments › Section 35:18 - Disbursements.

35:18 Disbursements. –
No person holding in custody such capital reserve fund shall make any payment of income or principal or authorize the same to be done except in accordance with the provisions hereof. Whoever violates the provisions of this section shall be guilty of a misdemeanor if a natural person, or guilty of a felony if any other person.
Source.
1943, 160:12. RSA 35:18. 1973, 529:5, eff. at 11:59 P.M., Oct. 31, 1973.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 35-A - New Hampshire Municipal Bond Bank › Section 35-A:1 - Declaration of Purpose.

35-A:1 Declaration of Purpose. –
It is hereby declared to be in the public interest and to be the policy of the state to foster and promote by all reasonable means the provision of adequate markets and facilities for borrowing money by governmental units, as defined herein, for the financing of their public improvements and other municipal purposes from proceeds of bonds or notes issued by such governmental units, and to assist such governmental units in fulfilling their needs for such purposes by creation of indebtedness and to the extent possible to encourage continued investor interest in the bonds or notes of such governmental units as sound and preferred securities for investment. It is in the public interest and it is the policy of the state to encourage its governmental units to continue their independent undertakings of public improvements and new municipal purposes and the financing thereof and to assist them therein by making funds available at reduced interest costs for orderly financing of such public improvements and other municipal purposes, particularly for those governmental units not otherwise able readily to borrow for such purposes at reasonable rates of interest. It is further declared that credit and municipal bond market conditions require the exercise of the powers of the state in the interest of its governmental units to further and implement such policies by authorizing a state instrumentality to be created as a body corporate and politic to have full powers to borrow money and to issue its bonds and notes to make funds available through the facilities of such instrumentality at reduced rates and on more favorable terms for borrowing by such governmental units through the purchase by such instrumentality of the bonds or notes of such governmental units in fully marketable form and by granting broad powers to such instrumentality to accomplish and to carry out the aforesaid policies of the state which are in the public interest of the state and of its taxpayers and residents.
Source.
1977, 491:1, eff. July 1, 1977.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 35-A - New Hampshire Municipal Bond Bank › Section 35-A:2 - Citation.

35-A:2 Citation. –
This chapter shall be known as, and may be cited as, the New Hampshire municipal bond bank law.
Source.
1977, 491:1, eff. July 1, 1977.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 35-A - New Hampshire Municipal Bond Bank › Section 35-A:3 - Definitions.

35-A:3 Definitions. –
The following words or terms as used in this chapter shall have the following meanings unless a different meaning clearly appears from the context:
I. "Chapter" means this New Hampshire municipal bond bank law.
II. "Bank" means the New Hampshire municipal bond bank created and established by RSA 35-A:4.
III. "Bonds" means bonds of the bank issued pursuant to this chapter.
IV. "Fully marketable form" means a municipal security duly executed and accompanied by an approving legal opinion of a bond counsel of recognized standing in the field of municipal law whose opinions have been and are accepted by purchasers of like municipal bonds, provided that the municipal security so executed need not be printed or lithographed nor be in more than one denomination.
V. "General fund" means the fund created or established as provided in RSA 35-A:13.
VI. "Governmental unit" means any county, city, town, school district, village district or other body corporate and politic having the power either to levy taxes, or to provide for rates, charges, or assessments, whether established by general law or by special statute.
VII. "Municipal bond" means a bond or note or evidence of debt issued by a governmental unit and payable from either taxes, or from rates, charges or assessment, but shall not include any bond or note or evidence of debt issued by any other state or any public body or municipal corporation thereof.
VIII. "Notes" means any notes of the bank issued pursuant to this chapter.
IX. "Reserve fund" means any of the New Hampshire municipal bond bank reserve funds created or established as provided in RSA 35-A:11.
X. "Revenues" means all fees, charges, moneys, profits, payments of principal of or interest on municipal bonds and other investments, gifts, grants, contributions, appropriations and all other income derived or to be derived by the bank under this chapter.
Source.
1977, 491:1, eff. July 1, 1977. 2003, 281:7, eff. July 18, 2003.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 35-A - New Hampshire Municipal Bond Bank › Section 35-A:5 - Loans of Money; State Not Liable.

35-A:5 Loans of Money;  State Not Liable. –
I. The bank, for the purposes authorized by this chapter, is hereby authorized and empowered to lend money to governmental units through the purchase by the bank of municipal bonds of governmental units in fully marketable form. The bank, for the purposes authorized by this chapter, is hereby authorized and empowered to authorize and issue its bonds and notes payable solely from the revenues or funds therefor available to the bank, and to otherwise assist governmental units as provided in this chapter.
II. Bonds and notes of the bank issued under the provisions of this chapter shall not be in any way a debt or liability of the state and shall not create or constitute any indebtedness, liability or obligation of the state or be or constitute a pledge of the faith and credit of the state but all such bonds and notes, unless funded or refunded by bonds or notes of the bank, shall be payable solely from revenues or funds pledged or available for their payment as authorized herein. Each bond and note shall contain on its face a statement to the effect that the bank is obligated to pay the principal thereof and the interest thereon only from revenues or funds of the bank and that the state is not obligated to pay such principal or interest and that neither the faith and credit nor the taxing power of the state is pledged to the payment of the principal of or the interest on such bonds or notes.
III. All expenses incurred in carrying out the provisions of this chapter shall be payable solely from revenues or funds provided or to be provided under the provisions of this chapter and nothing in this chapter shall be construed to authorize the bank to incur any indebtedness or liability on behalf of or payable by the state.
Source.
1977, 491:1, eff. July 1, 1977.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 35-A - New Hampshire Municipal Bond Bank › Section 35-A:7 - Prohibited Acts.

35-A:7 Prohibited Acts. –
Nothing contained in this chapter shall be construed to authorize or to empower the bank:
I. To make loans of money to any person, firm or corporation other than a governmental unit, or to purchase securities issued by any person, firm or corporation other than a governmental unit or for investment except as provided in this chapter, or
II. To emit bills of credit, or to accept deposits of money for time or demand deposit, or to administer trusts, or to engage in any form or manner in, or in the conduct of, any private or commercial banking business, or to act as a savings bank or savings and loan association, or
III. To be or to constitute any bank or trust company within the jurisdiction or under the control of the bank commissioner or the Comptroller of the Currency of the United States of America or the department of the treasury thereof, or
IV. To be or to constitute any bank, banker or dealer in securities within the meaning of or subject to the provisions of any securities, securities exchange, or securities dealers law, of the United States of America or of this state or of any other state.
Source.
1977, 491:1, eff. July 1, 1977.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 35-A - New Hampshire Municipal Bond Bank › Section 35-A:10 - Effect of Pledge.

35-A:10 Effect of Pledge. –
Any pledge of revenues or other moneys made by the bank shall be valid and binding from the time when the pledge is made; the revenues or other moneys so pledged and thereafter received by the bank shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of any such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the bank, irrespective of whether such parties have notice thereof. Neither the resolution, trust indenture nor any other instrument by which a pledge is created need be filed or recorded in order to establish and perfect a lien or security interest in the property so pledged.
Source.
1977, 491:1, eff. July 1, 1977.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 35-A - New Hampshire Municipal Bond Bank › Section 35-A:12 - Requests for Appropriations.

35-A:12 Requests for Appropriations. –
I. To assure the continued operation and solvency of the bank for the carrying out of its corporate purposes, the chairperson of the bank shall, not later than 10 days following the failure of a governmental unit to make a scheduled payment of principal of or interest on a municipal bond sold to the bank, which failure causes the amount in the bond reserve fund established under RSA 35-A:11 to fall below the bond reserve fund requirement therefor, submit to the chairperson of the house finance committee a written request for an appropriation for the sum, if any, required to insure that the bond reserve fund established under RSA 35-A:11 equals the bond reserve fund requirement therefor. The chairperson of the house finance committee shall process the request for legislative action. All sums appropriated by the general court, if any, paid to the bank pursuant to this section shall be deposited by the bank in the said bond reserve fund.
II. All amounts paid over to the bank by the state pursuant to this section shall constitute and be accounted for as advances by the state to the bank and, subject to the rights of the holders of any bonds or notes of the bank theretofore or thereafter issued, shall be repaid to the state without interest from all available operating revenues of the bank in excess of amounts required for the payment of obligations of the bank, the bond reserve funds and operating expenses.
Source.
1977, 491:1. 1985, 116:4. 1995, 9:14, eff. June 11, 1995. 2013, 107:1, eff. Aug. 23, 2013.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 35-A - New Hampshire Municipal Bond Bank › Section 35-A:13 - General Fund.

35-A:13 General Fund. –
I. The bank shall establish and maintain a fund called the "general fund" which shall consist of and in which there shall be deposited (1) fees received or charges made by the bank for use of its services or facilities, (2) any moneys which the bank shall transfer thereto from the reserve fund pursuant to RSA 30-A:11, II, (3) moneys received by the bank as payments of principal of or interest on municipal bonds purchased by the bank, or received as proceeds of sale of any municipal bonds or investment obligations of the bank, or received as proceeds of sale of bonds or notes of the bank, and required under the terms of any resolution of the bank or contract with the holders of its bonds or notes to be deposited therein, and (4) any moneys required under the terms of any resolution of the bank or contract with the holders of its bonds or notes to be deposited therein, and (5) any moneys transferred thereto from any other fund or made available for the purpose of the fund by the state or for the operating expenses of the bank. Any such moneys in the general fund may, subject to any contracts between the bank and its bondholders or noteholders, be transferred to the reserve fund, or if not so transferred, shall be used for the payment of the principal of or interest on bonds or notes of the bank when the same shall become due and payable, whether at maturity or upon redemption including payment of any premium upon redemption prior to maturity, and any moneys in the general fund may be used for the purchase of municipal bonds and for all other purposes of the bank including payment of its operating expenses.
II. No amount shall be paid or expended out of the general fund or from any account therein (which account the bank may establish therein for the purpose of payment of its operating expenses) for operating expenses of the bank in any year in excess of the amount provided for the operating expenses of the bank by the annual budget then in effect with respect to such year or any amendment thereof in effect at the time of such payment or expenditure for operating expenses.
III. The bank may at any time use any available moneys in the general fund for the purchase of its bonds or notes or for the redemption thereof, and any such bonds purchased for retirement shall be thereupon cancelled.
IV. The bank is hereby authorized and empowered to create and establish in the general fund such accounts, subaccounts or special accounts which in the opinion of the bank are necessary, desirable or convenient for the purposes of the bank under this chapter.
Source.
1977, 491:1, eff. July 1, 1977.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 35-A - New Hampshire Municipal Bond Bank › Section 35-A:14 - Additional Accounts.

35-A:14 Additional Accounts. –
The bank may establish such additional and further reserves or such other funds or accounts as may be, in its discretion, necessary, desirable or convenient to further the accomplishment of the purposes of the bank or to comply with the provisions of any agreement made by or any resolution of the bank.
Source.
1977, 491:1, eff. July 1, 1977.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 35-A - New Hampshire Municipal Bond Bank › Section 35-A:16 - Directors and Agents Not Liable.

35-A:16 Directors and Agents Not Liable. –
Neither the members of the bank nor any person executing bonds or notes issued pursuant to this chapter shall be liable personally on such bonds or notes by reason of the issuance thereof.
Source.
1977, 491:1, eff. July 1, 1977.
2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 35-A - New Hampshire Municipal Bond Bank › Section 35-A:17 - Bank Empowered.

35-A:17 Bank Empowered. –
The bank shall have power to purchase bonds or notes of the bank out of any funds or money of the bank available therefor. The bank may hold, cancel or resell such bonds or notes subject to and in accordance with agreements with holders of its bonds or notes.
Source.
1977, 491:1, eff. July 1, 1977.