2023 New Hampshire Revised Statutes › Title III - Towns, Cities, Village Districts, and Unincorporated Places › Chapter 48 - City Officers › Section 48:16 - City Treasurer; Duties.

48:16 City Treasurer;  Duties. –
I. The city treasurer shall have custody of all moneys belonging to the city. The treasurer shall deposit the same in participation units in the public deposit investment pool established pursuant to RSA 6:45, or in federally insured banks authorized to accept deposits under RSA 6:8, I and I-a. In addition, funds may be deposited in federally insured banks outside the state if such banks pledge and deliver to a third party custodial bank or the regional federal reserve bank collateral security for such deposits of the following types:
(a) United States government obligations;
(b) United States government agency obligations; or
(c) Obligations of the state of New Hampshire in value at least equal to the amount of the deposit in each case.
II. The city treasurer shall keep in suitable books provided for the purpose a fair and correct account of all sums received into and paid from the city treasury, and of all notes given by the city, with the particulars thereof. At the close of each fiscal year, the treasurer shall make a report to the city giving a particular account of all his or her financial transactions during the year and account balances at year end. The treasurer shall furnish to the mayor and council statements from the treasurer's books, and submit the books and vouchers to them and to the city auditors for examination, whenever so requested.
III. Whenever the city treasurer has in custody an excess of funds which are not immediately needed for the purpose of expenditure, the city treasurer shall invest the same in accordance with the investment policy adopted by the mayor and board of aldermen or city council under RSA 47:6, II. The treasurer may invest in participation units in the public deposit investment pool established pursuant to RSA 6:45, or in deposits, including money market accounts, or certificates of deposit, or repurchase agreements, and all other types of interest bearing accounts, of federally insured banks authorized to accept deposits under RSA 6:8, I and I-a, or in obligations fully guaranteed as to principal and interest 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.
IV. The city treasurer shall pay out fees held pursuant to RSA 673:16, II upon the order of the local land use board or its designated agent or in the case of moneys held pursuant to RSA 674:44-d upon order of the heritage commission.
V. The treasurer shall insure that prior to acceptance of any moneys for deposit or investment, including repurchase agreements, the federally insured bank shall 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 city. 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.
VI. As an alternative to the option of collateralization for excess funds provided in paragraph V, the treasurer may also invest public funds in interest-bearing deposits which meet all of the following conditions:
(a) The funds are initially invested through a federally insured bank authorized to accept deposits under RSA 6:8, I and I-a, selected by the treasurer.
(b) The selected bank arranges for the redeposit of funds which exceed the federal deposit insurance limitation of the selected bank in deposits in one or more federally insured financial institutions located in the United States, for the account of the treasurer.
(c) The full amount of principal and any accrued interest of each such deposit is covered by federal deposit insurance.
(d) The selected bank acts as custodian with respect to each such deposit for the account of the treasurer.
(e) On the same date that the funds are redeposited by the selected bank, the selected bank receives an amount of deposits from customers of other federally insured financial institutions equal to or greater than the amount of the funds initially invested through the selected bank by the treasurer.
Source.
1939, 170:2. RL 65:15. 1949, 207:1. RSA 48:16. 1959, 197:2. 1973, 490:2. 1991, 268:9; 377:7; 383:10. 1992, 64:4. 1996, 209:11. 1997, 208:9. 1998, 40:3. 2007, 246:7. 2008, 120:26. 2010, 7:4, eff. July 3, 2010. 2013, 97:4, eff. Aug. 19, 2013. 2015, 272:44, eff. Oct. 1, 2015. 2021, 65:17-19, eff. Aug. 3, 2021. 2023, 36:2, eff. July 16, 2023.