Allows capital reserve funds to be used for multiple payments under a financing agreement, including lease/purchase agreements.

The bill amends RSA 35:15, III(a) to allow capital reserve funds of counties, towns, districts, and water departments to be used for multiple payments under a financing agreement, including lease/purchase agreements. It specifies that if the financing agreement is a lease/purchase agreement, it must not contain an "escape clause" or "non-appropriation clause" and must be ratified by the legislative body by a vote of two-thirds of all voters present and voting at an annual or special meeting. This act will take effect 60 days after its passage.

Allows capital reserve funds to be used for multiple payments under a financing agreement, including lease/purchase agreements.

The bill amends RSA 35:15, III(a) to allow capital reserve funds of counties, towns, districts, and water departments to be used for multiple payments under a financing agreement, including lease/purchase agreements. It specifies that if the financing agreement is a lease/purchase agreement, it must not contain an "escape clause" or "non-appropriation clause" and must be ratified by the legislative body by a vote of two-thirds of all voters present and voting at an annual or special meeting. This act will take effect 60 days after its passage.