SB 103-LOCAL - AS AMENDED BY THE HOUSE
5Jun2019... 1799h
2019 SESSION
19-0906
06/05
SENATE BILL 103-LOCAL
AN ACT authorizing municipalities to engage in multi-town bonding projects.
SPONSORS: Sen. Dietsch, Dist 9; Sen. Kahn, Dist 10; Rep. Moynihan, Coos 2; Rep. Porter, Hills. 1; Rep. Thompson, Ches. 14; Rep. Amanda Bouldin, Hills. 12
COMMITTEE: Election Law and Municipal Affairs
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ANALYSIS
This bill permits towns to issue multi-town bonds for any project.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
5Jun2019... 1799h 19-0906
06/05
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Nineteen
AN ACT authorizing municipalities to engage in multi-town bonding projects.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Agreements Between Government Units; Funds; Issuance of Bonds or Notes. Amend RSA 53-A:6 to read as follows:
53-A:6 Funds Issuance of Bonds or Notes.
I. The respective counties, towns, cities and other governmental units involved in any agreements as set forth in this chapter are hereby authorized to appropriate the funds necessary to carry out their contractual obligations thus incurred. In cases involving the expenditure of capital funds they are authorized to borrow such funds under the terms of the municipal finance act, RSA 33, as amended, and to issue bonds in accordance with the provisions of such act or to set up a capital reserve fund for such purposes under the provisions of RSA chapters 34 or 35.
II. Any 2 or more public agencies participating in such an agreement may jointly issue bonds or notes under RSA 33 for any purpose for which they may be issued under that chapter.
(a) Any agreement entered into under RSA 53-A:3 shall specify each participating public agency's proportionate share of the debt represented by any jointly issued bond or note.
(b) Each public agency participating in the joint issuance of a bond or note shall comply separately with the requirements of RSA 33:8 through 33:10 applicable to that public agency, and the bond or note shall not be issued until authorized by each participating public agency as provided in the applicable section or sections.
(c) Each participating public agency's proportionate share of the debt represented by the bond or note shall be counted toward its debt limit under RSA 33:4 or 33:4-a unless excluded by other provisions of RSA 33.
(d) All other applicable provisions of RSA 33 shall apply to the participating public agencies jointly as if the bond or note were issued by a single political subdivision.
2 Effective Date. This act shall take effect 60 days after its passage.